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Funds transfer by lender for completion - can it be fast?

4 replies

CatAndHisKit · 29/09/2021 00:32

I know the normal transfer timeframe is five days. Is there a way to have an instant or 24hr transfer, e.g. if buyer pays extra for speed?
Especially would lenders offer this option if a mortgage expiry date is within those 5 days of transfer?

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CalmConfident · 29/09/2021 00:44

Absolutely! Not heard of any payments taking that long nowadays. House monies usually transfer using chaps I think - see this link

www.barclays.co.uk/help/payments/payment-information/bacs-chaps-faster-payments/

CalmConfident · 29/09/2021 00:52

Suggest you discuss with the parties involved.

Mintine · 29/09/2021 09:54

We completed on our purchase this week.
I’d transferred the deposit, stamp duty to the solicitors, same day payment and it cost £20

CatAndHisKit · 29/09/2021 10:03

Thank you Mintine! that's asurprisingly low fee - gives me hope.

Calm buyer's sols wre always stating previously that it will take 5 days as that's probably standard with that lender - but also my solicitor said it's usual - now they are saying they are still working with lender to complete end of this week - but they haven't actually confirned that it can be faster / same day when I asked via mine. It's all been dismal with communication generally.

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