Paying deposit

Mchad2

Hello, first time buyer aboutto complete on my first property this week (proud monet)

 To that end, how do i pay my deposit? Can this be a simple online payment! Do i need to inform my bank? 

I know my solicitor shoukd advise, however they do tend to be slow to reply, and i want to make sure i am ready to push the button. 

Any advice is much appreciated. 

Claddagh_Noir

Your solicitor should have already provided you with their bank details to pay the deposit earlier on in the process.  They should have provided you with the reference to apply to the payment as well. 

You can make the payment by internet banking. When I received the bank details from my solicitor, I sent a random payment of £1.00 and they told me they received it the next day and deducted the amount from their  itemised bill of fees. 

Be wary of parties  intercepting, claiming the solicitor has changed bank details. 

Tabieth

Yes, bank transfer and you’ll almost certainly need to give your bank the heads up if it’s a large amount. Your solicitor should have sent all those details to you at the beginning of the process. Mine were very good and made a big deal of saying they wouldn’t change their bank details and so, any comms saying as such, would be a scam. I initially paid a random amount into their account (I think I chose 74p) and emailed them asking to confirm them received it and how much. That gave me security plus, my bank were familiar with the solicitor and so that was also reassuring. 

user1977

You do nothing until your solicitor has actually told you what they need you to do - are you sure you are completing this week, if you haven't already been told when/how to send the money?

Mchad2

Hi all,

I have the solicitors details yes, i was not sure i would be using these for the deposit but thank you. 

Yes completing this week, all parties agreed for end if this week/early next week, although not in writing just yet, contracts are signed and with compliance team.

Thanks all

Tabieth

Given the sums involved, I’d check and double-check with your solicitor. I was anal and paranoid and I knew what the process was.  Ale sure you are totally clear before you transfer the deposit.