How to make large bank transfer

housebuyer7

My solicitors have given me their business bank details for a bank transfer for the house deposit, fees and stamp duty totalling £83,000. My bank have a daily limit of £20,000 for payments. However, my solicitors have said I need to make the payment in a maximum of three payments. Anyone know how I’m supposed to proceed? I’m with NatWest.

secla

Go into your branch and ask them to do a CHAPS payment, will cost you around the £20 mark but same day if you sort before 3pm and as far as I’m aware no max limit 

Ramouth

You can go to your bank and arrange a CHAPS payment.  They will usually charge for this and will do extra security checks to make sure it is your money and that you are sure that you are sending it to the right account.  

It may be a good idea to make a small payment a few days beforehand so that you can check that it has arrived and be absolutely sure you have the correct details.

housebuyer7

Thank you so much!

Alderbank

The £20,000 limit is for faster payments.

You can pay £83,000 through CHAPS. NatWest say you need to go into a branch. 

Voyager2002

housebuyer7 said:

My solicitors have given me their business bank details for a bank transfer for the house deposit, fees and stamp duty totalling £83,000. My bank have a daily limit of £20,000 for payments. However, my solicitors have said I need to make the payment in a maximum of three payments. Anyone know how I’m supposed to proceed? I’m with NatWest.

Just write a cheque.

propertyhunter

I did a CHAPS with NatWest. Take ID with you (passport), your solicitor's completion statement, and all statements from the accounts where the money is coming from (if not NatWest - otherwise they can obviously see the funds and ensure no money is being laundered). They will do their due diligence and ask you questions to ensure you're not being scammed. It took me ~45 minutes in total from being seen after walking in. The fee is £23 I think. 

TBG01

Voyager2002 said:

housebuyer7 said:

My solicitors have given me their business bank details for a bank transfer for the house deposit, fees and stamp duty totalling £83,000. My bank have a daily limit of £20,000 for payments. However, my solicitors have said I need to make the payment in a maximum of three payments. Anyone know how I’m supposed to proceed? I’m with NatWest.

Just write a cheque.

And hold the Solicitor personally responsible if it's not processed in time for completion 

london21

Best to go into branch, just checked Natwest their limit is low. Santander allow up to £100,000 within 24 hours in branch.

Natwest will charge CHAPS £23.00 - To send to another bank
Can send all the amount in 1 go with the chaps, just check and ensure paying to the right account, lots of scam at present. 

lr1277

I might be stating the obvious but make sure the bank details came directly from the solicitor. Not by email!

propertyhunter

NatWest don't take what you say at face value. They'll ask you to answer lots of questions, ask you to call the solicitor in front of them, and then they go into a back office and ensure it all checks out. The completion statement gives them the details they need to do their own due diligence. I assume that they actually called the solicitor too and did account checks on them to make sure it's all legit. It was £355k moving in my case. This is why I say you need to take the completion statement with you.