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  • FIRST POST
    • MarcoM
    • By MarcoM 11th Apr 18, 5:31 PM
    • 515Posts
    • 71Thanks
    MarcoM
    house buying Chaps transfer
    • #1
    • 11th Apr 18, 5:31 PM
    house buying Chaps transfer 11th Apr 18 at 5:31 PM
    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
Page 1
    • ReadingTim
    • By ReadingTim 11th Apr 18, 5:37 PM
    • 3,154 Posts
    • 4,695 Thanks
    ReadingTim
    • #2
    • 11th Apr 18, 5:37 PM
    • #2
    • 11th Apr 18, 5:37 PM
    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
    • By shirlgirl2004 11th Apr 18, 5:39 PM
    • 2,854 Posts
    • 4,725 Thanks
    shirlgirl2004
    • #3
    • 11th Apr 18, 5:39 PM
    • #3
    • 11th Apr 18, 5:39 PM
    I bank with First Direct and one telephone call was enough for them to transfer the money without charge.
    • MarcoM
    • By MarcoM 11th Apr 18, 5:47 PM
    • 515 Posts
    • 71 Thanks
    MarcoM
    • #4
    • 11th Apr 18, 5:47 PM
    • #4
    • 11th Apr 18, 5:47 PM
    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
    • By agrinnall 11th Apr 18, 7:10 PM
    • 21,689 Posts
    • 17,565 Thanks
    agrinnall
    • #5
    • 11th Apr 18, 7:10 PM
    • #5
    • 11th Apr 18, 7:10 PM
    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
    Originally posted by MarcoM

    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
    • By G_M 11th Apr 18, 8:49 PM
    • 46,165 Posts
    • 55,866 Thanks
    G_M
    • #6
    • 11th Apr 18, 8:49 PM
    • #6
    • 11th Apr 18, 8:49 PM
    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
    • By davidmcn 11th Apr 18, 10:11 PM
    • 9,295 Posts
    • 9,908 Thanks
    davidmcn
    • #7
    • 11th Apr 18, 10:11 PM
    • #7
    • 11th Apr 18, 10:11 PM
    If the issue is where it originally came from, that should have been queried when it went in, not when it comes out.
    Originally posted by G_M
    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
    • By tori.k 12th Apr 18, 7:02 AM
    • 3,328 Posts
    • 8,802 Thanks
    tori.k
    • #8
    • 12th Apr 18, 7:02 AM
    • #8
    • 12th Apr 18, 7:02 AM
    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.
    Debit to Credit (stage 1) 3652.34 completed 15/10/16
    Debit to Credit (stage 2) 6299.09 completed 25/06/17
    Mortgage Free (stage 3) 137,360
    • seven-day-weekend
    • By seven-day-weekend 12th Apr 18, 8:54 AM
    • 31,506 Posts
    • 60,820 Thanks
    seven-day-weekend
    • #9
    • 12th Apr 18, 8:54 AM
    • #9
    • 12th Apr 18, 8:54 AM
    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.
    Originally posted by tori.k
    Yes I think we did something similar.
    • agrinnall
    • By agrinnall 12th Apr 18, 9:24 AM
    • 21,689 Posts
    • 17,565 Thanks
    agrinnall
    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.
    Originally posted by davidmcn
    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
    • By MarcoM 12th Apr 18, 10:04 AM
    • 515 Posts
    • 71 Thanks
    MarcoM
    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.
    Originally posted by agrinnall

    was the amount considerable?
    • Pixie5740
    • By Pixie5740 12th Apr 18, 10:06 AM
    • 13,353 Posts
    • 19,231 Thanks
    Pixie5740
    Have you actually encountered an issue whilst trying to send a CHAPS payment to the solicitor or are you just making a mountain out of a molehill which may never exist?
    • ReadingTim
    • By ReadingTim 12th Apr 18, 11:07 AM
    • 3,154 Posts
    • 4,695 Thanks
    ReadingTim
    Have you actually encountered an issue whilst trying to send a CHAPS payment to the solicitor or are you just making a mountain out of a molehill which may never exist?
    Originally posted by Pixie5740
    It's usually a good idea to determine whether it's a mountain or a molehill well ahead of the time you actually have to face it.

    That said, the best people to ask are the people you bank with, rather than random strangers off the internet.
    • agrinnall
    • By agrinnall 12th Apr 18, 11:37 AM
    • 21,689 Posts
    • 17,565 Thanks
    agrinnall
    was the amount considerable?
    Originally posted by MarcoM
    See post #5. It was considerable to me
    • wantonnoodle
    • By wantonnoodle 12th Apr 18, 11:55 AM
    • 263 Posts
    • 175 Thanks
    wantonnoodle
    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.
    Originally posted by ReadingTim
    Can I correct you on that?? It depends on the bank you are with. We bought last year, and Santander have a 25,000 limit on payments via faster payments through online banking. We processed our 26,000 to our sols in 2 payments, first of 1,000, validating they had it before then processing the remainder in a single payment next day.

    If you check on here, http://www.fasterpayments.org.uk/about-us/personal-transaction you can see what the limit is by bank and by means of instruction.
    • ReadingTim
    • By ReadingTim 12th Apr 18, 12:48 PM
    • 3,154 Posts
    • 4,695 Thanks
    ReadingTim
    Can I correct you on that?? It depends on the bank you are with. We bought last year, and Santander have a 25,000 limit on payments via faster payments through online banking. We processed our 26,000 to our sols in 2 payments, first of 1,000, validating they had it before then processing the remainder in a single payment next day.

    If you check on here, http://www.fasterpayments.org.uk/about-us/personal-transaction you can see what the limit is by bank and by means of instruction.
    Originally posted by wantonnoodle
    You can clarify some of the numbers if you like, but none of the general principles I outlined above are materially incorrect.
    • MarcoM
    • By MarcoM 12th Apr 18, 12:50 PM
    • 515 Posts
    • 71 Thanks
    MarcoM
    It's usually a good idea to determine whether it's a mountain or a molehill well ahead of the time you actually have to face it.

    That said, the best people to ask are the people you bank with, rather than random strangers off the internet.
    Originally posted by ReadingTim

    problem with that is hsbc call centre have not got a clue, not a standard question hence why i wantef others to share their experience.
    • Pixie5740
    • By Pixie5740 12th Apr 18, 12:54 PM
    • 13,353 Posts
    • 19,231 Thanks
    Pixie5740
    You're buying a property, people do it every day so it's hardly a transaction that's out of the ordinary. Is there a particular reason that you're concerned about providing evidence if requested as I note from your posting history that you have started several threads about AML.
    • davidmcn
    • By davidmcn 12th Apr 18, 1:01 PM
    • 9,295 Posts
    • 9,908 Thanks
    davidmcn
    problem with that is hsbc call centre have not got a clue, not a standard question
    Originally posted by MarcoM
    It's not standard that banks ask for any additional evidence, they would normally just carry out the transfer.

    If you start asking the bank questions like this, it might just plant some doubts in their mind about what you're up to!
    • ReadingTim
    • By ReadingTim 12th Apr 18, 1:13 PM
    • 3,154 Posts
    • 4,695 Thanks
    ReadingTim
    problem with that is hsbc call centre have not got a clue, not a standard question hence why i wantef others to share their experience.
    Originally posted by MarcoM
    That might be true of the first line call centre monkey you speak to initially, but hang on in there long enough and you'll get to speak to the organ grinder. Furthermore, if your question isn't standard, how likely is it that anyone else will also have encountered it? I can share my completely irrelevant experience with you if you like, but it ain't gonna help you whatsoever...

    Finally, only HSBC can advise on what HSBC's policies are. If you think anyone at the bank will say "sorry, that's not bank policy, but as ReadingTim on moneysavingexpert.com says it's fine, then great" then you're sadly mistaken.

    Which leads me to wonder if they've given you an answer, but as it's not the one you want to hear, you think you can find a better one on the internet...
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