What happens when you transfer deposits?

[Okigen]

Hello, this is my first home so I'm getting super nervous I'm about to transfer the deposit to my solicitor. We planning to exchange in 2-3 weeks time but I'm transferring now as it has some gifted donation and I would like to make sure the solicitor will have time to check source of funds and do any other procedures.

What normally happens when you transfer deposits? My solicitor told me to call them before making transfer. But what would happen in that call? Do you need to call the bank too? How can I check that the solicitor account is legit? Will they issue a receipt when the fund is received? 🙈

The second thing is I heard the solicitor will request payment for their fees prior to exchange. Do you do so separately?

Would also add that it is a rather large balance of c.70k! That includes the 10% deposit and the remainder is my balance for completion.

I transferred a gifted deposit for DD of £70k by Chaps. the solicitor gave me the bank details, it came from the solicitors email address, DD used the same details for her LISA. We did it about three weeks in advance. Solicitors confirmed safe receipt of both, the Chaps payment was made same day.

If you’re worried, transfer a tenner first then when they confirm safe receipt transfer the rest.

I have to admit, it’s pretty scary!

How can I check that the solicitor account is legit?
The solicitor will send you the details on headed notepaper. Do not accept 'amended' details unless by similar route. There was a phase a few years ago where solicitors' e-mail's were getting compromised and the hackers were sending out e-mails asking funds to go to new (false) bank accounts. Similarly, do not accept 'amendments' over the phone.

I know someone who's email was hacked and lost all their deposits. So do as someone else suggested and send a tenner first and confirm all details over the phone directly with the solicitors

After you receive the solicitor details, go onto their official website and call them on their number and confirm the details: do not assume the phone number you receive is correct.

I'm pretty sure solicitors are supposed to do all the checks for gifted deposits before you transfer them. They certainly did when we did this just a few months ago.

When we bought our house. We did the deposit into one account. Then paid the fees into their business account. I transfered a £1 over then when they said they had it I transfered the rest

I transferred a random amount under £10 then when my solicitor called to say he'd received x amount I transferred the balance, it was the only way I could be sure.