Large amount bank transfer to solicitor
Discussion
I need to transfer around £35k to my solicitor for completing my “help to buy” loan repayment. What’s the best way to make the transfer? My bank’s mobile app? Going into a branch? Telephone?
I know these days there’s this “payee confirmation” thing that checks / matches the payee’s name with their account number, so the chances of you paying the wrong person is much slimmer, but I just want to see which one is the surest way to make the transfer, thanks in advance.
I know these days there’s this “payee confirmation” thing that checks / matches the payee’s name with their account number, so the chances of you paying the wrong person is much slimmer, but I just want to see which one is the surest way to make the transfer, thanks in advance.
Taozzz said:
I need to transfer around £35k to my solicitor for completing my “help to buy” loan repayment. What’s the best way to make the transfer? My bank’s mobile app? Going into a branch? Telephone?
I know these days there’s this “payee confirmation” thing that checks / matches the payee’s name with their account number, so the chances of you paying the wrong person is much slimmer, but I just want to see which one is the surest way to make the transfer, thanks in advance.
I would imagine banking security might get involved regardless, so make sure your personal details (esp mobile!) are up to date with the bank….in theory that should be a case of them calling you to check a few basic questions…I know these days there’s this “payee confirmation” thing that checks / matches the payee’s name with their account number, so the chances of you paying the wrong person is much slimmer, but I just want to see which one is the surest way to make the transfer, thanks in advance.
…..but my daughter transferred 10k for a car 2 weeks ago: it went through absolutely fine with no issues from online banking on her mobile….but the account rep at the garage did say someone the day before was there several hours sorting their transfer. Who knows!
Next, I would ask your solicitor what they think!
1) Recheck the telephone number of the solicitors by doing your own research -
2) Contact their accounts department and ask for their bank details and also make the same request from the case handler
3) Send a small random sum
4) Email the case handler and ask them to contact you to confirm the amount received
There was a firm in Thanet where the cashier of the firm was having funds sent to her own account unlikely today there is a check on the name which helps, but that is only a recent development
2) Contact their accounts department and ask for their bank details and also make the same request from the case handler
3) Send a small random sum
4) Email the case handler and ask them to contact you to confirm the amount received
There was a firm in Thanet where the cashier of the firm was having funds sent to her own account unlikely today there is a check on the name which helps, but that is only a recent development
You probably won’t be able to do £35k to a new beneficiary straight from an app (most banks limit to much smaller sums and/or have daily limits from apps).
Best bet is to ask for account details in writing, confirm them by phone, and then do online/by phone depending on the limits your bank has in place.
Make sure you put the correct reference on the payment to make it easy for the solicitor to find (especially if you go down the path of sending a smaller sum first as they won’t be able to reconcile based on values).
Best bet is to ask for account details in writing, confirm them by phone, and then do online/by phone depending on the limits your bank has in place.
Make sure you put the correct reference on the payment to make it easy for the solicitor to find (especially if you go down the path of sending a smaller sum first as they won’t be able to reconcile based on values).
I buy at least one property a year, always use the same sols.
When going in to sign, I always ask for them to write their bank details down on headed paper to check against the previous payee details saved on my mobile app. Then it's sending payments over in £25k chunks, hence why exchanging and completing can be done separately to find time to transfer the funds.
Never ever get them to send bank details over via email.
When going in to sign, I always ask for them to write their bank details down on headed paper to check against the previous payee details saved on my mobile app. Then it's sending payments over in £25k chunks, hence why exchanging and completing can be done separately to find time to transfer the funds.
Never ever get them to send bank details over via email.
anonymous said:
[redacted]
Using this pretty much daily I’d suggest this is very, very flakey at best.In fact I’d say a large proportion (certainly less than half) the accounts I use do not support the feature properly.
That’s before you get to the prompts, if you’re close enough. Ie “LOH sols and Co” isn’t recognised as this account. Which is “LOH sols LTD”, would you like to check again?
A smart cyber thief could register an account in a similar name to catch you out.
LaurasOtherHalf said:
That’s before you get to the prompts, if you’re close enough. Ie “LOH sols and Co” isn’t recognised as this account. Which is “LOH sols LTD”, would you like to check again?
A smart cyber thief could register an account in a similar name to catch you out.
True, but have you seen the hoops banks make you jump through these days to open new accounts? Going through one at present and the bank even wanted chapter and verse on why the Confirmation Statement of the parent company showed changes vs last year. A smart cyber thief could register an account in a similar name to catch you out.
When I did this recently, it worked like this.
I spoke to my bank beforehand and asked their advice on the best way to do this. I was told if I phoned them before 2pm, it would go through same day, after 2pm - next day. No restrictions on the amount.
The solictors sent me the payment details in a password protected PDF file
They sent me the password for the PDF in a separate email
I phoned them up and asked them to confirm the name of the PDF file.
I phoned my bank (first direct) to make the transfer. The chap I spoke to asked me a load of questions to confirm I wasn't being duped into making the payment. That could have appeared intrusive, but it was actually quite re-assuring.
I spoke to my bank beforehand and asked their advice on the best way to do this. I was told if I phoned them before 2pm, it would go through same day, after 2pm - next day. No restrictions on the amount.
The solictors sent me the payment details in a password protected PDF file
They sent me the password for the PDF in a separate email
I phoned them up and asked them to confirm the name of the PDF file.
I phoned my bank (first direct) to make the transfer. The chap I spoke to asked me a load of questions to confirm I wasn't being duped into making the payment. That could have appeared intrusive, but it was actually quite re-assuring.
Usually for a house purchase you'll have paid a small deposit to the solicitor to kick off the searches, etc. Unless the payment details have changed since that payment, I wouldn't worry unduly.
However, I'd do it by phone with your bank. They'll ask questions to help check you're not being fleeced.
However, I'd do it by phone with your bank. They'll ask questions to help check you're not being fleeced.
I have purchased two houses in the last five years, the amounts transferred to a solicitor was £145K and £125k. It is not possible to transfer this amount online so I ended up phoning the bank both times.
I seem to remember they requested I sent a copy of my passport and then they called me back once they had received it. I then gave them the sort code, account number and the amount and they then said "Are you certain these details are correct as once this transaction is submitted it cannot be cancelled"
Both were very stressful times, an awful lot of money to me but you can tell the person on the phone does this all day long.
I seem to remember they requested I sent a copy of my passport and then they called me back once they had received it. I then gave them the sort code, account number and the amount and they then said "Are you certain these details are correct as once this transaction is submitted it cannot be cancelled"
Both were very stressful times, an awful lot of money to me but you can tell the person on the phone does this all day long.
Taozzz said:
gotoPzero said:
I would just do it online. Going into branch can actually, IME, cause more issues than online.
Just my 2ps worth.
Oh? Such as?Just my 2ps worth.
When you call your bank, they use a combination of password/memorable data, the number you're calling from and voiceprint records to know it's you. First Direct rely largely on voiceprint - just tell them your name and postcode and you're in.
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