One of the most common questions we are asked is:
"When should I send my money?"
Whether you're paying your deposit, transferring your balance for completion or sending funds for legal fees and disbursements, it's important to know when to transfer money and why timing matters.
Sending funds too early may not be necessary, while leaving it until the last minute can cause unnecessary stress and, in some cases, delay completion.
The good news is that we'll guide you through exactly what is needed and when.
The Short Answer
You should only transfer money when your conveyancer asks you to.
Throughout your transaction, we'll let you know:
- how much to send;
- when it's needed;
- where it should be sent;
- and how to do so safely.
We appreciate that transferring large sums of money can feel daunting, so we'll ensure you have clear instructions before making any payment.
The Explanation
During your transaction, there may be several occasions when you need to transfer money.
For example:
- Money on account when you first instruct us (where applicable).
- Your exchange deposit.
- Your balance required for completion.
- Additional sums if your Completion Statement changes.
We will never expect you to guess these amounts.
Before requesting any payment, we'll provide you with a Completion Statement or written confirmation showing exactly what is due.
Because banks can have transfer limits and processing times, we recommend arranging your payment in good time, particularly if you're transferring a large amount.
Receiving cleared funds before completion helps ensure your transaction can proceed as planned.
When Might You Need to Send Money?
| Stage | What You May Be Asked to Pay |
| At the beginning of the transaction | Money on account (where applicable) |
| Before Exchange of Contracts | Exchange deposit |
| Before Completion | Balance required to complete |
| Occasionally during the transaction | Additional costs or disbursements if applicable |
We'll always explain what each payment relates to before asking you to transfer any money. Additionally, we will always invite you to call to verify the bank details before making any payment to ensure you have confidence and peace of mind.
Common Questions
Can I send the money early?
We generally recommend waiting until we ask you to transfer funds. This helps ensure you're sending the correct amount at the appropriate stage of your transaction.
Can I make more than one transfer?
Yes. Many clients transfer funds in stages, particularly where bank transfer limits apply.
What if my bank has a daily transfer limit?
Many banks do have transfer limits. If this applies to you, let us know as early as possible so we can help you plan your payments.
Will you tell me your bank details by email?
We'll explain our procedures for providing bank details and how to verify them safely. If you are ever unsure, please telephone us using a trusted number before sending any money.
Top Tip
Before transferring any money, always take a moment to verify the bank details using a trusted method. Property transactions are sometimes targeted by fraudsters, and a simple telephone call can provide valuable reassurance.
Did You Know?
Many banks have daily online transfer limits. If you're sending a large sum, you may need to make several payments or arrange the transfer with your bank in advance.
Common Misconception
"I'll send the money as soon as I instruct my conveyancer."
Not necessarily.
We'll tell you exactly what is needed and when. In most cases, there is no benefit in transferring large sums before they are required.
The MA Lawyers Approach
At MA Lawyers, we understand that transferring significant amounts of money can feel overwhelming.
We'll provide clear payment instructions, explain exactly what each payment is for and let you know when funds are needed. If you have any concerns, we're always happy to talk you through the process before you make a transfer.
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