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Fisher1

Paying for a house

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Hi all

We are in the process of buying a house, and are completing next week.  Our solicitor has just rung to arrange for the balance of the money to be paid. He has offered us two choices - either we can pay the balance to his firm to hold in trust till completion or we can give him more cheques to the value of the balance. He is sending details via email.

My question is this - bearing in mind that our solicitor seems like a very kind, genuine man, but that we don't really know him from Adam - is it sensible to hand over the balance of the purchase price to his firm or are we better going with cheques?  I want to hand over bank cheques but my husband doesn't want to offend the solicitor.

HELP?   

we are in NSW

 


103 visa application lodged February 2013. 143 visa application submitted January 2016. Police checks and form 80 submitted February 29th 2016. Visa granted April 4th 2016.

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Posted (edited)
27 minutes ago, Fisher1 said:

Hi all

We are in the process of buying a house, and are completing next week.  Our solicitor has just rung to arrange for the balance of the money to be paid. He has offered us two choices - either we can pay the balance to his firm to hold in trust till completion or we can give him more cheques to the value of the balance. He is sending details via email.

My question is this - bearing in mind that our solicitor seems like a very kind, genuine man, but that we don't really know him from Adam - is it sensible to hand over the balance of the purchase price to his firm or are we better going with cheques?  I want to hand over bank cheques but my husband doesn't want to offend the solicitor.

HELP?   

we are in NSW

 

Have you checked that he has indemnity insurance? If so, then I would deposit the cash. Shouldn't give a blank cheque to anyone.

Congratulations on the sale btw.

Edited by newjez

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55 minutes ago, newjez said:

Have you checked that he has indemnity insurance? If so, then I would deposit the cash. Shouldn't give a blank cheque to anyone.

Congratulations on the sale btw.

Hi Newjez. Thanks for that ... Bank cheque not blank cheque but I'll check the indemnity thing over the weekend ... Last step in tranlsting a house in N.Wales into a house in N.S.W. - guess this means we're staying.  :)

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103 visa application lodged February 2013. 143 visa application submitted January 2016. Police checks and form 80 submitted February 29th 2016. Visa granted April 4th 2016.

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Posted (edited)
3 hours ago, Fisher1 said:

Hi Newjez. Thanks for that ... Bank cheque not blank cheque but I'll check the indemnity thing over the weekend ... Last step in tranlsting a house in N.Wales into a house in N.S.W. - guess this means we're staying.  :)

Sorry, my eyes are bad!

The following may also help.

http://forums.moneysavingexpert.com/showthread.php?t=1525223

I also think there is a new law to protect your funds temporarily if the bank goes bust, greater than the regular savers protection. Worth checking that out.

Edited by newjez
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5 hours ago, Fisher1 said:

Hi all

We are in the process of buying a house, and are completing next week.  Our solicitor has just rung to arrange for the balance of the money to be paid. He has offered us two choices - either we can pay the balance to his firm to hold in trust till completion or we can give him more cheques to the value of the balance. He is sending details via email.

My question is this - bearing in mind that our solicitor seems like a very kind, genuine man, but that we don't really know him from Adam - is it sensible to hand over the balance of the purchase price to his firm or are we better going with cheques?  I want to hand over bank cheques but my husband doesn't want to offend the solicitor.

HELP?   

we are in NSW

 

I'm confused by this :confused: Is your money in the UK or England?

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No difference - a bank cheque is same as cash - anyone can cash it

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5 minutes ago, dxboz said:

No difference - a bank cheque is same as cash - anyone can cash it

No they can't. A bank cheque is still made out to a particular payee. It's not made out to cash. The payer is the bank itself (which is why it's called a bank cheque) which means that it doesn't need any time to be cleared. So it's as good as cash to the payee.

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15 minutes ago, dxboz said:

No difference - a bank cheque is same as cash - anyone can cash it

that's not correct. my husband is a builder & our solicitor called off a settlement on a house last week because the  people got our company name slightly wrong on the bank cheque they got to pay him. we couldnt of banked the cheque in our company account with the name not matching the account name.

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We bought an apartment in Sydney only a few months go. The usual way to settle is to provide bank cheques made out to your solicitor/conveyancer's instructions. That's certainly what we have always done in the past and did this time too.

Possibly transferring the money to your solicitor's trust fund might have something to do with electronic or digital settlement - where instead of your solicitor actually having to attend the settlement in person with the bank cheques in hand and physically handing them over to the vendor's solicitor - the whole deal can be done electronically and remotely. Just a possibility. 

I doubt there's any danger of losing your money by using the solicitor's trust fund. That's assuming your solicitor is registered with the Law Society etc. and is well established, of course. Though stick with using bank cheques if you feel more comfortable that way.

                   
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14 hours ago, Drumbeat said:

I'm confused by this :confused: Is your money in the UK or England?

Its in australia

 


103 visa application lodged February 2013. 143 visa application submitted January 2016. Police checks and form 80 submitted February 29th 2016. Visa granted April 4th 2016.

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thanks for the advice everyone, We've decided to pay by bank cheque, as it seems the safest way.


103 visa application lodged February 2013. 143 visa application submitted January 2016. Police checks and form 80 submitted February 29th 2016. Visa granted April 4th 2016.

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Posted (edited)
4 hours ago, Fisher1 said:

Its in australia

 

The process is obviously very different to WA (where we use  a settlement agent).

Enjoy your new home :)

Edited by Drumbeat
Typo
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On 13/04/2018 at 10:24, Fisher1 said:

Hi all

We are in the process of buying a house, and are completing next week.  Our solicitor has just rung to arrange for the balance of the money to be paid. He has offered us two choices - either we can pay the balance to his firm to hold in trust till completion or we can give him more cheques to the value of the balance. He is sending details via email.

My question is this - bearing in mind that our solicitor seems like a very kind, genuine man, but that we don't really know him from Adam - is it sensible to hand over the balance of the purchase price to his firm or are we better going with cheques?  I want to hand over bank cheques but my husband doesn't want to offend the solicitor.

HELP?   

we are in NSW

 

Will be lovely for you to feel settled xM

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On 14 April 2018 at 10:44, ramot said:

Will be lovely for you to feel settled xM

Hi Ramot,. Picked up the keys this afternoon and took over essentials - mugs, coffee, small kettle and one of the camp chairs which loyally stood in as an easy chair while we waited for things to be delivered (the other chair disloyally deposited my husband on the floor in a heap when the seat split from too to bottom last week :-)  Thats the survival gear for waiting for workmen ... When the nee bathroom snd kitchen are in, we'll move in. It's amazing how much more settled you feel just knowing you have your own place. 

Did you see on the parents page the note from Alan Collet saying he thinks the new AOS rules may not survive as there has been a lot of protest? fingers crossed for you and your 143 x

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103 visa application lodged February 2013. 143 visa application submitted January 2016. Police checks and form 80 submitted February 29th 2016. Visa granted April 4th 2016.

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On 14 April 2018 at 09:53, Drumbeat said:

The process is obviously very different to WA (where we use  a settlement agent).

Enjoy your new home :)

Thank you :D picked up the keys today!

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103 visa application lodged February 2013. 143 visa application submitted January 2016. Police checks and form 80 submitted February 29th 2016. Visa granted April 4th 2016.

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11 hours ago, Fisher1 said:

Thank you :D picked up the keys today!

 

home.jpeg

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