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Transferring money on completion
ahfat41
Posts: 381 Forumite
Funds in different accounts. Near completion do I transfer the funds to my current account and since it involves a large sum of money, it is advisable to use chaps instead of online transfer which will have to be done over couple of days. Thanks
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I spoke to our conveyancer and they didnt care if they got it in one or multiple payments and whilst the cost of CHAPS isnt significant compared to the cost of a house its still a cost I didnt need to incur so didnt. Thankfully have a £100k daily limit so not too long to do.ahfat41 said:Funds in different accounts. Near completion do I transfer the funds to my current account and since it involves a large sum of money, it is advisable to use chaps instead of online transfer which will have to be done over couple of days. Thanks
Would always recommend doing a £1 initial transfer just to make sure the details are right before transferring big numbers1 -
Some people like to do an initial transfer of £1.xy and then ask the recipient to confirm the exact xy (which was chosen arbitrarily). Avoids the potential problem of the recipient just saying "yes got it" without having actually got it.1
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ahfat41 said:Funds in different accounts. Near completion do I transfer the funds to my current account and since it involves a large sum of money, it is advisable to use chaps instead of online transfer which will have to be done over couple of days. Thanks
I did one chaps payment for the bulk from the bank (bit of a faff as they do not have a branch near me) the rest I just transferred to my solicitor over several days, I think that I sent 6 individual amounts in all!
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It depends what all the different accounts are. Normally with a savings account for example, you can only withdraw money to your your bank account, so you would have to transfer it to your current account first.ahfat41 said:Funds in different accounts. Near completion do I transfer the funds to my current account and since it involves a large sum of money, it is advisable to use chaps instead of online transfer which will have to be done over couple of days. Thanks0 -
Yes I will have to transfer the funds in my current account first.0
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