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house buying Chaps transfer

MarcoM
MarcoM Posts: 798 Forumite
First Post Name Dropper First Anniversary Combo Breaker
in House buying, renting & selling
Hello,


I would like to know if anyone suffered any issues when trying to send cash over for their house purchase to their solicitors.
did the bank hassle you for proof of funds and all that or was the solicitor's letter enough for them to send the money over?


Thanks
«1

Comments

  • ReadingTim
    ReadingTim Posts: 3,970 Forumite
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    If (like me) you resent paying a fee to move your own money (banks usually charge fees for CHAPS payments) then bear in mind that there's a daily limit of £10-15k for transfers you instruct via internet banking.

    If you want to do it yourself, you therefore need to drip feed the solicitors over a period of days, which makes for a longer (but not impossible) process.
  • shirlgirl2004
    shirlgirl2004 Posts: 2,983 Forumite
    First Anniversary Combo Breaker
    I bank with First Direct and one telephone call was enough for them to transfer the money without charge.
  • MarcoM
    MarcoM Posts: 798 Forumite
    First Post Name Dropper First Anniversary Combo Breaker
    I bank with hsbc and I know they are AML freaks.
    Fee is not the issue but I was wondering if the banks asked you for 15 years worth of bank statements to prove that money was "clean".
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    First Post Combo Breaker
    MarcoM wrote: »
    Hello,


    I would like to know if anyone suffered any issues when trying to send cash over for their house purchase to their solicitors.
    did the bank hassle you for proof of funds and all that or was the solicitor's letter enough for them to send the money over?


    Thanks


    No bank has ever required anything other than my instruction to initiate a CHAPS payment. I transferred £170,000 to my solicitor 2.5 years ago with no problems at all. Are you sure it's not you that's the issue?
  • G_M
    G_M Posts: 51,977 Forumite
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    If you request to transfer money from an account in your name, why would a check be needed?

    Either the money is there, or it isn't.

    If the issue is where it originally came from, that should have been queried when it went in, not when it comes out.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
    G_M wrote: »
    If the issue is where it originally came from, that should have been queried when it went in, not when it comes out.
    Possibly it has just come in from elsewhere, and now the bank are wanting to know what's going on before it goes out again.
  • tori.k
    tori.k Posts: 3,592 Forumite
    We bank with HSBC we just split our completion funds over our accounts and used the internet banking, they allow 25k per account per day.
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
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    tori.k wrote: »
    We bank with HSBC we just split our completion funds over our accounts and used the internet banking, they allow 25k per account per day.

    Yes I think we did something similar.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    First Post Combo Breaker
    davidmcn wrote: »
    Possibly it has just come in from elsewhere, and now the bank are wanting to know what's going on before it goes out again.

    That's exactly what I did when I bought my current house (moved money from various accounts into one) and there was absolutely no question raised when I requested my CHAPS payment to my solicitor.
  • MarcoM
    MarcoM Posts: 798 Forumite
    First Post Name Dropper First Anniversary Combo Breaker
    agrinnall wrote: »
    That's exactly what I did when I bought my current house (moved money from various accounts into one) and there was absolutely no question raised when I requested my CHAPS payment to my solicitor.


    was the amount considerable?
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