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Solicitor holding cash in escrow?
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Allan
Nov 21, 2012, 5:10:02 AM11/21/12
to
Is it common for an English solicitor to hold funds in escrow?
Situation: I'm selling a house (£650k), which is under offer. The buyer
is saying she's very keen, and she wants the house, but now (at the
point at which she should be going to exchange) she's about to change
her lender. When she made her offer 5 weeks ago, we were told by the
estate agent agent that the buyer had £150k for a deposit, and had
mortgage agreement in principle. I'd like to believe the buyer, and I'd
like to give her the chance to have a fair crack at it, but I'm getting
weary. My idea is to let the buyer continue provided she lodges £150k
with my solicitor in escrow (i.e. call her bluff and see the colour of
her money/intentions), with that sum only to be released back to buyer
with agreement of the buyer _and_ the seller (but ideally becoming the
deposit).
So the question is: would an English solicitor be happy to hold funds in
escrow (i.e. not a deposit on the house - yet).
Situation: I'm selling a house (£650k), which is under offer. The buyer
is saying she's very keen, and she wants the house, but now (at the
point at which she should be going to exchange) she's about to change
her lender. When she made her offer 5 weeks ago, we were told by the
estate agent agent that the buyer had £150k for a deposit, and had
mortgage agreement in principle. I'd like to believe the buyer, and I'd
like to give her the chance to have a fair crack at it, but I'm getting
weary. My idea is to let the buyer continue provided she lodges £150k
with my solicitor in escrow (i.e. call her bluff and see the colour of
her money/intentions), with that sum only to be released back to buyer
with agreement of the buyer _and_ the seller (but ideally becoming the
deposit).
So the question is: would an English solicitor be happy to hold funds in
escrow (i.e. not a deposit on the house - yet).
Sara
Nov 21, 2012, 5:55:10 AM11/21/12
to
In article <ah3ngg...@mid.individual.net>,
Whether or not a solicitor was willing, as a buyer I'd walk away
immediately at this point, however firm my intention to buy had been up
to then.
--
Sara
cats cats cats cats cats
immediately at this point, however firm my intention to buy had been up
to then.
--
Sara
cats cats cats cats cats
GB
Nov 21, 2012, 6:35:09 AM11/21/12
to
funds in escrow all the time. What do you think happens to the money
paid as a deposit on exchange of contracts?
Your suggestion that the buyer lodges £150,000 with your solicitor that
you can decline to release is simply preposterous, I am afraid. Anybody
who agreed to that would have to be absolutely mad. Reasonably, you can
ask for evidence that she has the £150,000. You can even ask that she
lodges it with a solicitor as a gesture of goodwill, but the money
would have to be under her control.
What I suggest you do is put your house back on the market. If your
buyer wants to continue with the purchase, that will not stop her.
Equally, you may find that there are not all that many people looking to
purchase at the moment.
Man at B&Q
Nov 21, 2012, 6:55:02 AM11/21/12
to
On Nov 21, 10:10 am, Allan <inva...@invalid.invalid> wrote:
> Is it common for an English solicitor to hold funds in escrow?
>
> Situation: I'm selling a house (£650k), which is under offer. The buyer
> is saying she's very keen, and she wants the house, but now (at the
> point at which she should be going to exchange) she's about to change
> her lender. When she made her offer 5 weeks ago, we were told by the
> estate agent agent that the buyer had £150k for a deposit, and had
> mortgage agreement in principle. I'd like to believe the buyer, and I'd
> like to give her the chance to have a fair crack at it, but I'm getting
> weary. My idea is to let the buyer continue provided she lodges £150k
> with my solicitor in escrow (i.e. call her bluff and see the colour of
> her money/intentions), with that sum only to be released back to buyer
> with agreement of the buyer _and_ the seller
That's not how escrow works. You don't have any such rights over the
> Is it common for an English solicitor to hold funds in escrow?
>
> Situation: I'm selling a house (£650k), which is under offer. The buyer
> is saying she's very keen, and she wants the house, but now (at the
> point at which she should be going to exchange) she's about to change
> her lender. When she made her offer 5 weeks ago, we were told by the
> estate agent agent that the buyer had £150k for a deposit, and had
> mortgage agreement in principle. I'd like to believe the buyer, and I'd
> like to give her the chance to have a fair crack at it, but I'm getting
> weary. My idea is to let the buyer continue provided she lodges £150k
> with my solicitor in escrow (i.e. call her bluff and see the colour of
> her money/intentions), with that sum only to be released back to buyer
> with agreement of the buyer _and_ the seller
other parties funds.
Just ask her to lodge a £150k deposit and watch her walk away.
MBQ
Nick Odell
Nov 21, 2012, 7:00:21 AM11/21/12
to
On Wed, 21 Nov 2012 10:55:10 +0000, Sara
<sarame...@blueyonder.co.uk> wrote:
>In article <ah3ngg...@mid.individual.net>,
> Allan <inv...@invalid.invalid> wrote:
>
>> Is it common for an English solicitor to hold funds in escrow?
<snip>
<sarame...@blueyonder.co.uk> wrote:
>In article <ah3ngg...@mid.individual.net>,
> Allan <inv...@invalid.invalid> wrote:
>
>> Is it common for an English solicitor to hold funds in escrow?
>> So the question is: would an English solicitor be happy to hold funds in
>> escrow (i.e. not a deposit on the house - yet).
>
>Whether or not a solicitor was willing, as a buyer I'd walk away
>immediately at this point, however firm my intention to buy had been up
>to then.
As a potential buyer, I'm seriously considering putting funds in
>> escrow (i.e. not a deposit on the house - yet).
>
>Whether or not a solicitor was willing, as a buyer I'd walk away
>immediately at this point, however firm my intention to buy had been up
>to then.
escrow as a tactic to focus a seller's mind and get a deal done. I
guess how comfortable one feels depends on which party is wielding the
power here.
Nick
Doctor Dave
Nov 21, 2012, 1:40:02 PM11/21/12
to
That aside, what would the arrangements be for the "buyer _and_ seller" to agree to the return of the money. You want this because you don't want to agree to its return.
Roland Perry
Nov 22, 2012, 2:50:09 AM11/22/12
to
In message
<9db70d3f-a6d5-4bc2...@q5g2000vbp.googlegroups.com>, at
11:55:02 on Wed, 21 Nov 2012, Man at B&Q <manat...@hotmail.com>
remarked:
>Just ask her to lodge a £150k deposit
When I sold my last house, my buyer's buyer held the chain up for a week
at one point because he claimed his daily payments were limited by his
Internet banking. For my subsequent purchase, I gave my solicitor a
cheque, and they weren't very happy about that either, so it can be
quite difficult!
--
Roland Perry
<9db70d3f-a6d5-4bc2...@q5g2000vbp.googlegroups.com>, at
11:55:02 on Wed, 21 Nov 2012, Man at B&Q <manat...@hotmail.com>
remarked:
>Just ask her to lodge a £150k deposit
at one point because he claimed his daily payments were limited by his
Internet banking. For my subsequent purchase, I gave my solicitor a
cheque, and they weren't very happy about that either, so it can be
quite difficult!
--
Roland Perry
Roland Perry
Nov 22, 2012, 2:50:09 AM11/22/12
to
In message <df746d57-70d0-43bf...@googlegroups.com>, at
18:40:02 on Wed, 21 Nov 2012, Doctor Dave
<dave-chr...@hotmail.co.uk> remarked:
seller agreeing that with mutual agreement they might tear that contract
up at some point in the future.
--
Roland Perry
18:40:02 on Wed, 21 Nov 2012, Doctor Dave
<dave-chr...@hotmail.co.uk> remarked:
>>My idea is to
>> let the buyer continue provided she lodges £150k with my solicitor in escrow
>> (i.e. call her bluff and see the colour of her money/intentions), with that
>> sum only to be released back to buyer with agreement of the buyer _and_
>> the seller (but ideally becoming the deposit). So the question is: would
>> an English solicitor be happy to hold funds in escrow (i.e. not a deposit
>> on the house - yet).
>
>Her solicitor would certainly object most strongly to her entering into such an arrangement.
>
>That aside, what would the arrangements be for the "buyer _and_ seller" to agree to the return of the money. You want this because you don't
>want to agree to its return.
Sounds to me that it's little different to exchanging contracts, but the
>> let the buyer continue provided she lodges £150k with my solicitor in escrow
>> (i.e. call her bluff and see the colour of her money/intentions), with that
>> sum only to be released back to buyer with agreement of the buyer _and_
>> the seller (but ideally becoming the deposit). So the question is: would
>> an English solicitor be happy to hold funds in escrow (i.e. not a deposit
>> on the house - yet).
>
>Her solicitor would certainly object most strongly to her entering into such an arrangement.
>
>That aside, what would the arrangements be for the "buyer _and_ seller" to agree to the return of the money. You want this because you don't
>want to agree to its return.
seller agreeing that with mutual agreement they might tear that contract
up at some point in the future.
--
Roland Perry
Man at B&Q
Nov 22, 2012, 6:50:02 AM11/22/12
to
On Nov 22, 7:50 am, Roland Perry <rol...@perry.co.uk> wrote:
> In message
> <9db70d3f-a6d5-4bc2-b147-8e5e5d532...@q5g2000vbp.googlegroups.com>, at
> 11:55:02 on Wed, 21 Nov 2012, Man at B&Q <manatba...@hotmail.com>
to £10k/day internet withdrawals.
Was he at the bottom of the chain? Deposits are rarely pased up the
chain these days. I haven't actually handed over a deposit since I was
a first time buyer in the 80s.
MBQ
> In message
> <9db70d3f-a6d5-4bc2-b147-8e5e5d532...@q5g2000vbp.googlegroups.com>, at
> 11:55:02 on Wed, 21 Nov 2012, Man at B&Q <manatba...@hotmail.com>
> remarked:
>
> >Just ask her to lodge a £150k deposit
>
> When I sold my last house, my buyer's buyer held the chain up for a week
> at one point because he claimed his daily payments were limited by his
> Internet banking.
Quite a valid claim. One big supermarkets savings accounts are limited
>
> >Just ask her to lodge a £150k deposit
>
> When I sold my last house, my buyer's buyer held the chain up for a week
> at one point because he claimed his daily payments were limited by his
> Internet banking.
to £10k/day internet withdrawals.
Was he at the bottom of the chain? Deposits are rarely pased up the
chain these days. I haven't actually handed over a deposit since I was
a first time buyer in the 80s.
MBQ
Ophelia
Nov 22, 2012, 5:45:10 AM11/22/12
to
"Roland Perry" <rol...@perry.co.uk> wrote in message
news:5i$X6ea$gdrQ...@perry.co.uk...
'gazumping' still happen in England and it is allowed? I am very interested
because we will be buying a house in England fairly soon. (I believe
'gazumping' can happen either way ie a seller who is offered more money can
renege, yes?)
--
--
http://www.shop.helpforheroes.org.uk/
Stephen Wolstenholme
Nov 22, 2012, 6:15:03 AM11/22/12
to
On Thu, 22 Nov 2012 07:50:09 +0000, Roland Perry <rol...@perry.co.uk>
wrote:
I had the same problem recently with Internet Banking. I needed to pay
someone for a house and could only pay them £10,000 a day. It would
have held up the house payment for weeks. I had to dust off my cheque
book!
Steve
--
EasyNN-plus. Neural Networks plus. http://www.easynn.com
SwingNN. Forecast with Neural Networks. http://www.swingnn.com
JustNN. Just Neural Networks. http://www.justnn.com
wrote:
someone for a house and could only pay them £10,000 a day. It would
have held up the house payment for weeks. I had to dust off my cheque
book!
Steve
--
EasyNN-plus. Neural Networks plus. http://www.easynn.com
SwingNN. Forecast with Neural Networks. http://www.swingnn.com
JustNN. Just Neural Networks. http://www.justnn.com
Roland Perry
Nov 22, 2012, 7:45:02 AM11/22/12
to
In message <k8kvh5$n8g$3...@dont-email.me>, at 10:45:10 on Thu, 22 Nov
2012, Ophelia <Oph...@Elsinore.me.ku.invalid> remarked:
> Does 'gazumping' still happen in England and it is allowed?
Gazundering these days I expect.
>I am very interested because we will be buying a house in England
>fairly soon. (I believe 'gazumping' can happen either way ie a seller
>who is offered more money can renege, yes?)
Until contracts are exchanged, nothing is certain.
--
Roland Perry
2012, Ophelia <Oph...@Elsinore.me.ku.invalid> remarked:
>> Sounds to me that it's little different to exchanging contracts, but
>>the seller agreeing that with mutual agreement they might tear that
>>contract up at some point in the future.
>
>In Scotland one can't renege on a contract without penalty.
It wouldn't be reneging, that implies the seller doesn't agree.
>>the seller agreeing that with mutual agreement they might tear that
>>contract up at some point in the future.
>
>In Scotland one can't renege on a contract without penalty.
> Does 'gazumping' still happen in England and it is allowed?
>I am very interested because we will be buying a house in England
>fairly soon. (I believe 'gazumping' can happen either way ie a seller
>who is offered more money can renege, yes?)
--
Roland Perry
Roland Perry
Nov 22, 2012, 7:45:11 AM11/22/12
to
In message
<9e7cb79f-bc40-4d50...@m13g2000vbd.googlegroups.com>, at
11:50:02 on Thu, 22 Nov 2012, Man at B&Q <manat...@hotmail.com>
needed to access some fund wither for a deposit or a top-up.
>Deposits are rarely pased up the chain these days. I haven't actually
>handed over a deposit since I was a first time buyer in the 80s.
You can be at the bottom of a chain without being a first time buyer.
I've bought a dozen places over the years, but almost always either from
rented or using a bridging loan.
--
Roland Perry
<9e7cb79f-bc40-4d50...@m13g2000vbd.googlegroups.com>, at
11:50:02 on Thu, 22 Nov 2012, Man at B&Q <manat...@hotmail.com>
remarked:
>> >Just ask her to lodge a £150k deposit
>>
>> When I sold my last house, my buyer's buyer held the chain up for a week
>> at one point because he claimed his daily payments were limited by his
>> Internet banking.
>
>Quite a valid claim. One big supermarkets savings accounts are limited
>to £10k/day internet withdrawals.
>
>Was he at the bottom of the chain?
He wasn't what we normally recognise as a first time buyer, but he
>> >Just ask her to lodge a £150k deposit
>>
>> When I sold my last house, my buyer's buyer held the chain up for a week
>> at one point because he claimed his daily payments were limited by his
>> Internet banking.
>
>Quite a valid claim. One big supermarkets savings accounts are limited
>to £10k/day internet withdrawals.
>
>Was he at the bottom of the chain?
needed to access some fund wither for a deposit or a top-up.
>Deposits are rarely pased up the chain these days. I haven't actually
>handed over a deposit since I was a first time buyer in the 80s.
I've bought a dozen places over the years, but almost always either from
rented or using a bridging loan.
--
Roland Perry
Ophelia
Nov 22, 2012, 8:20:02 AM11/22/12
to
news:RSzd2ppP...@perry.co.uk...
>>I am very interested because we will be buying a house in England fairly
>>soon. (I believe 'gazumping' can happen either way ie a seller who is
>>offered more money can renege, yes?)
>
> Until contracts are exchanged, nothing is certain.
I assumed we were talking about contract having already been exchanged??
I must have misread, sorry:)
--
--
http://www.shop.helpforheroes.org.uk/
> In message <k8kvh5$n8g$3...@dont-email.me>, at 10:45:10 on Thu, 22 Nov 2012,
> Ophelia <Oph...@Elsinore.me.ku.invalid> remarked:
>>> Sounds to me that it's little different to exchanging contracts, but the
>>> seller agreeing that with mutual agreement they might tear that contract
>>> up at some point in the future.
>>
>>In Scotland one can't renege on a contract without penalty.
>
> It wouldn't be reneging, that implies the seller doesn't agree.
>
>> Does 'gazumping' still happen in England and it is allowed?
>
> Gazundering these days I expect.
Aye well there is that!
> Ophelia <Oph...@Elsinore.me.ku.invalid> remarked:
>>> Sounds to me that it's little different to exchanging contracts, but the
>>> seller agreeing that with mutual agreement they might tear that contract
>>> up at some point in the future.
>>
>>In Scotland one can't renege on a contract without penalty.
>
> It wouldn't be reneging, that implies the seller doesn't agree.
>
>> Does 'gazumping' still happen in England and it is allowed?
>
> Gazundering these days I expect.
>>I am very interested because we will be buying a house in England fairly
>>soon. (I believe 'gazumping' can happen either way ie a seller who is
>>offered more money can renege, yes?)
>
> Until contracts are exchanged, nothing is certain.
I must have misread, sorry:)
--
--
http://www.shop.helpforheroes.org.uk/
Man at B&Q
Nov 22, 2012, 10:15:02 AM11/22/12
to
> <9e7cb79f-bc40-4d50-bc11-f73fa5cdb...@m13g2000vbd.googlegroups.com>, at
> 11:50:02 on Thu, 22 Nov 2012, Man at B&Q <manatba...@hotmail.com>
bottom of the chain is used for the entire chain, it doesn't get
topped up as the 5% or whatever of each purchase price increases.
> I haven't actually
> >handed over a deposit since I was a first time buyer in the 80s.
>
> You can be at the bottom of a chain without being a first time buyer.
Indeed, but a FTB would be the bottom of the chain, which is the point
I was making. I have never handed over cash for a deposit apart from
the one time I was FTB at the bottom of the chain.
MBQ
> 11:50:02 on Thu, 22 Nov 2012, Man at B&Q <manatba...@hotmail.com>
> remarked:
>
> >> >Just ask her to lodge a £150k deposit
>
> >> When I sold my last house, my buyer's buyer held the chain up for a week
> >> at one point because he claimed his daily payments were limited by his
> >> Internet banking.
>
> >Quite a valid claim. One big supermarkets savings accounts are limited
> >to £10k/day internet withdrawals.
>
> >Was he at the bottom of the chain?
>
> He wasn't what we normally recognise as a first time buyer, but he
> needed to access some fund wither for a deposit or a top-up.
>
> >Deposits are rarely pased up the chain these days.
That didn't come out right. What I meant was the deposit from the
>
> >> >Just ask her to lodge a £150k deposit
>
> >> When I sold my last house, my buyer's buyer held the chain up for a week
> >> at one point because he claimed his daily payments were limited by his
> >> Internet banking.
>
> >Quite a valid claim. One big supermarkets savings accounts are limited
> >to £10k/day internet withdrawals.
>
> >Was he at the bottom of the chain?
>
> He wasn't what we normally recognise as a first time buyer, but he
> needed to access some fund wither for a deposit or a top-up.
>
> >Deposits are rarely pased up the chain these days.
bottom of the chain is used for the entire chain, it doesn't get
topped up as the 5% or whatever of each purchase price increases.
> I haven't actually
> >handed over a deposit since I was a first time buyer in the 80s.
>
> You can be at the bottom of a chain without being a first time buyer.
I was making. I have never handed over cash for a deposit apart from
the one time I was FTB at the bottom of the chain.
MBQ
tim.....
Nov 22, 2012, 10:35:03 AM11/22/12
to
"Man at B&Q" <manat...@hotmail.com> wrote in message
news:9a32c764-7776-42b9...@p22g2000vby.googlegroups.com...
> On Nov 22, 12:45 pm, Roland Perry <rol...@perry.co.uk> wrote:
>> In message
>> <9e7cb79f-bc40-4d50-bc11-f73fa5cdb...@m13g2000vbd.googlegroups.com>, at
>> 11:50:02 on Thu, 22 Nov 2012, Man at B&Q <manatba...@hotmail.com>
>> remarked:
>>
>> >> >Just ask her to lodge a £150k deposit
>>
>> >> When I sold my last house, my buyer's buyer held the chain up for a
>> >> week
>> >> at one point because he claimed his daily payments were limited by his
>> >> Internet banking.
>>
>> >Quite a valid claim. One big supermarkets savings accounts are limited
>> >to £10k/day internet withdrawals.
>>
>> >Was he at the bottom of the chain?
>>
>> He wasn't what we normally recognise as a first time buyer, but he
>> needed to access some fund wither for a deposit or a top-up.
>>
>> >Deposits are rarely pased up the chain these days.
>
> That didn't come out right. What I meant was the deposit from the
> bottom of the chain is used for the entire chain, it doesn't get
> topped up as the 5% or whatever of each purchase price increases.
Oh I think that it does,
>> In message
>> <9e7cb79f-bc40-4d50-bc11-f73fa5cdb...@m13g2000vbd.googlegroups.com>, at
>> 11:50:02 on Thu, 22 Nov 2012, Man at B&Q <manatba...@hotmail.com>
>> remarked:
>>
>> >> >Just ask her to lodge a £150k deposit
>>
>> >> When I sold my last house, my buyer's buyer held the chain up for a
>> >> week
>> >> at one point because he claimed his daily payments were limited by his
>> >> Internet banking.
>>
>> >Quite a valid claim. One big supermarkets savings accounts are limited
>> >to £10k/day internet withdrawals.
>>
>> >Was he at the bottom of the chain?
>>
>> He wasn't what we normally recognise as a first time buyer, but he
>> needed to access some fund wither for a deposit or a top-up.
>>
>> >Deposits are rarely pased up the chain these days.
>
> That didn't come out right. What I meant was the deposit from the
> bottom of the chain is used for the entire chain, it doesn't get
> topped up as the 5% or whatever of each purchase price increases.
I can't see the seller of the million pound property at the top accepting 5K
as a deposit because the bottom of the chain is selling for 100K.
tim
Jon Ribbens
Nov 22, 2012, 9:25:02 AM11/22/12
to
On 2012-11-22, Stephen Wolstenholme <st...@npsl1.com> wrote:
> On Thu, 22 Nov 2012 07:50:09 +0000, Roland Perry <rol...@perry.co.uk>
> wrote:
>>When I sold my last house, my buyer's buyer held the chain up for a week
>>at one point because he claimed his daily payments were limited by his
>>Internet banking. For my subsequent purchase, I gave my solicitor a
>>cheque, and they weren't very happy about that either, so it can be
>>quite difficult!
>
> I had the same problem recently with Internet Banking. I needed to pay
> someone for a house and could only pay them £10,000 a day. It would
> have held up the house payment for weeks. I had to dust off my cheque
> book!
Your bank would have almost certainly have been able to arrange an
> On Thu, 22 Nov 2012 07:50:09 +0000, Roland Perry <rol...@perry.co.uk>
> wrote:
>>When I sold my last house, my buyer's buyer held the chain up for a week
>>at one point because he claimed his daily payments were limited by his
>>Internet banking. For my subsequent purchase, I gave my solicitor a
>>cheque, and they weren't very happy about that either, so it can be
>>quite difficult!
>
> I had the same problem recently with Internet Banking. I needed to pay
> someone for a house and could only pay them £10,000 a day. It would
> have held up the house payment for weeks. I had to dust off my cheque
> book!
electronic transaction for you if you asked them. Or you could get a
bank draft of course.
David D S
Nov 22, 2012, 9:35:02 AM11/22/12
to
Roland Perry wrote:
> In message
> <9e7cb79f-bc40-4d50...@m13g2000vbd.googlegr
In 2001, I wasn't in any chain, and I paid for my UK house
in full (no mortgage and no propoerty to dispose of first),
using my debit card. The only holdup was a few hours to
transfer funds into the debit card account from a
different one in the same bank, and then a 2 or 3 day
period for the transfer to go ahead, because it was such
a large amount (40000 pounds if I recall, because I
bought in a very cheap part of the UK).
I'm not sure why people seem to be limited to 10000 per day:
are they doing something different other than an inter-bank
transfer?
--
David D S: UK and PR China. (Native BrEng speaker)
Use Reply-To header for email. This email address will be
valid for at least 2 weeks from 2012/11/22 22:24:56
> In message
> <9e7cb79f-bc40-4d50...@m13g2000vbd.googlegr
in full (no mortgage and no propoerty to dispose of first),
using my debit card. The only holdup was a few hours to
transfer funds into the debit card account from a
different one in the same bank, and then a 2 or 3 day
period for the transfer to go ahead, because it was such
a large amount (40000 pounds if I recall, because I
bought in a very cheap part of the UK).
I'm not sure why people seem to be limited to 10000 per day:
are they doing something different other than an inter-bank
transfer?
--
David D S: UK and PR China. (Native BrEng speaker)
Use Reply-To header for email. This email address will be
valid for at least 2 weeks from 2012/11/22 22:24:56
Message has been deleted
Judith
Nov 22, 2012, 11:30:07 AM11/22/12
to
I wonder if you have you been down the house purchase/selling route - it really
can be a wearying process. If you spent lots of time (perhaps costs on a
survey), you don't really want to walk away unless you really have a good
reason. Is she perhaps trying to sell her own? Is there a chain?
If she has found a better lender, it could save her thousands - why on earth
should she walk away? She has found a house she likes - at a price she likes -
it is her who has changed her approach.
I would go for the escrow route (if it's possible) - there is nothing to lose.
Alternative is to start from scratch and try and find another buyer - which as
you are coming up to Christmas is not the greatest time of year to try and find
a new buyer.
Sometimes it is worth having a little trust in people.
(I do not know if the solution is legally possible)
Jon Ribbens
Nov 22, 2012, 12:20:01 PM11/22/12
to
On 2012-11-22, David D S <inv...@m-invalid.invalid> wrote:
> I'm not sure why people seem to be limited to 10000 per day:
> are they doing something different other than an inter-bank
> transfer?
Standard consumer on-line banking is usually limited, e.g. to no more
> I'm not sure why people seem to be limited to 10000 per day:
> are they doing something different other than an inter-bank
> transfer?
than £10,000 of payments each day. Presumably it's to slow down crooks
a bit if they get into your account somehow.
Big Les Wade
Nov 22, 2012, 1:00:07 PM11/22/12
to
Anthony R. Gold <not-fo...@ahjg.co.uk> posted
Why? All he has to do is bank it and wait until it clears into the
client account. I did it that way too last time I bought a house (last
year), except that I paid the cheque over the bank counter into the
solicitor's account.
--
Les
>> For my subsequent purchase, I gave my solicitor a
>> cheque, and they weren't very happy about that either
>
>I am surprised he even accepted the payment in that way.
>> cheque, and they weren't very happy about that either
>
Why? All he has to do is bank it and wait until it clears into the
client account. I did it that way too last time I bought a house (last
year), except that I paid the cheque over the bank counter into the
solicitor's account.
--
Les
Fredxx
Nov 22, 2012, 1:30:02 PM11/22/12
to
On 21/11/2012 10:10, Allan wrote:
an option to buy
the house at an agreed price within a specified timescale. It certainly
focussed their mind.
Percy Picacity
Nov 22, 2012, 3:45:02 PM11/22/12
to
that tends to happen quite late in the process, after some weeks of
negotiation. My understanding is that you have a binding contract as
soon as an offer is accepted in Scotland, but perhaps a lawyer will
explain the difference for us.
--
Percy Picacity
Roland Perry
Nov 22, 2012, 3:50:11 PM11/22/12
to
In message <slrnkasd79.i...@snowy.squish.net>, at 14:25:02 on
Thu, 22 Nov 2012, Jon Ribbens <jon+u...@unequivocal.co.uk> remarked:
>Or you could get a bank draft of course.
There's enough bother these days with forged bank drafts, I don't think
they are any better than cheques in the particular circumstances.
--
Roland Perry
Thu, 22 Nov 2012, Jon Ribbens <jon+u...@unequivocal.co.uk> remarked:
>> I had the same problem recently with Internet Banking. I needed to pay
>> someone for a house and could only pay them £10,000 a day. It would
>> have held up the house payment for weeks. I had to dust off my cheque
>> book!
>
>Your bank would have almost certainly have been able to arrange an
>electronic transaction for you if you asked them.
And charged me handsomely.
>> someone for a house and could only pay them £10,000 a day. It would
>> have held up the house payment for weeks. I had to dust off my cheque
>> book!
>
>Your bank would have almost certainly have been able to arrange an
>electronic transaction for you if you asked them.
>Or you could get a bank draft of course.
they are any better than cheques in the particular circumstances.
--
Roland Perry
Roland Perry
Nov 22, 2012, 3:55:01 PM11/22/12
to
In message
<9a32c764-7776-42b9...@p22g2000vby.googlegroups.com>, at
15:15:02 on Thu, 22 Nov 2012, Man at B&Q <manat...@hotmail.com>
remarked:
send his solicitor a sum over several days.
--
Roland Perry
<9a32c764-7776-42b9...@p22g2000vby.googlegroups.com>, at
15:15:02 on Thu, 22 Nov 2012, Man at B&Q <manat...@hotmail.com>
remarked:
>> He wasn't what we normally recognise as a first time buyer, but he
>> needed to access some fund wither for a deposit or a top-up.
>>
>> >Deposits are rarely pased up the chain these days.
>
>That didn't come out right. What I meant was the deposit from the
>bottom of the chain is used for the entire chain, it doesn't get
>topped up as the 5% or whatever of each purchase price increases.
I understand that, but whatever the reason was, this buyer needed to
>> needed to access some fund wither for a deposit or a top-up.
>>
>> >Deposits are rarely pased up the chain these days.
>
>That didn't come out right. What I meant was the deposit from the
>bottom of the chain is used for the entire chain, it doesn't get
>topped up as the 5% or whatever of each purchase price increases.
send his solicitor a sum over several days.
--
Roland Perry
Roland Perry
Nov 22, 2012, 3:55:08 PM11/22/12
to
In message <aiisa85k3fpsau80b...@4ax.com>, at 16:05:09 on
Thu, 22 Nov 2012, Anthony R. Gold <not-fo...@ahjg.co.uk> remarked:
>> For my subsequent purchase, I gave my solicitor a
having to send someone to the bank to pay it in.
There wasn't an issue about clearing the funds, as I sent it in plenty
of time.
--
Roland Perry
Thu, 22 Nov 2012, Anthony R. Gold <not-fo...@ahjg.co.uk> remarked:
>> For my subsequent purchase, I gave my solicitor a
>> cheque, and they weren't very happy about that either
>
>I am surprised he even accepted the payment in that way.
It was a she, and why wouldn't they? I suspect they were grumpy about
>
>I am surprised he even accepted the payment in that way.
having to send someone to the bank to pay it in.
There wasn't an issue about clearing the funds, as I sent it in plenty
of time.
--
Roland Perry
robert
Nov 22, 2012, 4:25:01 PM11/22/12
to
> How I did it a while ago, was to ask a procrastinating buyer to purchase
> an option to buy
> the house at an agreed price within a specified timescale. It certainly
> focussed their mind
wanted a few months to raise the funds by a cheaper slower route.
This suited us well so he bought an "option to buy" for £10k valid for
a period of 4 months. He had to give us 4 weeks notice to complete.
This suited us very well.
David McNeish
Nov 22, 2012, 4:25:08 PM11/22/12
to
On Nov 22, 8:45 pm, Percy Picacity <k...@under.the.invalid> wrote:
> You can't back out once you have signed a contract, in England. But
> that tends to happen quite late in the process, after some weeks of
> negotiation. My understanding is that you have a binding contract as
> soon as an offer is accepted in Scotland, but perhaps a lawyer will
> explain the difference for us.
It can still involve some weeks of negotiation in Scotland - in theory
> You can't back out once you have signed a contract, in England. But
> that tends to happen quite late in the process, after some weeks of
> negotiation. My understanding is that you have a binding contract as
> soon as an offer is accepted in Scotland, but perhaps a lawyer will
> explain the difference for us.
you can accept an offer immediately and have a binding contract, in
practice the offer is heavily weighted in favour of the buyer so
there's some to-ing and fro-ing, with long pauses while the buyer
checks that they really do have funding or the seller goes to find the
consents for alterations. But generally it's concluded at an earlier
stage than in England, with routine things like delivery of searches
immediately prior to completion being covered by conditional clauses.
Message has been deleted
Neil Williams
Nov 22, 2012, 6:25:02 PM11/22/12
to
Roland Perry <rol...@perry.co.uk> wrote:
> And charged me handsomely.
Not all that much, though also not free. It is the way most house
purchases happen these days, though.
Neil
--
Neil Williams in Milton Keynes, UK. Put first name before the at to reply.
> And charged me handsomely.
Not all that much, though also not free. It is the way most house
purchases happen these days, though.
Neil
--
Neil Williams in Milton Keynes, UK. Put first name before the at to reply.
Roland Perry
Nov 23, 2012, 2:25:02 AM11/23/12
to
In message
<500466300375319261.890835we...@news.individual.
net>, at 23:25:02 on Thu, 22 Nov 2012, Neil Williams
<wensl...@pacersplace.org.uk> remarked:
>It is the way most house purchases happen these days, though.
On completion, I agree.
--
Roland Perry
<500466300375319261.890835we...@news.individual.
net>, at 23:25:02 on Thu, 22 Nov 2012, Neil Williams
<wensl...@pacersplace.org.uk> remarked:
>It is the way most house purchases happen these days, though.
--
Roland Perry
Man at B&Q
Nov 23, 2012, 5:10:02 AM11/23/12
to
On Nov 22, 3:35 pm, "tim....." <tims_new_h...@yahoo.co.uk> wrote:
> "Man at B&Q" <manatba...@hotmail.com> wrote in messagenews:9a32c764-7776-42b9...@p22g2000vby.googlegroups.com...
That's how it has worked for us for the last 20 years. You do have to
agree to forfeit the full agreed deposit, but you do not have to hand
over the cash as it goes up the chain.
MBQ
> "Man at B&Q" <manatba...@hotmail.com> wrote in messagenews:9a32c764-7776-42b9...@p22g2000vby.googlegroups.com...
agree to forfeit the full agreed deposit, but you do not have to hand
over the cash as it goes up the chain.
MBQ
Message has been deleted
Roland Perry
Nov 23, 2012, 8:30:10 AM11/23/12
to
In message <6bpua8l40qe3nc9hc...@4ax.com>, at 12:05:01 on
Fri, 23 Nov 2012, Anthony R. Gold <not-fo...@ahjg.co.uk> remarked:
>Receiving CHAPS is a hand-free one time instantaneous event. Receiving a
>cheque involves work, time and care in tracking its clearance.
You still have to check to make sure a CHAPS payment has arrived, and
allocate it to the right client.
But I suppose you are right, this is just another example of
organisations externalising their costs to the customers.
--
Roland Perry
Fri, 23 Nov 2012, Anthony R. Gold <not-fo...@ahjg.co.uk> remarked:
>>>> For my subsequent purchase, I gave my solicitor a
>>>> cheque, and they weren't very happy about that either
>>>
>>> I am surprised he even accepted the payment in that way.
>>
>> It was a she, and why wouldn't they?
>
>Well, at least not accept it for free because it involves more work.
>>>> cheque, and they weren't very happy about that either
>>>
>>> I am surprised he even accepted the payment in that way.
>>
>> It was a she, and why wouldn't they?
>
>Receiving CHAPS is a hand-free one time instantaneous event. Receiving a
>cheque involves work, time and care in tracking its clearance.
You still have to check to make sure a CHAPS payment has arrived, and
allocate it to the right client.
But I suppose you are right, this is just another example of
organisations externalising their costs to the customers.
--
Roland Perry
tim.....
Nov 23, 2012, 9:50:02 AM11/23/12
to
"Jon Ribbens" <jon+u...@unequivocal.co.uk> wrote in message
news:slrnkasng0.n...@snowy.squish.net...
the 10,000 limit is usually for same day transfers.
larger amounts are often allowed but they will take 3-4 days to process.
tim
Message has been deleted
Man at B&Q
Nov 23, 2012, 12:30:02 PM11/23/12
to
On Nov 23, 2:50 pm, "tim....." <tims_new_h...@yahoo.co.uk> wrote:
> "Jon Ribbens" <jon+use...@unequivocal.co.uk> wrote in message
>
> news:slrnkasng0.n...@snowy.squish.net...
outgoing transfers from our internet savings account. You can schedule
transfers for future dates (e.g. setup £10k/day for 4 days to move
£40k) but there's no facility to schedule larger amounts.
MBQ
> "Jon Ribbens" <jon+use...@unequivocal.co.uk> wrote in message
>
> news:slrnkasng0.n...@snowy.squish.net...
>
> > On 2012-11-22, David D S <inva...@m-invalid.invalid> wrote:
> >> I'm not sure why people seem to be limited to 10000 per day:
> >> are they doing something different other than an inter-bank
> >> transfer?
>
> > Standard consumer on-line banking is usually limited, e.g. to no more
> > than £10,000 of payments each day. Presumably it's to slow down crooks
> > a bit if they get into your account somehow.
>
> I think people are confusing two things here
I'm not cinfusing anything. There's a blanket £10k/day limit for
> > On 2012-11-22, David D S <inva...@m-invalid.invalid> wrote:
> >> I'm not sure why people seem to be limited to 10000 per day:
> >> are they doing something different other than an inter-bank
> >> transfer?
>
> > Standard consumer on-line banking is usually limited, e.g. to no more
> > than £10,000 of payments each day. Presumably it's to slow down crooks
> > a bit if they get into your account somehow.
>
> I think people are confusing two things here
outgoing transfers from our internet savings account. You can schedule
transfers for future dates (e.g. setup £10k/day for 4 days to move
£40k) but there's no facility to schedule larger amounts.
MBQ
Stephen Wolstenholme
Nov 23, 2012, 1:35:02 PM11/23/12
to
always be on paper and signed.
Steve
--
EasyNN-plus. Neural Networks plus. http://www.easynn.com
SwingNN. Forecast with Neural Networks. http://www.swingnn.com
JustNN. Just Neural Networks. http://www.justnn.com
Sara
Nov 23, 2012, 1:55:02 PM11/23/12
to
In article <o66va8dfj4ok15tgc...@4ax.com>,
> I don't know of any 3-4 day transfers. There used to be one called BACS that
> was free and limited in amount, but it was changed to the Faster Payments
> Service which is normally completed within 2 hours and with similar limits
> to the BACS process. The large amount payment system is called CHAPS and
> that is usually made with a fee charged and those transfers are same-day.
BACS is still in use, but it has only ever been free if your bank gave
it to you for free, some banks charge.
Our bank (I'm talking about the business account I use at work) do not
charge us for standard BACS payments but do charge for Faster Payments,
but that's part of the scale of charges we agreed to at the last review.
--
Sara
cats cats cats cats cats
"Anthony R. Gold" <not-fo...@ahjg.co.uk> wrote:
> On Fri, 23 Nov 2012 14:50:02 +0000, "tim....." <tims_n...@yahoo.co.uk>
> wrote:
>
> >
> On Fri, 23 Nov 2012 14:50:02 +0000, "tim....." <tims_n...@yahoo.co.uk>
> wrote:
>
> >
> was free and limited in amount, but it was changed to the Faster Payments
> Service which is normally completed within 2 hours and with similar limits
> to the BACS process. The large amount payment system is called CHAPS and
> that is usually made with a fee charged and those transfers are same-day.
BACS is still in use, but it has only ever been free if your bank gave
it to you for free, some banks charge.
Our bank (I'm talking about the business account I use at work) do not
charge us for standard BACS payments but do charge for Faster Payments,
but that's part of the scale of charges we agreed to at the last review.
--
Sara
cats cats cats cats cats
Jon Ribbens
Nov 23, 2012, 2:20:02 PM11/23/12
to
On 2012-11-23, tim..... <tims_n...@yahoo.co.uk> wrote:
> "Jon Ribbens" <jon+u...@unequivocal.co.uk> wrote in message
> news:slrnkasng0.n...@snowy.squish.net...
> "Jon Ribbens" <jon+u...@unequivocal.co.uk> wrote in message
> news:slrnkasng0.n...@snowy.squish.net...
>> Standard consumer on-line banking is usually limited, e.g. to no more
>> than £10,000 of payments each day. Presumably it's to slow down crooks
>> a bit if they get into your account somehow.
>
> I think people are confusing two things here
>
> the 10,000 limit is usually for same day transfers.
>
> larger amounts are often allowed but they will take 3-4 days to process.
No; I just checked and NatWest Online Banking, for example, will not
>> than £10,000 of payments each day. Presumably it's to slow down crooks
>> a bit if they get into your account somehow.
>
> I think people are confusing two things here
>
> the 10,000 limit is usually for same day transfers.
>
> larger amounts are often allowed but they will take 3-4 days to process.
allow a transfer over £10,000 no matter how long you allow for it.
Also there is only one option for sending a payment.
Message has been deleted
Jon Ribbens
Nov 23, 2012, 9:50:02 PM11/23/12
to
On 2012-11-23, Anthony R. Gold <not-fo...@ahjg.co.uk> wrote:
>
> "If you need to make a large value payment above the maximum online payment
> limit, you may consider making a CHAPS payment through your branch. Remember
> to take your debit card and proof of ID with you."
Yes, that is indeed the point that I previously made.
> On Fri, 23 Nov 2012 19:20:02 +0000, Jon Ribbens
><jon+u...@unequivocal.co.uk> wrote:
>> No; I just checked and NatWest Online Banking, for example, will not
>> allow a transfer over £10,000 no matter how long you allow for it.
>> Also there is only one option for sending a payment.
>
> Only one online option. NatWest's help screen offers this advice:
><jon+u...@unequivocal.co.uk> wrote:
>> No; I just checked and NatWest Online Banking, for example, will not
>> allow a transfer over £10,000 no matter how long you allow for it.
>> Also there is only one option for sending a payment.
>
>
> "If you need to make a large value payment above the maximum online payment
> limit, you may consider making a CHAPS payment through your branch. Remember
> to take your debit card and proof of ID with you."
Yes, that is indeed the point that I previously made.
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