Transferring deposit to solicitor

[Primotomb]

We've got a £70k deposit for our house purchase which is currently spread across a number of savings accounts and Isa's- 9 different accounts in total between me and dp. I'm assuming we need to start moving it all into one account and then pay it to solicitor in a lump sum. Can I just do a normal bank transfer to the solicitors account or do I have to set some other kind of payment mechanism up with the bank?

Ask your law firm - scams and phishing are very common when transferring large amounts of money to law firms when moving house, so make sure you call them and speak to them on the phone rather than emailing which can be intercepted! 😊

I seem to recall that my HSBC online banking had a 30K limit so I had to go in-branch with ID and make a transfer in person

Not sure if this is typical but in retrospect it's a safer option.

There's a limit for online banking, beyond a certain amount it's a different system so instead I got a cashiers cheque and walked it the 500m or so to the solicitors. Was a few years back but the threshold was £10k I think

Once you have their bank account details - and do heed the advice about scams - you can do a Chaps transfer from your bank so transfer the monies to your current account in advance. The money will reach the solicitors on the same day providing the transfer is initiated before something like 3pm. There is a charge, but it's worth it for the peace of mind.

I did it via CHAPS. I had to go into the branch to arrange it. This was about 10 years ago. Like a pp said there is a charge but you do get peace of mind from it.

I did it via CHAPS earlier this year. I gathered it all together in to accounts and made two payments (one would have been better as CHAPS payments incur a fee). One I had to arrange online and one i could just do (different banks).

So scary! I checked the details many, MANY times.

Although they won't want the monies in loads of different tranches, it shouldn't be a problem if you send it in two or three if that's better for you.

The staff at the firm will be very used to people phoning up to check bank details over the phone and that's a sensible idea.

Unless you are tight for time, no need to pay to send the monies by CHAPS unless that's better for you and your bank.

Start moving it into one account. £85,000 is protected in a single account. Then make one transfer for the deposit when required.

As pp said, there is a limit for Internet banking which banks often won't tell you. We almost lost out house after our buyers thought they'd transferred by Internet banking, but the payment was declined, but Mr Buyer was out in a war zone without Internet and Mrs Buyer didn't et the notifications. Got her into a branch on a Saturday to pay, we covered the fee.
Eventually turned out they'd given their solicitor a cheque three months earlier but he thought it was too much work to pay it in, but didn't mention it for two months...

So if cheques are used get proof they have been paid in and cleared!

If you can, transfer £1 first and then double check it arrived in the right account before moving the rest of the money.
I get really nervous moving large amounts of cash and prefer to do a test run first. Our Solicetors have always been happy for me to do this.

Yes do a test run of £10 and yes phone the office NOT the number on any email sig block to check the details

Make sure you double check details on the phone before transferring - not sure about 9 accounts, but be 100% clear the details you're sending it to are your solicitors. Don't use the emailed ones - get them on the phone.

Good luck OP! :)

Thanks all, some really good advice there x