How to send completion monies

propertyrental

Transfer it all in advance from your various accounts to your main nominated account (nationwide?).
Then a single CHAPS payment for the full amount. It's worth the £25 odd fee to avoid faffing around with £10K transfers.

ironlady2022

Chaps transfer from one current account. 

Flugelhorn

JohnTheSkier said:

As my current account (Nationwide) had a £10k limit per transaction, I simply sent the money to my solicitor in £10k chunks with no issue, all confirmed as received the following day.

I did this during  early lockdown - 20K limit sent every working day for several weeks  - solicitor happy, accounts lady e-mailed me each time she got a payment, nearest branch of bank was 25 miles and they didn't want anyone in there. 

Scotbot

MrCarrot said:

1616six said:

Just make sure you send it from the account you listed on your source of funds form!

We’ve been round the houses this morning as our deposit is gifted from my partners father as early inheritance, he’s remortgaged to release the funds but couldn’t remember what account he’d filled in on the gifted deposit form so I had to then get him to phone my solicitor for them to confirm the account number he’d filled in! She said if the funds end up coming from a different account it then has to be a case of sending in statements etc for the money laundering checks to be done. Right faff!

I'm not sure I listed this account as my source of funds, because it had no funds in at the time.  I listed all of my accounts where the funds resided at the start of the process!

However I paid the exchange deposit from this account and it wasn't queried.

It doesn't matter. The source of funds documents were sent to your solicitor, they are the ones who do the checks not your bank

MrCarrot

Well, all of the money is now in my current account.  I need to decide whether to transfer it to the solicitor now, or nearer completion (completion is in 2 weeks).  I would prefer it to be in my account for the next week and a half, but am worried about some last minute hitch when I come to transfer it to them.

Exodi

I expect the reason you haven't just transferred it all to your current account now is to keep receiving interest?

We're likely talking about £100 in interest lost transferring it now vs in a couple weeks, I personally wouldn't be tempting fate by cutting it close to the wire.

I'd just get it in your current account then sent to your solicitor as soon as possible (in £10k chunks if neccessary - my solicitor had no problem receiving funds in chunks).

There's already enough to worry about with a house purchase, don't need to go out of your way to create new problems.

MrCarrot

Exodi said:

I expect the reason you haven't just transferred it all to your current account now is to keep receiving interest?

It is in my current account now, I transfered it all yesterday.  I now need to pay it all to my solicitor.  Do you think it's okay to do this now with a 2 week gap?

user1977

MrCarrot said:

Exodi said:

I expect the reason you haven't just transferred it all to your current account now is to keep receiving interest?

It is in my current account now, I transfered it all yesterday.  I now need to pay it all to my solicitor.  Do you think it's okay to do this now with a 2 week gap?

Why would it not be ok? The solicitors won't mind.

SadieO

user1977 said:

MrCarrot said:

Exodi said:

I expect the reason you haven't just transferred it all to your current account now is to keep receiving interest?

It is in my current account now, I transfered it all yesterday.  I now need to pay it all to my solicitor.  Do you think it's okay to do this now with a 2 week gap?

Why would it not be ok? The solicitors won't mind.

I think there's a limit on how long solictors can hold your money for. They are not banks and don't have the same protections banks have - they shouldn't have people's money sitting around in their account for much longer than it takes to transfer it from the buyer to the seller. 

user1977

SadieO said:

user1977 said:

MrCarrot said:

Exodi said:

I expect the reason you haven't just transferred it all to your current account now is to keep receiving interest?

It is in my current account now, I transfered it all yesterday.  I now need to pay it all to my solicitor.  Do you think it's okay to do this now with a 2 week gap?

Why would it not be ok? The solicitors won't mind.

I think there's a limit on how long solictors can hold your money for. They are not banks and don't have the same protections banks have - they shouldn't have people's money sitting around in their account for much longer than it takes to transfer it from the buyer to the seller. 

It's not quite that strict - they're not allowed to client money for no particular purpose, but if they've got a live transaction there's no difficulty with the completion funds arriving slightly earlier than essential. And presumably they've asked the OP for the funds?