money transfer for house deposit

11
Found 19th Jun
hi all,

I am sure a fair few of you have bought a house.

I am a FTB and need to send money to my solicitor. Been told there is a
limit as to how much can be sent on a daily basis. I bank with barc,
santander and halifax. I can find out the limits by calling the banks
but does anyone know what they are? Also any pointers on sending this
money over to the solicitor?



thnx
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fasterpayments.org.uk/abo…ion

If the amount is over the limit you can send it via CHAPS payment.
I did mine in bank just to make sure i didn't make any mistakes with the numbers! and i did it via CHAPS as it's same day transfer rather than BACS that for large amounts can take longer. There was a fee of i think £25 to do that though.
as above, only other pointer is make sure you key in the ac number correctly, even try a small payment first, if it goes missing it will be a nightmare.
The other point is to be very careful.

There is a common hack/scam that is causing people to lose a lot of money. Hackers target solicitors and send false emails to clients asking for payments to false accounts.

eg pistonheads.com/gas…106
Send £1 but don't confirm by email. Phone them. If £1 was received then pop in bank and tell them to use account details that will be in your account payments. This advice is repeated over and over in media.
Edited by: "wayners" 19th Jun
In January I did the same with HSBC and the limit was 10k BACS so the first time i had to do payments over a few days. Each time I asked them to confirm receipt as soon as possibke. However next the next time I had to send a lump sum, I called HSBC and they were able to do a one time authorisation to let me send the exact full amount via BACs and gave me a 20 minute time limit to do it. As said above the £1 deposit is a good idea, wish I had thought of that. Wouldn't have felt half as stressed!
very helpful - exactly what i was after. Thanks all!!
shepademus33 m ago

In January I did the same with HSBC and the limit was 10k BACS so the …In January I did the same with HSBC and the limit was 10k BACS so the first time i had to do payments over a few days. Each time I asked them to confirm receipt as soon as possibke. However next the next time I had to send a lump sum, I called HSBC and they were able to do a one time authorisation to let me send the exact full amount via BACs and gave me a 20 minute time limit to do it. As said above the £1 deposit is a good idea, wish I had thought of that. Wouldn't have felt half as stressed!



thanks for sharing your experience. What a nightmare to buy a house!
shepademus57 m ago

In January I did the same with HSBC and the limit was 10k BACS so the …In January I did the same with HSBC and the limit was 10k BACS so the first time i had to do payments over a few days. Each time I asked them to confirm receipt as soon as possibke. However next the next time I had to send a lump sum, I called HSBC and they were able to do a one time authorisation to let me send the exact full amount via BACs and gave me a 20 minute time limit to do it. As said above the £1 deposit is a good idea, wish I had thought of that. Wouldn't have felt half as stressed!


Yeah and don't confirm by email. I do it all the time when making first time payments. Jumping in and sending large amounts to what could be a man in the middle attack is crazy risky. Car payments. House payment ect have gone missing forever. Its really scary what people will do. Money Box covered this last year and it's very sad some of the stories.
I did £40k with Santander for mine over the phone no problem (was blocked online due to the amount), no fees involved just a normal transfer and they got it the same day, took about 15 mins to get through all the extra security checks.

Following on from the points above, I had already sent them a few hundred the month before for solicitors fees so not sure if that helped but the phone person still sent it as a new payment rather than using the existing for some reason.
Edited by: "dcx_badass" 20th Jun
I spoke to Santander about transferring a large amount to my solicitor and they wouldn't authorize anything. Just told me to put in an amount and see if it went. It didn't. The most it would send was £20,000 so I had to make 5 daily transactions to get the money across. I can understand their reasoning and most of the time the limit is fine but they really need to be more helpful when customers are buying and selling property and need to transfer large sums. This was December.
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