On Mon, 25 Oct 2004 17:11:03 +0100, MM wrote:

On Mon, 25 Oct 2004 07:45:42 GMT, Peter Twydell
wrote:

In article , Rick Dipper
writes
On Sat, 23 Oct 2004 18:26:33 +0100, MM wrote:

How is the residual payment left over after completing a house sale
usually paid out? Cheque, or transfer to bank account?

MM

It depends on your solicitor, most shy away from transfers to swiss
bank accounts.

Rick

My online bank won't let me transfer more than GBP 2000 per day to a
third-party account, even if it's mine (at another bank).

But a residual payment from the sale of a house could be tens of
thousands of pounds, or even more. Are you saying there is no way to
transfer it from the solicitor's client account because it is a large
amount?

MM
Richard's talking about online banking. The limits are there with
that to make money laundering difficult.

It's not an issue when you are a known client on transactions like
this. The solicitor can quite easily transfer hundreds of thousands
to your account on a fast CHAPS transfer if you want. You pay about
£20 for that.

One other point is that if you were planning to have liquid money for
a long time before making a purchase, it would be prudent to check
into the level of indemnity provided for an account and carve it up
into separate accounts of no more than (e.g.) £25k at different banks
or building societies.

It's unlikely that this would happen, of course, but on a large amount
which is so critical it makes sense to be prudent.





..andy

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