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Old 19-06-2018, 12:11 PM   #1
nudda
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transfer of money for deposit on house

hi all,
I am sure a fair few of you have bought a house.
I am a FTB and need to send money to my solicitor. Been told there is a limit as to how much can be sent on a daily basis. I bank with barc, santander and halifax. I can find out the limits by calling the banks but does anyone know what they are? Also any pointers on sending this money over to the solicitor?

Ta!
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Old 19-06-2018, 12:25 PM   #2
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Depending on your account, quite a few have a daily limit of £10000.00 that you can transfer on line via internet banking.If you do it this way you will need to plan in advance how many days you need to get the full deposit to your solicitor.

Alternatively if you go in to your branch and ask for a CHAPS transfer then so long as you have cleared funds in your current account you will be able to send funds in one go for same day receipt by your solicitor. Your bank may charge you around £20.00 for this service.

Check the solicitors account details with your solicitor - if they have emailed you the details - verify it by calling them to double check using a telephone number you have used regularly, and chances are they have written to you before hand with their account details as well so you can double check. Alternatively do a transfer of say £1.00 to check the details are correct and if they confirm receipt, then you know the details are fine to use with a larger amount.

Essentially fraudsters are setting up their own email addresses using similar templates to that of your solicitor, and changing the details so with their own account numbers. Be alert and check and you will be fine.

Good luck with the move !
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Old 19-06-2018, 12:30 PM   #3
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Quote:
Originally Posted by nudda View Post
hi all,
I am sure a fair few of you have bought a house.
I am a FTB and need to send money to my solicitor. Been told there is a limit as to how much can be sent on a daily basis. I bank with barc, santander and halifax. I can find out the limits by calling the banks but does anyone know what they are? Also any pointers on sending this money over to the solicitor?

Ta!
Can't help with the amount but please make doubly sure you are paying into the right account. There have been instances of e-mails being spammed, resulting in people being duped into paying to the wrong account and the money then disappearing before it can be recovered.
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Old 19-06-2018, 01:02 PM   #4
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I'm with fatdazz, read too many stories of people being duped this way recently.

Any correspondance by email be sure to back up with phone calls to check account numbers before transferring any money.
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Old 19-06-2018, 01:09 PM   #5
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When we did our payment we just did a standard faster payment via BACS, the limit on all my accounts I can see is much more than £10,000 in a day.

Usually if you try to do it and it is over any limit, you'll more than likely be called or be prompted to call the bank to get them to authorise it.
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Old 19-06-2018, 01:20 PM   #6
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Quote:
Originally Posted by Arvi View Post
Depending on your account, quite a few have a daily limit of £10000.00 that you can transfer on line via internet banking.If you do it this way you will need to plan in advance how many days you need to get the full deposit to your solicitor.

Alternatively if you go in to your branch and ask for a CHAPS transfer then so long as you have cleared funds in your current account you will be able to send funds in one go for same day receipt by your solicitor. Your bank may charge you around £20.00 for this service.

Check the solicitors account details with your solicitor - if they have emailed you the details - verify it by calling them to double check using a telephone number you have used regularly, and chances are they have written to you before hand with their account details as well so you can double check. Alternatively do a transfer of say £1.00 to check the details are correct and if they confirm receipt, then you know the details are fine to use with a larger amount.

Essentially fraudsters are setting up their own email addresses using similar templates to that of your solicitor, and changing the details so with their own account numbers. Be alert and check and you will be fine.

Good luck with the move !
That is very helpful thanks. Good pointer on making sure details are correct. I talk to my solicitor regularly so am confident they are ok but will triple check as it will be a large amount (naturally)
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Old 19-06-2018, 08:49 PM   #7
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I bought my first house just before Christmas. I bank with Natwest and my daily limit I can do online is £20,000. If I wanted to do more than that, then as above it is a case of going into branch and paying £20 for a CHAPS transfer. So all I did was sent £100 on the first day, made sure my solicitor received it and then proceeded to do £20,000 a day until the full balance was received by my solicitor. Just a case of planning out how many days in advance before completion you need to start the process. If that is too much hassle or you leave it to late, go into branch and pay your £20. It is not that much compared to everyone else who wants to rip your face off when buying a house!
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