Organising CHAPS payment for purchase

youth_leader

I've just phoned HSBC and after holding on for 40 minutes finally managed to speak to someone.   I explained I hope to exchange/complete in early February and would like to organise a CHAPS payment, they said I'd have to go into a bank branch with ID.  

I'm a fearful bad weather driver and my nearest HSBC is now 40 minutes away.  I do have a TSB account, and there is a TSB bank in my local village.  I'd prefer to transfer my funds to the TSB as it's more convenient, will it matter that when I showed my 'proof of funds' the money was in HSBC?

davidmcn

No, the solicitor will just need the paper trail showing the funds came from another of your accounts. Though if it's not for another few weeks, you could use another method to transfer the funds? 

AdrianC

If you're happy to faster-payment the money from HSBC to TSB, why do you need to CHAPS it to the sol? Just faster-payment it.

youth_leader

Thank you davidmcn, I'd better check I've got my paper trail sorted, it's already been to NS&I and back again as I was nervous about them having 'glitches' last year.

Caramac

I transferred the funds £25k at a time which I did via online banking. I did check with my solicitor first and did a small transfer first.

youth_leader

AdrianC I can only transfer £25K per day on line at HSBC, my purchase was over £200K so ten days of transfer.  I know it costs £25 but thought if I did CHAPS for the full amount the day before completion it would be faster?

AdrianC

youth_leader said:

AdrianC I can only transfer £25K per day on line at HSBC, my purchase was over £200K so ten days of transfer.  I know it costs £25 but thought if I did CHAPS for the full amount the day before completion it would be faster?

But you've still got to transfer it £25k/day x 8 days to TSB before doing the CHAPS to the sol... Why not just do it straight to the sol, £25k/day x 8?

youth_leader

Thank you all, I'm over anxious about this.  I'll assume it took many days to do your transfers Caramac, I'll just make sure I start two weeks before the date to make sure it's all there in time. Thank you.

Doozergirl

I'd recommend the Monzo Bank Account.   Both they and Starling leave the traditional banks for dust when it comes to this sort of thing.  Download the app and you can have an account up and running in minutes, day or night, and be using your debit card via Apple or Google pay in another few minutes.  

I messaged at 7pm on New Years Eve if I could raise my bank transfer limit in order to pay for a property.   If I hadn't have started drinking at Mutton Geoff's party, I could have done it that very evening by explaining the reason for purchase and sending them a photo of me with my photo ID.   🥂 

No phone calls, no holding, no visits, just efficient online service - for free.  The benefits of the account are numerous and all of them make life easier.  

It's taken a while but I cancelled the last direct debit from my 26 year old NatWest account yesterday.  It's a no brainer.  

GDB2222

Interest rates are so low that you may as well transfer the money to your solicitor weeks ahead of completion. At least you won’t have to worry about it. 

Or wait until a nice day and drive over to hsbc to complete the chaps form. You can complete it in advance. 

Slithery

AdrianC said:

youth_leader said:

AdrianC I can only transfer £25K per day on line at HSBC, my purchase was over £200K so ten days of transfer.  I know it costs £25 but thought if I did CHAPS for the full amount the day before completion it would be faster?

But you've still got to transfer it £25k/day x 8 days to TSB before doing the CHAPS to the sol... Why not just do it straight to the sol, £25k/day x 8?

Be sure to check the paperwork from your solicitors first though, my regular one charges a small extra fee for doing more than 2 transfers.