FTB - Stressing about paying deposit to solicitor!

jsj25

Sorry guys, should have been clearer - £30k or so is the amount required for the exchange deposit, but £155k is the total I'll be paying up front for my equity in the property. 

I've been given a date everyone's aiming to complete by. No indication yet whether exchange and completion will be on the same day but, as others have mentioned, I'm aware it's not uncommon for them to take place on the same day. If they're on separate days, I guess in theory I could transfer the £30k first and worry about transferring the other ~£125k later - but I think for the peace of mind I'd rather have it all with the solicitor so they can handle it and do what needs to be done on the relevant days with as little input from me as possible!

AnotherJoe said:

Scotbot said:

Badger09's experience is why personally I would go into the branch and do 1 chaps payment. It takes about 5 minutes and my bank has very good social distancing in place so it is no more risk than going to the supermarket, probably a lot less as the supermarket is considerably busier. Of couse that assumes you have a nearby branch.

I could have done it in one go but that meant a branch visit which needed an appointment and also going into town. Didn't seem worth the hassle when I could do it from my armchair. I didn't check but also wouldnt have been surprised if there was a several week wait, or they pushed back asking "why come in when you can do it online?"

That's exactly how I feel too. I think I'd also be more comfortable being able to check the sort code and account number a million times myself rather than just let someone at the bank key it in for me!

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!

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.

Thanks! Solicitor got back to me today and fortunately didn't mention anything just like that. Just said that if I want to start transferring funds now, the office will keep an eye out for them so they can be allocated to my account. 

Slithery

jsj25 said:

Thanks! Solicitor got back to me today and fortunately didn't mention anything just like that. 

They may not have mentioned it because it's already in the terms and conditions you agreed to. It's worth double checking just in case.

Ducktard

badger09 said:

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.

Not buying. Yet. Gonna wait 8-12 months.

badger09

Rachel* said:

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. 

I'm not sure if you can make a CHAPS payment direct from your Nationwide ISA.
Follow the instructions here and have a look:
https://www.nationwide.co.uk/support/payments-and-transfers/large-payment

macman

badger09 said:

Rachel* said:

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. 

I'm not sure if you can make a CHAPS payment direct from your Nationwide ISA.
Follow the instructions here and have a look:
https://www.nationwide.co.uk/support/payments-and-transfers/large-payment

I doubt it very much, but since you can transfer the money out of your ISA instantly (assuming it's in an instant access ISA, not a notice or fixed term one) to your current a/c, using the banking app or online account, why would it matter?

Mickey666

I can definitely understand the OPs worry about tranferring such an important sum of money (it's not just about the amount but the implications if anything did go wrong).

Assuming there was no immediate rush (ie must be today/tomorrow) and my solicitor was local I think I would just drop a cheque into his office.  The office junior could then take it to his bank to pay in and the clearing process would do the rest.  I'd perhaps telephone my bank to confirm that the incoming cheque was genuine and should be paid immediately.  Should only take a few days for the solicitor to have the funds and no chance of losing the money.  Cheques have their uses still.

AnotherJoe

macman said:

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...

... things have changed.

AnotherJoe

jsj25 said:

Scotbot said:

Badger09's experience is why personally I would go into the branch and do 1 chaps payment. It takes about 5 minutes and my bank has very good social distancing in place so it is no more risk than going to the supermarket, probably a lot less as the supermarket is considerably busier. Of couse that assumes you have a nearby branch.

I could have done it in one go but that meant a branch visit which needed an appointment and also going into town. Didn't seem worth the hassle when I could do it from my armchair. I didn't check but also wouldnt have been surprised if there was a several week wait, or they pushed back asking "why come in when you can do it online?"

That's exactly how I feel too. I think I'd also be more comfortable being able to check the sort code and account number a million times myself rather than just let someone at the bank key it in for me!

^^^ this. Checked, double checked, had daughter read it back, then i read it backwards to her (actually i think thats alwysa good trick for double checking a number is correct )!

I even checked the numbers were correct on the payment done using the stored detail from previous successful payment LOL.

Scotbot

AnotherJoe said:

Scotbot said:

Badger09's experience is why personally I would go into the branch and do 1 chaps payment. It takes about 5 minutes and my bank has very good social distancing in place so it is no more risk than going to the supermarket, probably a lot less as the supermarket is considerably busier. Of couse that assumes you have a nearby branch.

I could have done it in one go but that meant a branch visit which needed an appointment and also going into town. Didn't seem worth the hassle when I could do it from my armchair. I didn't check but also wouldnt have been surprised if there was a several week wait, or they pushed back asking "why come in when you can do it online?"

I did mine pre covid but just walked in when I wanted and it was a normal teller transaction, no appointment needed. The teller makes you check the payment  details. The whole point of CHAPS payments are that they are a fast way to transfer large amounts of money so appointments are not practical and they are very commonplace transactions.I am surprised if appointments are needed now at mainstream banks.  I know my bank (NatWest) is open for the same services as before covid however they have reduced opening hours . Don't know about building societies I don't use them.

AnotherJoe

Scotbot said:

AnotherJoe said:

Scotbot said:

Badger09's experience is why personally I would go into the branch and do 1 chaps payment. It takes about 5 minutes and my bank has very good social distancing in place so it is no more risk than going to the supermarket, probably a lot less as the supermarket is considerably busier. Of couse that assumes you have a nearby branch.

I could have done it in one go but that meant a branch visit which needed an appointment and also going into town. Didn't seem worth the hassle when I could do it from my armchair. I didn't check but also wouldnt have been surprised if there was a several week wait, or they pushed back asking "why come in when you can do it online?"

I did mine pre covid but just walked in when I wanted and it was a normal teller transaction, no appointment needed. The teller makes you check the payment  details. The whole point of CHAPS payments are that they are a fast way to transfer large amounts of money so appointments are not practical and they are very commonplace transactions.I am surprised if appointments are needed now at mainstream banks.  I know my bank (NatWest) is open for the same services as before covid however they have reduced opening hours . Don't know about building societies I don't use them.

AFAIK the few Barclays branches that are open, are 'by appointment only' and there's not even a booking system, you need to send an email and then presumably get lumbered with whatever time they've set.

OTOH thinking about it I walked past either a Santander or  a Nationwide last week and there was a big queue outside, so not all are working like this.