Telegraphic Transfer fees

Stephanicus

We are near to the point of paying for a house purchase , I have the money in my bank from previous house sale , and want to pay for it myself , but I have been told that it is a strict regulation that it has to be done by "Telegraphic Transfer"  and that I have to pay a fee for this service , If I pay its free , is this law or just another money raising solicitors myth.

MovingForwards

TT fee costs the solicitors, they have to get the money to the sellers solicitors on completion day or you will be in breach of contract.

TT is same day transfer, guaranteed and is the safest way for a business to transfer the money.

You are talking about faster payment, which is free, can send up to £100k, should be received within 2 hours, not guaranteed to arrive the same day.

No, it isn't a money making opportunity by the solicitors.

davidmcn

What do you mean by "pay for it yourself"? Unless you want to risk handing over the money without getting a house in exchange for it, you need to allow the funds to be transferred between the solicitors, whatever method they choose to use (but in practice yes it's usually CHAPS).

greatcrested

Either you DIY the entire conveyancing,or you pay a solicitor to do the conveyancing for you.

In the former case, my advice is... stop. The very fact you are asking this quesion suggests you don't know enough.

In the latter case, the money must be paid to the seller by your solicitor. How you get the money to your solicitor is up to you - by all means use (free) Faster Payments. Make sure you know what limits your bank imposes. Different banks have different daily and/or transaction limits. Make sure you get the money to your solicitor in good time ie day before Completion at the latest.

Your solicitor will use CHAPS, which costs £25 - £35 depending on his bank.

AdrianC

Stephanicus said:

We are near to the point of paying for a house purchase , I have the money in my bank from previous house sale , and want to pay for it myself , but I have been told that it is a strict regulation that it has to be done by "Telegraphic Transfer"  and that I have to pay a fee for this service , If I pay its free , is this law or just another money raising solicitors myth.

"Telegraphic Transfer" is an outdated, generic term.

"Faster Payments" is your normal electronic transfer. It's free, although the solicitor may charge for their end.
CHAPS is the more secure service that's better suited to larger payments - and banks charge for that.
https://www.barclays.co.uk/help/payments/payment-information/bacs-chaps-faster-payments/

Both are "telegraphic", but it's usually used to mean CHAPS.
https://www.investopedia.com/terms/t/telegraphic-transfer.asp

Stephanicus

Thanks t o all who have replied you r good advice has been taken on board, and we will do it the right way.