Can I use CHAPS to transfer to solicitor for property purchase

cozzasmith

We are due to complete on our property purchase on Wednesday. The money is currently in our Barclays Current Account. Can anyone advise me whether it is possible to set up a CHAPS payment to pay the money to our solicitor in one payment? It is circa £1.5m 

user1977

Yes, that would be the normal way to do it.

cozzasmith

Thank you. Do you know if it’s as simple as me going into branch with my ID tomorrow and setting it up there are then? I’m concerned I may have left it a little late to have the money in the solicitors account by Wednesday?

user1977

It does seem a bit late to be thinking about it, and bear in mind your solicitor will probably prefer it's in their account before Wednesday, rather than everyone twiddling their thumbs on the day waiting for your initial bank transfer before anything else can be done.

The CHAPS transfer itself is instantaneous once the bank actually pushes the button, but I don't know what formalities Barclays require to instruct it. Being in a branch in person probably helps though.

I presume you already have a note of the amount your solicitor needs and their (verified) bank details?

cozzasmith

Thank you for that. I will head to branch tomorrow

Hoenir

The cut off for daily processing is normally around lunchtime. Get to the branch as early as practically possible. 

propertyrental

and make sure you have the right bank details for your solicitor. Do not rely on an email from them (which can be intercepted and changed).

If in doubt, ring them and check.

cozzasmith

Thank you. Am I correct in my understanding that there is no upper limit for the amount you can send via CHAPS? 

user1977

Yes, it’s the same method the solicitors use between themselves for transferring the price.

bobster2

cozzasmith said:

Thank you. Am I correct in my understanding that there is no upper limit for the amount you can send via CHAPS? 

Correct - and it's not generally completely instant. But the funds will arrive the same day.
Out of an abundance of caution I went to our solicitors in person to get a printed copy of their banking details before sending a CHAPS payment. To avoid getting duped by fake emails.

Flugelhorn

I have done this a few times - usually arrives on the same day with solicitor. She sent me the bank details but also told me to phone accounts to check them - I always do this even though I have transferred to them on several occasions. (havig been unable to do CHAPS during lockdown and ending up transferring £20K a day for what seemed like ages)

For CHAPS The bank go through quite a lot of questions with you but all gets sorted.