Paying solicitor

jem16

Could someone please clarify the following before my son and I come to blows!

Solicitor asks for payment of legal fees and deposit in two ways;

By cheque - 14 days before date of entry (Scotland by the way)
By cash transfer - 7 days before date of entry

Now he intends to transfer cash through BACS. He thinks he starts the transfer 7 days before date of entry. I think he starts the transfer 3/4 days before that 7 days to allow it to clear through BACS.

So if entry date is 18th April - my son wants to start transfer on 11th. I think he should start transfer on 7th.

Who is correct please?

clutton_2

why not just ask your solicitor ~???

chappers

depends what your solicitor is happy with most would want it in their accounts a few days before and will not procede anyway until they are in funds.
For the sake of a £20 or so fee do a chaps payment which will go through same day.
If your solicitor has asked for the money 7 days before then if paying by BACS then you are correct and the transfer should be started 5 working days before the 7 days requested.

tbs624

BACS payments usually take 3-4 days working days to clear, but it is recommended that you allow yourself 7 working days leeway. I would have though that what your son says is correct, but as Clutton says, he can always check with the solicitor

jem16

clutton wrote: »

why not just ask your solicitor ~???

They're not open at 9pm??

He will be asking this morning. I just wondered if anyone else could give an opinion.

chappers

I however think your son is wrong your solicitor wants to be in funds 7 days before hence why he says pay by cheque fourteen days before so to be sure your son should start his BACS transfer the appropriate time before 7 days.

IveSeenTheLight

Jem16,

When we bought property in Scotland (noticed you are in Glasgow) our solicitor worked out the interest accrued while the money was with the solicitor.

It will only be a few pounds in interest but they deducted it from the solicitors fees on my statement.

You should therefore not worry about getting the money early to the solicitor.

Its better for it to be there awaiting exchange than the exchange ready to happen waiting for your funds

Bean_Counter

I do a lot of BACS transfers (in Scotland) and they seems to work as follows.

As long as I do the transfer at my end today (Thursday) before 4pm then the funds will be at their destination by first thing on Monday morning i.e. on the the third working day.

As said previously, if the solicitor wants to have the money earlier then you will accrue some modest interest under the solicitors accounts rules.

jem16

IveSeenTheLight wrote: »

Jem16,

When we bought property in Scotland (noticed you are in Glasgow) our solicitor worked out the interest accrued while the money was with the solicitor.

It will only be a few pounds in interest but they deducted it from the solicitors fees on my statement.

You should therefore not worry about getting the money early to the solicitor.

Its better for it to be there awaiting exchange than the exchange ready to happen waiting for your funds

The solicitor has asked for my son to pay his deposit and all the legal fees at least 7 days in advance. As this is around £22,000 it would be about £18 worth of interest after tax. I can't see how the solicitor has accounted for interest if the whole bill is to be paid.

As said previously, if the solicitor wants to have the money earlier then you will accrue some modest interest under the solicitors accounts rules.

So if this is a rule how does this interest get paid back to him I wonder?

Dr_Moe_2

I was under the impression that you couldn't transfer large sums of money (e.g. the amount you will be transferring) via BACS (3-4 days) and that a CHAPS (same day telegraphic transfer) was mandatory.

jem16

Dr_Moe wrote: »

I was under the impression that you couldn't transfer large sums of money (e.g. the amount you will be transferring) via BACS (3-4 days) and that a CHAPS (same day telegraphic transfer) was mandatory.

Thanks. Just checked with HBOS. Their daily limit is £15k so it could be done over 2 days.

Perhaps my son should just hand in a cheque tomorrow.