10% deposit on exchange

cherry76

Say you are buying a flat for £400,000 and you need to give 10% deposit on exchange. Am happy to do that online. On completion £360,000 not very confident to transfer that much money online. Nationwide allows £100,000 per day. What other options do I have, would rather go in the branch and ask customer service to do the transfer. I do not want to pay a lot in fees. Do I request transfer to be done by BAC or bankers draft, not sure whether there is fee for that?  Interested to hear from buyers who have been through the process. Thanks 

ic

Talk to your conveyancer - they may want the money in a client account before hand.  If you have a mortgage, the conveyancer will arrange the release of funds on your behalf.  CHAPS is the way to go - large same day payments with a £15 fee.

https://www.nationwide.co.uk/help/payments/send-money-to-another-account/#making-large-payments-with-chaps

user1977

You do the transfer by CHAPS, like everybody else does. Not sure what you mean by "not very confident"? You're going to have to send the money somehow!

cherry76

user1977 said:

You do the transfer by CHAPS, like everybody else does. Not sure what you mean by "not very confident"? You're going to have to send the money somehow!

I was going to do the transfer myself £100,000 a day. I guess will be better to pay £15 fees and let the branch do it. Thanks

Veteransaver

If you want to avoid fees you could just pay it to your solicitors with a cheque. Ironically this offers the best protection, though obviously it will need to be with them (in their client account) well ahead of completion date.
You could of course transfer the money at £100k a day, but make absolutely sure it's going to the right account!

Hoenir

cherry76 said:

user1977 said:

You do the transfer by CHAPS, like everybody else does. Not sure what you mean by "not very confident"? You're going to have to send the money somehow!

I was going to do the transfer myself £100,000 a day. I guess will be better to pay £15 fees and let the branch do it. Thanks

Will your bank allow you to transfer that amount a day?  Worth checking. Most likely it's considerably less. 

youth_leader

I transferred on-line, starting with £1.  I rang the solicitor's office to check the £1 had been received before proceeding with the purchase funds.

Albermarle

youth_leader said:

I transferred on-line, starting with £1.  I rang the solicitor's office to check the £1 had been received before proceeding with the purchase funds.

Yes  and ignore any emails supposedly from the solicitor saying their bank account details have changed.

Friday afternoon fraud: the scam that wipes out your house deposit in seconds - Which? News

cherry76

Hoenir said:

cherry76 said:

user1977 said:

You do the transfer by CHAPS, like everybody else does. Not sure what you mean by "not very confident"? You're going to have to send the money somehow!

I was going to do the transfer myself £100,000 a day. I guess will be better to pay £15 fees and let the branch do it. Thanks

Will your bank allow you to transfer that amount a day?  Worth checking. Most likely it's considerably less. 

Yes with NW

user1977

Veteransaver said:

If you want to avoid fees you could just pay it to your solicitors with a cheque.

If your solicitor even accepts cheques. Many won't.

propertyrental

Withdraw cash and take a suitcase to the solicitor's office?

Seriously - CHAPS. £25/£30 is a drop in the ocean.