Sending Your Conveyancer Your Balance To Complete Monies & Third Party Funds
Funds that are sent must be:
• From your own accounts and your own resources – not further borrowing
• Not received from, or on behalf of any third party, and not received from a joint account where only one account holder is the client
• Cleared funds in readiness for completion. It will not be possible to complete without these
• All fees and disbursements paid prior to completion
• Copies of your bank statements, showing the origin of the funds, or electronic banking screen shot showing your name and account number. A full paper trail is required.
NB: Funds in your accounts must have originated from your own resources.
Provide your Conveyancer with your buildings insurance schedule noting your lender (where applicable). Insurance must cover the rebuild value (see lender valuation) as a minimum
Where your property is Leasehold the Landlord or Management Company are likely to be insuring.
In order to ensure receipt of cleared funds in good time for completion send funds via CHAPS, Telegraphic Bank Transfer or Faster Payment. Internet banking does not guarantee the same.
There are various types of Bank Transfer available.
You may need to be present at your bank (with original current identification). Check this with your bank.
Cash payments and credit card payments are NOT accepted for the balance to complete.
Cheques may take up to ten working days to clear.
CHAPS & FASTER PAYMENT - This is a same day electronic transfer of funds from your bank. Funds clear by close of business.
Arange to send funds at least 24 hours before needed
BACS - This method can take up to 3 working days for funds to be received.
When transmitting funds quote your reference to assist accounts in tracing funds.
THIRD PARTY FUNDS
In the event that funds are being provided by a third party, or from a joint account where not all account holders are clients, please speak to your Conveyancer urgently.
Such payments will require further investigation, proof of identity and source of funds.
Unexpectedly sending third party funds will delay matters.