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Paying for a house in cash

6 replies

foxybingodotcom · 04/12/2018 22:13

Hoping for a bit of practical advice. My DF is buying his first property, and is buying it outright.

What I'm unsure of is how he actually pays for this- can it be done by bank transfer or does it need to be paid by a bankers draft? We've been a bit waylaid by proving the cash is his that the date of transfer is now imminent. We are in Scotland if this makes any difference?

Thanks in advance!

OP posts:
nannynick · 05/12/2018 06:41

Discuss with his solicitor. I think it's usually done via CHAPS - an interbank payment system.

iLevictoiChete · 05/12/2018 06:47

where does the money come from and where is it at the moment?

attempting to buy a house with a bunch of used fivers could be the action of someone who has been stuffing fivers under the mattress for the last 50 years, or could be someone trying to spend the proceeds of drug dealing or bank robbery. there are some quite strict regulations to make sure it's all legit.

eurochick · 05/12/2018 06:49

In England at least you usually transfer the money to the solicitor by bank transfer in advance of completion day. They then transfer it to the vendor's solicitor.

Gaspodethetalkingdog · 05/12/2018 07:26

I don’t think bank drafts exist now, probably to do with money laundering. Customer goes to bank with ID, passport, driving licence etc and gives full details to them.

Lawyer bank details, sort code, account number details of house.

Lawyers won’t accept cash (money laundering) neither will the bank

veggiepigsinpastryblankets · 05/12/2018 07:44

I bought with a mortgage but would assume the procedure is the same. I had to show the solicitor a bank statement showing the money in the account it was coming from. They then sent me an invoice for the deposit and their fees and I transferred the deposit to them. I just did a normal bank transfer but went into a branch with my solicitors bank details and got them to process it just to be sure I wasn't sending my money into the void.

Mossend · 05/12/2018 08:38

It is normally done via a chaps transfer to his solicitors account then the solicitor sends it to the sellers solicitor.

It's surprisingly common

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