£42 for telegraphic transfer - eh? - Singletrack World Magazine April 29, 2014

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This topic has 6 replies, 6 voices, and was last updated 9 years ago by edlong.

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£42 for telegraphic transfer – eh?
thestabiliser
Free Member

CHanging mortgages and the ~~slime balls~~ solicitors have added this as a charge for sending the money to the old provider. telegraphic transfer?!? Why not fri88ing pony express?? Are they having a laugh or what?

Posted 9 years ago

Stoner
Free Member

You’re paying for a CHAPS which is a same day, “cleared” and irrovocable settlement. i.e. it can only be done with cleared funds.

Posted 9 years ago

BigJohn
Full Member

My solicitor charged us 2 at £30 each when we sold our house this month. One to redeem the mortgage and one to pay the balance to our account.

Cheques take a week to clear and Internet banking has a £10k limit so you’ve got no choice. But it feels like you’re being charged just to get hold of your own money.

Posted 9 years ago

FGF 701 The Hydrate Or Die Edition

thestabiliser
Free Member

Chaps, telegrams, redemption It’s like the 3.10 from Yuma.

Grrrr completion date tomorrow so I’d better just suck it up. Grrrrrr.

Posted 9 years ago

timba
Free Member

Faster payment can send up to £100,000 electronically and should clear within two hours Bank limits
I paid for my car like that, just ring your bank beforehand if it’s over £10K. And the transaction was free
Check what the bank actually charges for CHAPS, there my be some additional fees added by the solicitor that are worth querying

Posted 9 years ago

Ro5ey
Free Member

What difference does it make?

How many basis points is 42 quid of your total move bill ? (bigger mortgage?? stamp, removal, agent fees, the rest of the sol’s fees including searches, survey)

If thats all you’ve got to moan/stress about over a move of house, I say congrats, you’ve had a blinder

Fingers crossed mine goes as smoothly

Posted 9 years ago

edlong
Free Member

£42 for one CHAPS seems a bit steep – they’re normally £20-odd. If, as with one of the examples above, there were two transfers involved, then it might be about right though.

Posted 9 years ago