Moving a large amount of money

diystarter7

Daliah said:

diystarter7 said:

 
The thing I've noted in recent months or is it a year that when you complete the details
of the person/business you are sending the money to, you have to match their name
with the account number.

This is known as Confirmation of Payee (CoP). It is used by many but not all UK banks and building societies, and you can overwrite/ignore the result of a CoP check if you are certain that the sort code, account number and Reference (where applicable) are correct.

Thank you. I think all uk banks/etc should have it as it is very reassuring.

Olinda99

I don't think they do COP for chaps

Marchitiello

CHAPS is the preferred means of payment for Conveyancing solicitors, with cheque potentially a close second but it would take longer to clear so the exchange may not happen on the day of the cheque. I guess you will need to write the cheque out to your solicitor and he will do the chap on your behalf, still recovering the £25 plus his admin fee from you, so not  sure if this will save you any money. 

Olinda99

you will still have to pay the chap fee from.your solicitor to theirs, but will save on the chap fee from your bank.to your solicitor

Marchitiello

Olinda99 said:

you will still have to pay the chap fee from.your solicitor to theirs, but will save on the chap fee from your bank.to your solicitor

But I guess the solicitor will not be ready to move to exchange until the cheque has cleared on their account, potentially delaying the exchange… I am all for moneysaving but cannot see the justification for this for £25 on a £xxxk purchase 

Olinda99

I agree the £25 moneysaving is not a big deal. I prefer a cheque because I prefer 'pull' payment (where possible) over 'push' payment.

Yes you will have to let them have the cheque in time for funds to clear.

eebyegum

Thanks for all the replies, i didnt realise a cheque was a viable option for such a large amount.
As my solicitor is remote from me, i guess posting a cheque when the funds are requested, and waiting for it to clear as well would probably mean missing the completion deadline.
Chaps it is then. 

Ebe_Scrooge

eebyegum said:

I am about to complete on my property sale and my procedes (300k) will be paid into my current account. I expect to complete on my new home a month or two later but am worried when my solicitors ask for the payment to their client account, that my bank wont let me move such a large sum of money in one go.

Thinking outside of the box here - would it be possible to have the proceeds of the sale paid directly to your solicitor, rather than into your own account?  OK, you're then "trusting" him to keep it safe for a couple of months, but one would hope the account of a genuine solicitor is pretty safe.

I may be talking nonsense, this may not be possible, and the solicitor may not want to even if it is possible, or there may be laws about how long a solicitor can hold onto a client's money.  But just a thought :-)

IanManc

Ebe_Scrooge said:

eebyegum said:

I am about to complete on my property sale and my procedes (300k) will be paid into my current account. I expect to complete on my new home a month or two later but am worried when my solicitors ask for the payment to their client account, that my bank wont let me move such a large sum of money in one go.

Thinking outside of the box here - would it be possible to have the proceeds of the sale paid directly to your solicitor, rather than into your own account?  OK, you're then "trusting" him to keep it safe for a couple of months, but one would hope the account of a genuine solicitor is pretty safe.

I may be talking nonsense, this may not be possible, and the solicitor may not want to even if it is possible, or there may be laws about how long a solicitor can hold onto a client's money.  But just a thought :-)

It is possible. All solicitors who deal with client money have to maintain separate designated client accounts, and the solicitor will pay over the interest earned on the money to the client while it is held. There are very extensive Solicitor's Accounts Rules governing all this.

"A month or two" is not a long period for money to be held by solicitors. The proceeds of an estate being administered are often held for longer while the assets are gathered in. The OP should discuss all this with their solicitor.