Sending solicitor money

Elasrofton

We are nearing the end of our sale/purchase. Without looking silly to our solicitors I will ask here first. 

Do we collate all of our money into one account and then send to solicitor or so we send from the various savings accounts etc we have? 

DullGreyGuy

It's generally easier to send it from one account to the solicitor but then you may run into challenges on the maximum daily transfer your bank allows you with Faster Pay. This can be avoided by using CHAPS instead but many banks charge for this service unless you have a premium account.

Personally, I just agreed with our sols that we'd be transferring them the deposit in two bits over two days and there were no problems with that... saved me having to go in branch

jrawle

First time I paid all in one go via CHAPS. My bank didn't charge, even though they list such a charge on their fees schedule.

The second time, I moved all the money to my current account, but paid the maximum via faster payments over a few days.

Are you sure you can make payments from savings accounts to a third party account? Many can only transfer money to a linked current account. Even if you can, it means you have to enter the solicitors' account details very carefully each time, as you don't want a misplaced digit to lose you a lot of money.

Also, before making the payment to the solicitor, I phoned the office and asked for their payment details, so that I could check the ones I had were genuine. It may seem paranoid, but there are plenty of scams involving money transfers. Usually it involves fake e-mail, but you never know, and for the sake of a short phone call, extra peace of mind.

TheJP

What exactly are you paying to your solicitor that isn't included in the sale proceeds?

diystarter7

TheJP said:

What exactly are you paying to your solicitor that isn't included in the sale proceeds?

Hi
You've misunderstood the op.
They are asking if they need to move money around from several accounts to onne and pay from that

OP, via CHAPS, we paid a fee long time ago but not the last time a few years ago and possibly varies bank to bank but we have Barclays premier not sure if that makes a difference

Only send to the details on the letter you got from your solicitor and if you get emails change of payment address/bank - call the solicitor on the number you have used before and not the one in the email and you will be ok.

Elasrofton

TheJP said:

What exactly are you paying to your solicitor that isn't included in the sale proceeds?

The house is more than our sale proceeds so it’s from our savings

dimbo61

Please RING your solicitor and confirm with them what the solicitors bank account details.
Not via email or text or WhatsApp message.
Speak to someone you know 

skycatcher

I transferred £10 and checked they had received it before transferring the remaining in a number of tranches.