question about getting money to solicitor for completion

[DebiTheScot]

I have just had a panic as I have just picked up an email from our solicitor that was sent at 3.30pm today.

We complete on Wednesday but we've only just been given the details for getting the money to them. And they say they want it a day before completion. As we're not with the same bank as the solicitor surely even if I transfer the money online now it won't clear in time?

Is this the normal way and timescale for solicitors to work? Should I be worried that the money won't get to them? Is there any way I can make it happen any faster?

Ok pnaic over I think. Was in tears a minute ago but dh managed to get through to someone at the bank who said we can transfer the money via CHAPS (which I had never heard of) and it'll comeout of our account on MOnday and go into there's on Monday too.

Although then googled it and some banks only let you transfer certain amounts so hopefully ours wil let us transfer enough. Of course dh didn't think to mention the amount on the phone.

CHAPs is designed for exactly this, it has large limits, don't panic ;-) it'll be fine!

you go to the bank to do a chaps / eft: as soon as yous say it is a solicitors payment for a house purchase they will know what to do, they deal with tens if not hundreds of them a day, you solicitor is being cv savvy wanting it the day before: it means they are not waiting fir the money to arive on the day of completion, they will already have it and send it straight top the other sols so you can get your keys quicker, because each payment is proicessed individually which means some poor buggers are sat outside the sols at to 5 waiting for funds to be received so they can ge the keys !!

you can do any amount... the bank willo be thinking of the new faster payments system which has a £10k limit, but you will be using chaps or eft which is different.

In order to make a payment via CHAPS you will normally have to pay a bank fee of £25 - solicitors often include this in their quotation, so worth checking.

Hi Debi! Congratulations on your imminent exchange!

We did it by CHAPS - totally standard in these circumstances, but do ring your bank and don't do it online (even if you are with a totally online bank, like we are), because the online limits will probably be too low. And it did cost us £25, which somehow I resented even though I was transferring about a zillion quid. And you have to do it by 2pm (I think) to ensure that it's a same-day transfer. Actually scarily straightforward to transfer these huge sums f money, don't panic.

Also agree with yousaidit that it's good that your solicitor wants the money the day before as that should make things go quicker on exchange day itself.

Good luck!

Well we did ours all online- although with one b soc we had to split it into 2 different days, but it was amazing seeing money zooming out of our account like we were dripping in money!

Thanks everyone. We did the CHAPs transfer yesterday so we're assuming it's got to where it's meant to go as we haven't heard otherwise.
I was annoyed at the £25 too and at the solicitor for not telling us that's how you do it.

Removal men have packed and I'm sitting in Starbucks using their wifi as ours was cut off.

Spam and reported.

looks like the OP is sorted. For anyone else doing this:

• CHAPS is the way that you get large sums transferred immediately. The fee varies from £25 upwards. When I did it there was about half an hour of form filling in the bank. Take ID and do it by about 11am to ensure same day transfer.
• online banking limits between institutions can be 10k, 25k a day or less. Not generally enough to buy a house.
• the day before is recommended, as on completion day all the money needs to move up the chain. one delay may mean it doesn't all go before the banks close and someone won't get into their house.

I note today is Thursday - most people complete on a Friday when the system is even slower.