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FTB, how do I pay the 10% deposit to the solicitor?!

(23 Posts)
ItsAllTLAsToMe Mon 20-May-13 14:54:42

What's the quickest way to do this? TIA

annh Mon 20-May-13 15:02:18

Are you asking where you get the money from or the actual mechanics of transferring the money?

ItsAllTLAsToMe Mon 20-May-13 15:03:09

Sorry, the mechanics grin.

mumblechum1 Mon 20-May-13 15:03:40

You'll need to let them have cleared funds at least a day before exchange, so either a bank cheque or bank transfer, or if you have to write a cheque, leave plenty of time for clearance.

fedupwithdeployment Mon 20-May-13 15:03:58

err, ask for solicitor's bank account details and then ring your bank, and get the money sent over.

annh Mon 20-May-13 15:05:06

Mumblechum has given you the answer but presumably as a FTB your solicitor would be happy to answer any questions like that anyway.

ItsAllTLAsToMe Mon 20-May-13 15:06:31

Thanks everyone. Mumblechum, how do you get a bank cheque or a bank transfer arranged?

Sorry to be so clueless.

annh Mon 20-May-13 15:07:27

Go into/call your bank, armed with the details of your solicitors client account, and ask them to do it.

ItsAllTLAsToMe Mon 20-May-13 15:07:29

I'm just waiting for my solicitor to phone me back as well smile.

mumblechum1 Mon 20-May-13 15:08:12

If you bank online, you'll need the solicitors' bank details (they will normally give them to you at least a week before exchange).

Then, set up the transfer online. I'm with Halifax and simply click the button saying "set up a new recipient", input the bank details and how much you want to transfer, and press "send".

ItsAllTLAsToMe Mon 20-May-13 15:10:05

Oh smile. And is that as quick with large transfers as it is with small transfers?

Trazzletoes Mon 20-May-13 15:14:25

It depends how much it is and who you bank with as to how fast they will do it. Santander's limit was only about £300 for a "faster payment" until last year, I think.

Make sure you do it in enough time. The solicitors won't exchange until they have your money and other people in the chain get mightily pissed off when someone hasn't got cleared funds <bitter experience>

AKissIsNotAContract Mon 20-May-13 15:19:09

I'm with Barclays and could only do 10k a day. Deposit was almost 30k so I did it over 3 days.

MousyMouse Mon 20-May-13 15:19:51

you should get a sheet from your solicitor detailing everything incl. bank transfer details.
take this into the bank branch with you.
they will (for a fee) do an electronic transfer which is in the other account within minutes + you will get a printout of the transaction for your files.
good luck!

ItsAllTLAsToMe Mon 20-May-13 15:23:24

Thanks Mousy, that sounds ideal. How much-ish is the fee?

MousyMouse Mon 20-May-13 15:26:09

with barklays was 25£ for the instant transfer (and they said they can only do the instant transfer for a large sum).

ItsAllTLAsToMe Mon 20-May-13 15:29:23

Great, thank you smile.

ILikeBirds Mon 20-May-13 17:34:26

I transferred over 3 days via online banking. (10k limit)

Notyetthere Mon 20-May-13 17:41:06

The online transfer takes about 3 days as it will be a business account. We payed £25 to have it transferred immediately as my bank only allowed £10k max pay day online.

ItsAllTLAsToMe Mon 20-May-13 19:09:18

Thanks everyone - I'm definitely willing to pay £25 or so, to avoid me giving all of my £ to a random person online. Also, I haven't left myself enough time to sort this out a different way grin.

Please tell me that completion is less stressful!

Also, how should I pay the rest of the deposit? By personal cheque, but in enough time?

MousyMouse Mon 20-May-13 19:18:39

dunno, we paid it all in one go.
exchanged + completed the same day.
our sol gave us a sheet with all the costs/search fees/deposit that we took to the bank.

Trazzletoes Mon 20-May-13 20:30:46

Why not pay all the deposit the £25 way?

ItsAllTLAsToMe Mon 20-May-13 21:03:40

Hmm, that's a good idea Trazzle...

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