How to send completion monies

youth_leader

I checked with my solicitor and was able to start transferring two weeks before as I had to do it in £25K chunks.  I sent £1 first and phoned to check it had arrived safely.  

MrCarrot

Sounds like a few people have done it in batches.  I called the bank today and they said I could either do the same, or go into the branch and pay £25 for a CHAPS transfer and do it all in one go.  I was worried doing it in chunks would trigger some kind of fraud detection, but he said in that instance I would just get a phone call to verify it was legitimate.

ironlady2022

I went into branch today ready to do transfer via chaps. 

The bank person advised cos it was still early at 1030am, he could do me 4 x separate faster payments one after the other. The limit was £9999. He did 3 x £9k and a smaller amount on the fourth transaction.

He saved me money and advised it was faster than chaps. My Sol received all funds within the hour. 

My bank was nationwide. 

km1500

Probably not necessary but just to say be absolutely sure that you are sending it to the correct account number and sort code as there have been a number of scams where people have been given false bank details by scammers pretending to be their solicitor and they have lost the lot.

MrCarrot

km1500 said:

Probably not necessary but just to say be absolutely sure that you are sending it to the correct account number and sort code as there have been a number of scams where people have been given false bank details by scammers pretending to be their solicitor and they have lost the lot.

Yes I think that's good advice.  Furthermore, it's not beyond the realms of possibility for someone to hack into either your email or your solicitors email and amend emails/documents, changing the bank account number and sort code.

I had my solicitor email me their bank details, and I then called their office (looking up their phone number, not using the one in the footer of their email) and double checked them over the phone.

ironlady2022 said:

I went into branch today ready to do transfer via chaps. 

The bank person advised cos it was still early at 1030am, he could do me 4 x separate faster payments one after the other. The limit was £9999. He did 3 x £9k and a smaller amount on the fourth transaction.

He saved me money and advised it was faster than chaps. My Sol received all funds within the hour. 

My bank was nationwide. 

Unfortunately my bank have a £50k limit on payments made via online banking.  This is related to a single day, not a single payment.  I could do the whole lot in the banch but I am doing it in chunks because that is what everyone else seems to do, it's what my solicitor suggested and when I called the bank they suggested the same.

ironlady2022

MrCarrot said:

km1500 said:

Probably not necessary but just to say be absolutely sure that you are sending it to the correct account number and sort code as there have been a number of scams where people have been given false bank details by scammers pretending to be their solicitor and they have lost the lot.

Yes I think that's good advice.  Furthermore, it's not beyond the realms of possibility for someone to hack into either your email or your solicitors email and amend emails/documents, changing the bank account number and sort code.

I had my solicitor email me their bank details, and I then called their office (looking up their phone number, not using the one in the footer of their email) and double checked them over the phone.

ironlady2022 said:

I went into branch today ready to do transfer via chaps. 

The bank person advised cos it was still early at 1030am, he could do me 4 x separate faster payments one after the other. The limit was £9999. He did 3 x £9k and a smaller amount on the fourth transaction.

He saved me money and advised it was faster than chaps. My Sol received all funds within the hour. 

My bank was nationwide. 

Unfortunately my bank have a £50k limit on payments made via online banking.  This is related to a single day, not a single payment.  I could do the whole lot in the banch but I am doing it in chunks because that is what everyone else seems to do, it's what my solicitor suggested and when I called the bank they suggested the same.

Yeh, i think the limit is more in branch and you gave to save your chaps. Guess it is hassle to go in, but can be done in one go just not one transaction. 

onemouseplace

I ended up going into a branch and sending my via CHAPS for ease and a degree of peace of mind - and to be honest the £23 fee was chicken feed in the whole house buying process.  

Definitely start getting money moving asap though (some of mine was in NS&I accounts which I always forget take 2-3 days to come through).

JohnTheSkier

onemouseplace said:

I ended up going into a branch and sending my via CHAPS for ease and a degree of peace of mind - and to be honest the £23 fee was chicken feed in the whole house buying process.  

Definitely start getting money moving asap though (some of mine was in NS&I accounts which I always forget take 2-3 days to come through).

Fair point on the fee being neither here nor there. The main thing for me was that by doing it in chunks I didn't have to drive half an hour, pay for parking and go into branch.