How to send deposit to Solictor?

Rickydewitt

Hi
Can someone help advise how we can send a gifted deposit to the solicitors? 

Bank with Santander, can it be done via online banking faster payments ? Do I need to go in the branch? Is it a BACS payment? 

Any advice would be helpful. Thank you

FaceHead

Assuming you're the gift-er, you canjust send it to your gift-ee, and have them send it onto the solicitor. You can do this in to your online banking, subject to daily limits or pay a CHAPS fee if you're in a rush. If you have a cheque book you could write the gift-ee a cheque. 

If you're the gift-er, it seems surprising you're prepared to gift the money, but want to send it directly to the solicitor. 

If you're the gift-ee who's received the money, it's like any other funds. Send it to your solicitor via chaps or faster payments from your internet banking. Faster payments is preferable due to the fee, so you might do it in chunks with faster payments. 

Let us know more details of your role in this and who you bank with and you'll get more specific advice. 

MovingForwards

Depends on the size of the transfer is the response to all three questions.

Rickydewitt

£40k. Santander just confirmed I can do faster payments with them over the phone. I always thought there would be a charge but they said there isn’t 

MovingForwards

Faster payment is free and upto £100k can be sent.

CHAPS has a charge attached to it.

MaryNB

My bank and my solicitor's bank both use faster payments so I transferred money in batches of £25k (Halifax daily online limit, £100k limit in branch). It was free and payments went through in a few minutes although can take up to 2 hours (worst case scenario funds should arrive by the end of the next working day but it's very unlikely to take more than 2 hours). 

davidmcn

FaceHead said:

If you're the gift-er, it seems surprising you're prepared to gift the money, but want to send it directly to the solicitor. 

Doesn't really matter which way it's done.

tacpot12

For the sums involved it will be worth calling the solicitors involved to double-check that the account details provided via email have not been tampered with, and to check the name on the account (for Confirmation of Payee). 

robatwork

Just make sure before the £39,999 goes to sols:
1) Pay £1 to sols via FP
2) Call them to confirm they've received it.

Protects against possible email fraud and typing errors.

Rickydewitt

robatwork said:

Just make sure before the £39,999 goes to sols:
1) Pay £1 to sols via FP
2) Call them to confirm they've received it.

Protects against possible email fraud and typing errors.

Thanks, that makes sense. 

I will be doing FP over the phone with Santander next week. Thank you everyone