Apportionment?

GDB2222

user1977 said:

GDB2222 said:

FtbEmz said:

Tiglet2 said:

FtbEmz said:

Thanks everyone. I don’t know their bank details so can’t send any money yet but it will done via chaps in the bank. Thanks 

Their bank details should have been sent to you with their original letter of engagement.  The bank details would not have changed since then, but you can telephone to check and then send £1 to confirm that they received the money.

Thanks. I’m not sure of the exact amount yet.

I don't see why that matters? I would send the bulk of the money now, to make sure the solicitor has it in time. You can top it up with a Faster Payment nearer Thursday. Or, just overpay a bit now, if you have the cash?

Because you're just doubling the amount of admin involved? The solicitors need all of the necessary funds before they'll complete, no point sending it in two instalments.

It is going to be a large payment. The bank's fraud prevention system may hold that up for 24 hours, or longer. 

FtbEmz

GDB2222 said:

FtbEmz said:

Tiglet2 said:

FtbEmz said:

Thanks everyone. I don’t know their bank details so can’t send any money yet but it will done via chaps in the bank. Thanks 

Their bank details should have been sent to you with their original letter of engagement.  The bank details would not have changed since then, but you can telephone to check and then send £1 to confirm that they received the money.

Thanks. I’m not sure of the exact amount yet.

I don't see why that matters? I would send the bulk of the money now, to make sure the solicitor has it in time. You can top it up with a Faster Payment nearer Thursday. Or, just overpay a bit now, if you have the cash?

I'm waiting, otherwise, for Wednesday's post. "The bank cannot action my CHAPS payment, because of XXX. So stressed. And, it's not my fault!"

I want to send it all in one payment rather than two separate instalments. Due to the amount it needs to be a chaps payment. Yes, I could two instalments via online banking but I’d prefer CHAPS. 

Anyway, we haven’t exchanged yet as my solicitor is awaiting the above which should be received today anyway. My initial query was just about the ‘apportion’ which I now understand.

Again, it’s a lot of money and I’d rather just send the correct amount when I know in one go. I don’t have their bank details on any paperwork as I paid their ‘deposit’ by card in the office. 

GDB2222

Much less of an issue, if you haven't exchanged yet. I assume that you are planning on a simultaneous exchange and completion?

FtbEmz

GDB2222 said:

Much less of an issue, if you haven't exchanged yet. I assume that you are planning on a simultaneous exchange and completion?

Yes we are. Property is empty. We have no chain.

user1977

GDB2222 said:

user1977 said:

GDB2222 said:

FtbEmz said:

Tiglet2 said:

FtbEmz said:

Thanks everyone. I don’t know their bank details so can’t send any money yet but it will done via chaps in the bank. Thanks 

Their bank details should have been sent to you with their original letter of engagement.  The bank details would not have changed since then, but you can telephone to check and then send £1 to confirm that they received the money.

Thanks. I’m not sure of the exact amount yet.

I don't see why that matters? I would send the bulk of the money now, to make sure the solicitor has it in time. You can top it up with a Faster Payment nearer Thursday. Or, just overpay a bit now, if you have the cash?

Because you're just doubling the amount of admin involved? The solicitors need all of the necessary funds before they'll complete, no point sending it in two instalments.

It is going to be a large payment. The bank's fraud prevention system may hold that up for 24 hours, or longer. 

That keeps cropping up in warnings here, but I've yet to see it happen in practice (either personally or via work). If you're going to send large payments to anyone, a firm of conveyancers is one of the least suspicious recipients!

GDB2222

user1977 said:

GDB2222 said:

user1977 said:

GDB2222 said:

FtbEmz said:

Tiglet2 said:

FtbEmz said:

Thanks everyone. I don’t know their bank details so can’t send any money yet but it will done via chaps in the bank. Thanks 

Their bank details should have been sent to you with their original letter of engagement.  The bank details would not have changed since then, but you can telephone to check and then send £1 to confirm that they received the money.

Thanks. I’m not sure of the exact amount yet.

I don't see why that matters? I would send the bulk of the money now, to make sure the solicitor has it in time. You can top it up with a Faster Payment nearer Thursday. Or, just overpay a bit now, if you have the cash?

Because you're just doubling the amount of admin involved? The solicitors need all of the necessary funds before they'll complete, no point sending it in two instalments.

It is going to be a large payment. The bank's fraud prevention system may hold that up for 24 hours, or longer. 

That keeps cropping up in warnings here, but I've yet to see it happen in practice (either personally or via work). If you're going to send large payments to anyone, a firm of conveyancers is one of the least suspicious recipients!

It's happened to me!

saajan_12

user1977 said:

GDB2222 said:

FtbEmz said:

Tiglet2 said:

FtbEmz said:

Thanks everyone. I don’t know their bank details so can’t send any money yet but it will done via chaps in the bank. Thanks 

Their bank details should have been sent to you with their original letter of engagement.  The bank details would not have changed since then, but you can telephone to check and then send £1 to confirm that they received the money.

Thanks. I’m not sure of the exact amount yet.

I don't see why that matters? I would send the bulk of the money now, to make sure the solicitor has it in time. You can top it up with a Faster Payment nearer Thursday. Or, just overpay a bit now, if you have the cash?

Because you're just doubling the amount of admin involved? The solicitors need all of the necessary funds before they'll complete, no point sending it in two instalments.

Its not really doubled, the lions share of the admin is in visiting a bank to organise the CHAPS, ensuring a large amount goes through any fraud prevention checks, getting solicitors to receive and link it to your file etc. I've had funds held up by over a week due to checks. 

You would know the amount to the nearest £1k, so can always round up and then get a refund of any excess. Then if your calculations were off and it turned out to be a shortfall, you can do a quick faster payment - at which point its a small amount, to an account used previously, so likely to be much quicker. If the exchange / completion slips at all, or something else comes up, the amount could change anyway.. no point in holding up the potentially slower process until the last stage.