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Paying for a house in cash

10 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:
BeanBagLady · 04/12/2018 22:20

I think he should ask his solicitor.

Because in England the solicitors send the money through some special system simultaneously with the contract completion to make sure it is all secure and that you take legal possession of your house in exchange for the money.

lunar1 · 04/12/2018 22:27

I've done this recently and I sent the money to my solicitor and she did the transfer.

HeyThoughIWalk · 04/12/2018 22:29

I'm embarrassed to admit that I thought "paying in cash" literally meant handing the other person a pile of cash. Blush

adoggymum · 04/12/2018 22:31

@HeyThoughIWalk I thought the same!😂😩

NotAllIndividuals · 04/12/2018 22:33

I may be wrong but isn't a banker's draft the same as cash? In that, if anything happens to it then you're screwed. Or am I thinking of something else? I wouldn't want to be walking round with enough cash or equivalent to buy a house, unless I was 'connected'. Hope someone with more knowledge is along soon!

madmum5811 · 04/12/2018 22:35

Paid the money into the solicitors who held it until completion.

OnlyFoolsnMothers · 04/12/2018 22:36

Bank transfer via his solicitor

RrreCansada · 04/12/2018 22:36

We recently bought a house cash (inheritance,v small property) we sent the money to our solicitor and they forwarded it on to the owner. It was very straightforward.

BurpAndRustle · 04/12/2018 22:36

Do a Neymar and turn up with a gym bag full of cash.

NeverTwerkNaked · 04/12/2018 22:37

In England you would pay it via a solicitor

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