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Transferring deposit to solicitor

135

Comments

  • leespot
    leespot Posts: 554 Forumite
    LuckyG wrote: »
    I've emailed my solicitor to ask them to send out the bank details in writing before I transfer the money.
    If they send it today I'll receive it tomorrow.

    I don't actually have an exchange date set yet anyway (just know that it's sometime this week) so one more day won't hurt.

    Good choice. The amount of money is not likely to be insignificant, always better to be safe. Good luck with the rest of the purchase :)
  • LuckyG
    LuckyG Posts: 226 Forumite
    leespot wrote: »
    Good choice. The amount of money is not likely to be insignificant, always better to be safe. Good luck with the rest of the purchase :)

    It's going to be over £40,000 so a massive amount of money for me.

    Thank you :)
  • Fosterdog
    Fosterdog Posts: 4,948 Forumite
    First Anniversary Name Dropper First Post
    My solicitor sent the details in an email, I don't quite get why security would be an issue when they are only providing an account number and sort code. They handle much more sensitive information every day.
  • DumbMuscle
    DumbMuscle Posts: 244 Forumite
    LuckyG wrote: »
    It's going to be over £40,000 so a massive amount of money for me.

    Thank you :)
    Bear in mind you'll probably need to go into the bank and instruct a CHAPS payment to transfer that all in one go, rather than doing it online (or you could transfer over multiple days, but then you may end up delaying exchange and frustrating the rest of the chain)
  • aneary
    aneary Posts: 921 Forumite
    Fosterdog wrote: »
    My solicitor sent the details in an email, I don't quite get why security would be an issue when they are only providing an account number and sort code. They handle much more sensitive information every day.

    Depends on the solicitor mine won't but my mum who has her own firm doesn't have an issue. Some solicitors still use faxes it generally depends on who runs the firm and how old fashioned they are.
  • glentoran99
    glentoran99 Posts: 5,821 Forumite
    First Anniversary Combo Breaker First Post Debt-free and Proud!
    DumbMuscle wrote: »
    Bear in mind you'll probably need to go into the bank and instruct a CHAPS payment to transfer that all in one go, rather than doing it online (or you could transfer over multiple days, but then you may end up delaying exchange and frustrating the rest of the chain)

    You can do Chaps online, Well at least you can with my bank
  • LuckyG
    LuckyG Posts: 226 Forumite
    DumbMuscle wrote: »
    Bear in mind you'll probably need to go into the bank and instruct a CHAPS payment to transfer that all in one go, rather than doing it online (or you could transfer over multiple days, but then you may end up delaying exchange and frustrating the rest of the chain)

    Yes, I'm going to go into Nationwide and do it in one go via CHAPS.
  • eddddy
    eddddy Posts: 16,410 Forumite
    First Anniversary First Post Name Dropper
    edited 17 July 2017 at 11:36AM
    Fosterdog wrote: »
    My solicitor sent the details in an email, I don't quite get why security would be an issue when they are only providing an account number and sort code. They handle much more sensitive information every day.

    As explained in post #19 - the risk is that email may have come from a scammer, and not your solicitor.


    There are examples where scammers have apparently hacked into solicitors' email accounts to get names and email addresses of their clients - and then the scammers sent emails to the clients with payment instructions, with the scammer's sort code and account number.


    Edit to add...

    I imagine that solicitors systems can be a very lucrative target for hackers. If you can trick just one client into paying into the 'wrong' account, you might make £50k or more.
  • Lucky_Duck_2
    Lucky_Duck_2 Posts: 271 Forumite
    Photogenic First Post Combo Breaker First Anniversary
    eddddy wrote: »
    As explained in post #19 - the risk is that email may have come from a scammer, and not your solicitor.


    There are examples where scammers have apparently hacked into solicitors' email accounts to get names and email addresses of their clients - and then the scammers sent emails to the clients with payment instructions, with the scammer's sort code and account number.

    Indeed, google (or any other search engine) will give details of where this has happened.

    .
  • jimbog
    jimbog Posts: 2,113 Forumite
    First Anniversary Name Dropper First Post
    You could always send a token amount (say £1) first and then ring the solicitors to see if they have received it before sending £39999
    Gather ye rosebuds while ye may
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