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

MM

On 23 Oct 2004, MM wrote

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

Ours was done (some 5 years ago) as a bank transfer -- I think we were
given a choice by the solicitor, though.

--
Cheers,
Harvey

"Harvey Van Sickle" wrote in message
...
On 23 Oct 2004, MM wrote

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

Ours was done (some 5 years ago) as a bank transfer -- I think we were
given a choice by the solicitor, though.

Yup ours was too.

--
MAlc

In article ,=20
says...
How is the residual payment left over after completing a house sale
usually paid out? Cheque, or transfer to bank account?

Depends how much it is. A CHAPS transfer to your account means you get=20
cleared funds on the same day, so you start earning interest immediately=20
- but it usually costs about =A315-20.

David

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

MM

Generally by cheque unless you specify bank transfer, or some other
method. (Cheque means the money stays in the solicitors account for
longer)

--
Richard Faulkner

On Sat, 23 Oct 2004 23:58:33 +0100, Richard Faulkner
wrote:

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

MM

Generally by cheque unless you specify bank transfer, or some other
method. (Cheque means the money stays in the solicitors account for
longer)


....and the interest paid to the client?? No, I thought not. A few
days interest on a few hundred grand across a few hundred customers a
year is a nice earner.

Still the banks pull the same scam on cheque clearance. Three days
on reconciliation between UK accounts? Yeah right.
I might believe 3 seconds. Just.


..andy

To email, substitute .nospam with .gl

In message , Andy Hall
writes
On Sat, 23 Oct 2004 23:58:33 +0100, Richard Faulkner
wrote:

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

MM

Generally by cheque unless you specify bank transfer, or some other
method. (Cheque means the money stays in the solicitors account for
longer)


...and the interest paid to the client?? No, I thought not. A few
days interest on a few hundred grand across a few hundred customers a
year is a nice earner.

Still the banks pull the same scam on cheque clearance. Three days
on reconciliation between UK accounts? Yeah right.
I might believe 3 seconds. Just.

.... And is there anybody who hasn't noticed that Safeway and Homebase
charge 2.5% for credit card payments now - for CC administration. How
much do they pay on transactions, 1% ?

crooks


The information contained in this post
may not be published in, or used by
http://www.diyprojects.info

--
geoff

In message , raden
writes
In message , Andy Hall
writes
On Sat, 23 Oct 2004 23:58:33 +0100, Richard Faulkner
wrote:

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

MM

Generally by cheque unless you specify bank transfer, or some other
method. (Cheque means the money stays in the solicitors account for
longer)


...and the interest paid to the client?? No, I thought not. A few
days interest on a few hundred grand across a few hundred customers a
year is a nice earner.

Still the banks pull the same scam on cheque clearance. Three days
on reconciliation between UK accounts? Yeah right.
I might believe 3 seconds. Just.

... And is there anybody who hasn't noticed that Safeway and Homebase
charge 2.5% for credit card payments now - for CC administration. How
much do they pay on transactions, 1% ?

crooks

Is crooks your name, or are you calling them crooks? g

Do they actually add this to your bill, or is it one of those internal
things which enables them to avoid some VAT - which lots of firms do
these days.

I know IKEA are making a charge which is added to the bill, but I didnt
think Safeway and Homebase would take a lead on this?

--
Richard Faulkner

On Sun, 24 Oct 2004 04:07:39 +0100, Richard Faulkner wrote:


Do they actually add this to your bill, or is it one of those internal
things which enables them to avoid some VAT - which lots of firms do
these days.

I know IKEA are making a charge which is added to the bill, but I didnt
think Safeway and Homebase would take a lead on this?

I had clocked the fact that they tell you that 2.5% of the payment (the
same amount however you pay) was to their CC admin company. I wondered
why they had to tell us. I hadn't realized it was to avoid VAT.

Sounds like "Jaffa Cakes Are they bisuits?" About £10m quid is riding on
the answer.
I think the answer ws that the company won as they were classed as cakes
(NO VAT). It ws a phyrric (sp?) victory as Customs & Excise then
argued that they were chocolate cakes ( with VAT )


--
Ed Sirett - Property maintainer and registered gas fitter.
The FAQ for uk.diy is at www.diyfaq.org.uk
Gas fitting FAQ http://www.makewrite.demon.co.uk/GasFitting.html
Sealed CH FAQ http://www.makewrite.demon.co.uk/SealedCH.html

In article ,
raden writes:
... And is there anybody who hasn't noticed that Safeway and Homebase
charge 2.5% for credit card payments now - for CC administration. How
much do they pay on transactions, 1% ?

Lots of places do, but it's not added to the bill.
Are you saying Safeway and Homebase add 2.5% extra on?

BTW, it costs business to handle cash or cheques too.
A know a corner shop keeper. He ends up with a surpless
of £1 coins, but a large deficit of coppers. He has
to pay to buy coppers from the bank, and pay to return
surplesses of £1 coins.

--
Andrew Gabriel

raden wrote in message ...

... And is there anybody who hasn't noticed that Safeway and Homebase
charge 2.5% for credit card payments now - for CC administration. How
much do they pay on transactions, 1% ?

I think its much mo 5% is common for smaller businesses, so 2.5%
sounds probably about right for large ones. Most businesses eat the
cost, you dont pay more.

NT

"Andy Hall" wrote in message
...
On Sat, 23 Oct 2004 23:58:33 +0100, Richard Faulkner
wrote:

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

MM

Generally by cheque unless you specify bank transfer, or some other
method. (Cheque means the money stays in the solicitors account for
longer)


...and the interest paid to the client?? No, I thought not. A few
days interest on a few hundred grand across a few hundred customers a
year is a nice earner.

I think that there are strict rules on this - at least there used to be when
I was part of audit of Solicitor's accounts (though not companies, the Law
Society had requirements for independent audit of Solicitor's accounts).

IIRC it was something like a limit, whether time, value or some combination
of both. Under the limit, Solicitors did not have to pass on interest
earned on client accounts (and those accounts do have to be kept strictly
separate from the Solicitor's business accounts), over the limit they had
to.


Still the banks pull the same scam on cheque clearance. Three days
on reconciliation between UK accounts? Yeah right.
I might believe 3 seconds. Just.



Even a day I could cope with as cheque clearance and BACS processing is AAUI
a daily batch process. Three is taking the proverbial, and of course this
is just for the core clearing banks. Many outside this system take even
longer - I think it's Abbey that can take 6 days routinely.

--
Richard Sampson

mail me at
richard at olifant d-ot co do-t uk

"RichardS" wrote
| Even a day I could cope with as cheque clearance and BACS processing
| is AAUI a daily batch process. Three is taking the proverbial, and
| of course this is just for the core clearing banks.

Bank of Scotland take 5 days to clear English cheques. However many years
it's been since the Act of Union ...

| Many outside this system take even longer - I think it's Abbey
| that can take 6 days routinely.

Just wait till Santander take over.[1]

Owain

[1] And if you are an Abbey shareholder you will receive Santander shares
and have to complete a Spanish tax return.

Andy Hall wrote in message . ..
On Sat, 23 Oct 2004 23:58:33 +0100, Richard Faulkner
wrote:

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

MM

Generally by cheque unless you specify bank transfer, or some other
method. (Cheque means the money stays in the solicitors account for
longer)


...and the interest paid to the client?? No, I thought not. A few
days interest on a few hundred grand across a few hundred customers a
year is a nice earner.

Still the banks pull the same scam on cheque clearance. Three days
on reconciliation between UK accounts?

That's nothing: In Norway (in 1985 anyway) the paying bank removed the
money from your account retrospectively using the date written on the
cheque rather than the date of presentation.

R

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

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).
--
Peter

Ying tong iddle-i po!

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

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

To email, substitute .nospam with .gl

On Mon, 25 Oct 2004 17:33:41 +0100, Andy Hall
wrote:

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.

If 20 quid will buy me peace of mind, it's well worth it. I'm not
going to quibble about £20 as a one-off, since I will definitely not
be selling/buying houses any time soon, once this one goes through. I
cannot put myself through this again.

MM

In article , MM
writes
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

Not on line. I don't know if certain people have exemptions to the 2k
rule. Depends on who the bank thinks is trustworthy. You can go to the
bank in person and do it by CHAPS if it's urgent and waiting for a
cheque to be cleared is unacceptable. Probably need gawd knows what in
the way of ID, though.
--
Peter

Ying tong iddle-i po!

On Sun, 24 Oct 2004 10:34:22 GMT, Rick Dipper
wrote:

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.

This would not be going to a Swiss bank account, but to my High Street
clearing bank branch.

MM