Buying a home and don't know how anything works

[platinumsage]

Don't go to the bank if you can avoid it.

 

[Cid]

Ugh, they want a full statement. Why do they need to see my purchases from Iceland and charity shops?

Can you just download and print one?

 

[miss direct]

just sent a pdf, I just find it intrusive.

 

[hash tag]

Money laundering regs innit.

 

[Elpenor]

KYC / AML stuff isn’t it

 

[bellaozzydog]

It’s never easy…..

 

[hash tag]

Who was who said the 25th for missy direct? Tis the last Friday of the month and the last Friday before the stamp duty holiday ends in a few days

 

[equationgirl]

Thank you for these comments. Just had another look through all the paperwork and I do actually have the solicitor's bank details. However, it is stated that it does not include apportionments, and I also need to provide a copy of a bank statement showing the funds (I did this in February!) I will ask the solicitor about this tomorrow morning.

I actually asked in my bank about making this payment a while ago, and was told the payment should go through pretty quickly and it wasn't like in the past when it could take days.

Unless instructed otherwise by your solicitor I think it's done using the CHAPS payment system.

 

[equationgirl]

Ugh, they want a full statement. Why do they need to see my purchases from Iceland and charity shops?

It's the money laundering regs, they're checking it's legit money from totes legit sources IE not some Saudi gunrunner or Triad opium gang.

 

[Storm Fox]

Ha - just noticed a new thing at the bottom of the estate agents emails:
You will appreciate we are working in unprecedented circumstances arising not only from the global Covid-19 pandemic, but also the stamp duty holiday which is currently due to come to an end on 30th June 2021. This has created unprecedented levels of demand for our services, and you may therefore find that it takes us a little longer than normal to respond to you.
We value your patience and will work hard to review your email at the earliest opportunity which realistically is unlikely to be in the same day of receipt.
Please don’t call the office to check if we have received your email or ask us by email to confirm we have received a telephone or voicemail message as this simply delays us and impacts on our ability to progress your transaction. This message applies equally to agents and brokers however please be assured that we continue to work proactively to advance every transaction that we are working on.

Looks like there are buyers way more annoying than me - imagine calling to ask if someone got your email!

Sorry but on my experience of Estate Agents, I certainly would. The Estate Agent I used for my last move were so useless that the first person from them I dealt with told us to accept an offer, than if we got a better offer, drop the first offer and take the second one. Well fuck that, we made a deal, (unless we got a massive increased offer in which I would have paid any of the first party's costs to compensate them ) Then once the offer was accepted they basically did fuck all to the point where I was dealing with the EA of the house we were moving and then they were dealing with my up chain EA's bypassing out EA. They finally messed up our bill.
So I wouldn't trust them to breathe.

 

[equationgirl]

The very first time I bought a place the lawyers tried to double charge me. I caught when they sent the bill and they did apologise. But ffs how hard is it to send a correct bill?

(Spoiler: judging from some of the bills I receive at work, it's supremely difficult.)

 

[bellaozzydog]

It’s never easy…..

so the money is held up, my solicitors says they want to exchange I’m happy with that and they will be as well (it protects me for any last minute madness over the weekend)

money will follow. Monday probably

fortunately there is no chain, no one to move out and I’m away for two months so no need to move in.

Thoughts are genuinely with anyone in more complex processes. This has almost broken me and I’ve resigned myself to it not happening at least four times over 9 months …and counting

keep the faith with the universe it will iron out and happen

 

[miss direct]

Fingers crossed for you bella and me too. Not heard anything else today. I wasn't instructed to pay in any particular way and don't know what chaps is. In two minds as to whether to make the maximum payments over the weekend too.

 

[Elpenor]

CHAPS stands for Clearing House Automated Payment System. You need to get the bank to send it - can probably be done by telephone banking these days as well as counter services

As an employer its what I’ve used to make a same day payment to an employee not included in a payroll run, using barclays.net and a keycard. Although faster payments has largely superseded CHAPS for that purpose these days.

It credits the beneficiary’s account instantly and there isn’t a limit as there is on faster payments (I think). Your solicitor will certainly be using CHAPs on completion day.

Faster payments is what you are probably doing if you’re sending it over in stages.

 

[prunus]

CHAPS stands for Clearing House Automated Payment System. You need to get the bank to send it - can probably be done by telephone banking these days as well as counter services

As an employer its what I’ve used to make a same day payment to an employee not included in a payroll run, using barclays.net and a keycard. Although faster payments has largely superseded CHAPS for that purpose these days.

It credits the beneficiary’s account instantly and there isn’t a limit as there is on faster payments (I think). Your solicitor will certainly be using CHAPs on completion day.

Faster payments is what you are probably doing if you’re sending it over in stages.

Faster payments limit is £250k now (that’s per transfer, not per day, as well), so is used for more and more transactions; some solicitors insist on CHAPS for same-day property transactions (even though faster payments is also same day, and in fact, as the name suggests, faster) as there’s still some residual belief that CHAPS is harder to reverse (ie to try to scam post completion), even though that’s not true any more in any meaningful sense. Most have come round to it now though. Faster payments is also free (CHAPS is I think £35 per transfer now).

One of the companies I work with does tens of property transactions every month, it uses faster payments for everything under £250k, fwiw.

* this is the limit for the FP system; your bank and or account might have other limits that are lower, either per transaction or in total per day.

 

[Elpenor]

Cheers prunus my use of faster payments was only for paying overdue salary to school cleaners so not many 250k payments to make!

interesting to learn the finer detail

 

[miss direct]

Thanks...so I can either pay day by day OR phone the bank/go into the bank one day next week?
I can trust the solicitors, right? If something goes wrong, they'll give me my money back? Maybe silly to ask but it's the most money I've ever dealt with...

 

[prunus]

Thanks...so I can either pay day by day OR phone the bank/go into the bank one day next week?
I can trust the solicitors, right? If something goes wrong, they'll give me my money back? Maybe silly to ask but it's the most money I've ever dealt with...

Yes yes yes and yes. You should be able to do the transfer by internet banking as well, if you have it, subject to whatever limits they have on your account.

Re: solicitors; yes you can trust them, provided they are a member of the SRA - and they have to be or they’re not allowed to call themselves solicitors. You can look them up on the SRA website, and look up the person actually dealing with your stuff, for peace of mind. Being SRA registered means they have to have a minimum of £2m of indemnity insurance to cover them fucking up and or doing the dirty (that’s £2m per claim). As long as you’re sending them less than £2m there’s no ultimate risk.

If you want to give the name of the firm I’d be happy to look them up for you and give them a clean bill of health. It’s yet another of the thrill-a-minute things I have to do for my so-called job on, as I believe the idiom is, the ‘regs’. :-D. Kill me now

 

[platinumsage]

Faster payments limit is £250k now (that’s per transfer, not per day, as well), so is used for more and more transactions; some solicitors insist on CHAPS for same-day property transactions (even though faster payments is also same day, and in fact, as the name suggests, faster) as there’s still some residual belief that CHAPS is harder to reverse (ie to try to scam post completion), even though that’s not true any more in any meaningful sense. Most have come round to it now though. Faster payments is also free (CHAPS is I think £35 per transfer now).

One of the companies I work with does tens of property transactions every month, it uses faster payments for everything under £250k, fwiw.

* this is the limit for the FP system; your bank and or account might have other limits that are lower, either per transaction or in total per day.

Most banks have faster payments limits well under 250k, but the main reason to use CHAPS is that it’s guaranteed same day. Faster payments is often fast but it can take up to the end of the following business day.

 

[miss direct]

Yes yes yes and yes. You should be able to do the transfer by internet banking as well, if you have it, subject to whatever limits they have on your account.

Re: solicitors; yes you can trust them, provided they are a member of the SRA - and they have to be or they’re not allowed to call themselves solicitors. You can look them up on the SRA website, and look up the person actually dealing with your stuff, for peace of mind. Being SRA registered means they have to have a minimum of £2m of indemnity insurance to cover them fucking up and or doing the dirty (that’s £2m per claim). As long as you’re sending them less than £2m there’s no ultimate risk.

If you want to give the name of the firm I’d be happy to look them up for you and give them a clean bill of health. It’s yet another of the thrill-a-minute things I have to do for my so-called job on, as I believe the idiom is, the ‘regs’. :-D. Kill me now

Ok! It's Wake Smith. Thanks!

 

[prunus]

Ok! It's Wake Smith. Thanks!

They look fine. This is them?

Organisation

I’d have no problem with this firm.

 

[steveseagull]

So Nationwide

£20 for a CHAPS and it can be done on the app, using a card reader.

Needs to be sent before 3.30pm and it will arrive by 5.30pm latest. so if you need to meet a midday deadline you need to do the transfer a day early.

Faster Payments limit is 10k and is free. But you can keep sending it in batches of 10k on the same day.

I tested this the other day as I sent my mate 10k.

Which bank are you with?

 

[miss direct]

I'm with Halifax and I think ill just do the maximum transfer per day. Solicitor said they need to have the full amount by Tuesday. Good job we had this discussion today because thats the perfect number of days to do it in.

 

[steveseagull]

Halifax let you send 25k each day using the app

 

[WouldBe]

The very first time I bought a place the lawyers tried to double charge me. I caught when they sent the bill and they did apologise. But ffs how hard is it to send a correct bill?

(Spoiler: judging from some of the bills I receive at work, it's supremely difficult.)

Last move my parents made the solicitors sent them a bill which parents paid then got a second bill as solicitors had forgot to include their disbursements.

 

[equationgirl]

Thanks...so I can either pay day by day OR phone the bank/go into the bank one day next week?
I can trust the solicitors, right? If something goes wrong, they'll give me my money back? Maybe silly to ask but it's the most money I've ever dealt with...

They should confirm that your money goes into their client account to ringfence it from their business account, which should help expedite any payments back to you. It's simply not in the solicitors interests to defraud you.

 

[miss direct]

Another 25k gone across today.
Spent most of the day deep cleaning my Mums place. Good practice for when I finally get the keys to mine. The dust! Just hope someone can lend me a decent hoover.

Restraining myself from buying lots of stuff but I did get a 1974 pot thing to keep my tea in

 

[scifisam]

Another 25k gone across today.
Spent most of the day deep cleaning my Mums place. Good practice for when I finally get the keys to mine. The dust! Just hope someone can lend me a decent hoover.

Restraining myself from buying lots of stuff but I did get a 1974 pot thing to keep my tea in

A hoover might be something to buy! IME you need it as soon as you move in, even if you're not the type who hoovers that regularly.

 

[miss direct]

Yeah I know...it's just that I have about a million other things to buy and only two rooms with carpets in them so it's not a priority right away!

 

[scifisam]

Yeah I know...it's just that I have about a million other things to buy and only two rooms with carpets in them so it's not a priority right away!

You need it before the carpets, especially if you're having any painting done.