Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • marlasinger
    • By marlasinger 16th Apr 18, 12:55 PM
    • 465Posts
    • 373Thanks
    marlasinger
    Transfer of funds to solicitor for completion
    • #1
    • 16th Apr 18, 12:55 PM
    Transfer of funds to solicitor for completion 16th Apr 18 at 12:55 PM
    We are due to complete this Thursday, 19th April.

    The solicitor requires the funds in their account by end of 18th April. We have yet to receive a completion statement, as exchange only happened late last week.

    What is the latest I can do a bank transfer to ensure they have the funds in time? I've just read that the mobile app has a 10k limit, so I will be going in to the branch to do the transfer. I know there is CHAPS and Faster Payments, so a cut off date of the morning of 18th April should be ok?


    Thanks.
    marlasinger

Page 1
    • cjmillsnun
    • By cjmillsnun 16th Apr 18, 1:00 PM
    • 602 Posts
    • 736 Thanks
    cjmillsnun
    • #2
    • 16th Apr 18, 1:00 PM
    • #2
    • 16th Apr 18, 1:00 PM
    You can do multiple payments via the app if you want. It!!!8217;s what I did.

    Ask for a completion statement via email.
    2.88 kWp System, SE Facing, 30 Degree Pitch, 12 x 240W Conergy Panels, Samil Solar River Inverter, Havant, Hampshire. Installed July 2012, acquired by me on purchase of house in August 2017
    • buggy_boy
    • By buggy_boy 16th Apr 18, 1:01 PM
    • 535 Posts
    • 393 Thanks
    buggy_boy
    • #3
    • 16th Apr 18, 1:01 PM
    • #3
    • 16th Apr 18, 1:01 PM
    I think you have answered your own question, the money has to be with the solicitor by the 19th April... However you do this, make sure its there in time... The solicitor is not likely to steal the money, saying that be sure if the solicitor sends you a mail asking to send the money to x bank account that it is the right account and it came from your solicitor.
    • Tom99
    • By Tom99 17th Apr 18, 1:26 AM
    • 2,626 Posts
    • 1,792 Thanks
    Tom99
    • #4
    • 17th Apr 18, 1:26 AM
    • #4
    • 17th Apr 18, 1:26 AM
    You can do an online faster payment on am 18th, there is usually a 20k of 25k limit so you will need to check. CHAPs cut off is usually some time in the early afternoon but that option will probably cost you 25 or so.
    • agrinnall
    • By agrinnall 17th Apr 18, 8:53 AM
    • 20,977 Posts
    • 16,753 Thanks
    agrinnall
    • #5
    • 17th Apr 18, 8:53 AM
    • #5
    • 17th Apr 18, 8:53 AM
    You can do multiple payments via the app if you want. It's what I did.
    Originally posted by cjmillsnun
    While your app may allow that you have no idea which bank the OP is using, so their app may not.

    OP, how much do you need to transfer, is it above or below the single Faster Payment limit of 10K that your bank applies to their app? Personally I would swallow the cost of a CHAPS payment in any case just to have greater certainty that the money will arrive in time if you are doing it on the day it's required. Transfers by FPS could legitimately be delayed until the end of the next business day. What you do need to watch out for with CHAPS is the cut off time, which can be different for different banks, but if you do it in the morning you'll definitely be ahead of it.
    • wantonnoodle
    • By wantonnoodle 17th Apr 18, 11:31 AM
    • 251 Posts
    • 171 Thanks
    wantonnoodle
    • #6
    • 17th Apr 18, 11:31 AM
    • #6
    • 17th Apr 18, 11:31 AM
    Depending on your bank, and how you request it (online, over the phone or in branch), the limits for faster payments vary, and can be anything from 10k to 100k. You can check the limits here: http://www.fasterpayments.org.uk/about-us/personal-transaction

    Personally, I would initiate the transaction today if possible, that way you have 24 hours to allow for any delays with processing, as random transactions can be pulled for security checks.

    Your solicitor should have provided their bank details in writing (by post). If you have received them by email, contact your solicitor by phone and validate the bank details with them. A lot of people have been scammed by using details on emails that have been intercepted and changed, leading to money being transferred to criminals' bank accounts rather than your solicitor's.

    Hope everything goes well!!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,352Posts Today

8,160Users online

Martin's Twitter