FTB - Stressing about paying deposit to solicitor!

greatcrested

macman said:

jsj25 said:

macman said:

Your deposit is £155K and so (assuming a 10% deposit) you are buying a property worth about £1.55m?! As an FTB?
The normal required  deposit is 10% at exchange, with the balance due on completion. 

If only! My deposit is over 50% of the property price so a little cheaper than that thankfully. (But still by far the most expensive thing I'll ever have bought )

greatcrested said:

The £50K daily limit appears to apply to online payments.

Or for Premier customers:"The overall daily payment limit to other people in Online Banking is £100,000 for international and CHAPS payments."

https://www.barclays.co.uk/help/payments/payment-information/online-banking-limits/

"To make payments over these limits, you’ll need to visit a branch." (or Try telephone baking for larger amounts for unlimited Chaps.)

Yeah - thought it a bit odd that the CHAPS limit was only referenced for Premier customers but assumed it'd be the same for Personal customers (except for the lower £50k amount). But for sure, will give them a call just to be sure. Otherwise Faster Payments it most likely will be!

OK, but, assuming a purchase price of around £300K, you'll only need to have £30k of that in your conveyancer's client account before exchange. That's your 10% deposit. With the balance ready before completion.

It's unheard of to pay over 50% upon exchange,

Same day Exchange & Completion?

Pretty common these days...

macman

Quite possibly. OP needs to clarify. I tend to work on the principle that the loot should be in the conveyancer's account for the shortest possible time. Unless things have changed, they used to lend it out on the short-term market overnight...

davidmcn

macman said:

I tend to work on the principle that the loot should be in the conveyancer's account for the shortest possible time. Unless things have changed, they used to lend it out on the short-term market overnight...

Given current interest rates, I doubt it's worth anybody's while fighting over possession of the cash!

Ducktard

I was about to post a similar question. I bank with Halifax and HSBC; we’ve sold our house and are now waiting on £235K after EA fee deducted and mortgage paid off. I presume this will be a cheque from our solicitor. Does a cheque from a solicitor seem a secure way to receive this money?

badger09

Ducktard said:

I was about to post a similar question. I bank with Halifax and HSBC; we’ve sold our house and are now waiting on £235K after EA fee deducted and mortgage paid off. I presume this will be a cheque from our solicitor. Does a cheque from a solicitor seem a secure way to receive this money?

Our solicitor gave us the choice of method of payment of balance of sale proceeds. We chose to let them hang onto deposit for next property as it was easier than us having to transfer it back to them within a few (4!) weeks & receive the rest by CHAPS payment, for which they charged £30 IIRC. If you chose a cheque, there will be no charge, but you have to wait for post, and then for it to clear in your account.

NinjaTune

Ducktard said:

I was about to post a similar question. I bank with Halifax and HSBC; we’ve sold our house and are now waiting on £235K after EA fee deducted and mortgage paid off. I presume this will be a cheque from our solicitor. Does a cheque from a solicitor seem a secure way to receive this money?

Our solicitor did a bank transfer (to Barclays) for the whole amount.

badger09

badger09 said:

Your accumulated funds will be covered by FSCS Temp High Balance protection. If your solicitor accepts multiple payments, that's the easiest & cheapest method for you. Just allow plenty of time - mine needed cleared balance by the day before completion.

We exchanged yesterday, completion on Thursday so I sent over £370k balance yesterday afternoon by CHAPS from Nationwide, just missed cut off time so knew it wouldn't arrive until today but that would be fine. Nationwide have different process for CHAPS so I couldn't use saved payee details for Solicitor as I'd hoped. After triple checking all details, pressed submit & got error message 'Sorry we're having technical problems, please try later'.
Logged in again later, no sign of payment request, no pending payment, nothing, so went through it again. This time completely different onscreen message said 'Confirmation: Your CHAPS payment request has been sent for processing'. Big sigh of relief. 

05.25 & 05.26 this morning, I got emails to say Nationwide had sent secure message. Logged in & 2 messages, with different refs said CHAPS payment request would be processed.
Panic that they are going to try to make 2 payments leaving us VERY overdrawn!
Eventually managed to speak to a human being who said 1st request had indeed gone through despite the error message, but would have been picked up by their team.

Payment has now gone through - just the one so far    
You really couldn't make it up but its just one more thing to add to the long list of stresses when moving house

Good luck 

UPDATE
Solicitor has received our payment. Just the one.
Message from Nationwide, if want the second to be made.....

gingercordial

Just to warn the OP - my solicitor said that if I sent my deposit through in too many small payments over multiple days they might charge extra for the admin of tracking them and adding them together, so maybe check with them first!

I had already sent a small amount for searches earlier in the process so knew their bank account "worked".  I did CHAPS for the deposit in one go, a week before exchange.

Rachel*

This may be a silly question, but can I do a CHAPS transfer straight from an ISA to my solicitor? Or do I need to transfer to my current account then do a CHAPS transfer? I bank with Nationwide, and have checked their website but it’s not super clear. 

Slithery

gingercordial said:

Just to warn the OP - my solicitor said that if I sent my deposit through in too many small payments over multiple days they might charge extra for the admin of tracking them and adding them together, so maybe check with them first!

Yep, my usual solicitors do this as well. I believe it was a £10 charge per transaction if more than 3 transactions.