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Bank account for Property purchase
Bank account for Property purchase
by Raspberry Blower » Wed Apr 19, 2023 11:51 am
My question regards bank accounts.
Do I legally require one to purchase.
I've opened a Wise money exchange account with which you can arrange direct debits for utilities etc, you can also get a payment card for general purchasing.
My thought was that I could transfer funds for our property purchase into my solicitors client account through Wise and then arrange direct debits etc. My Solicitor has been suggesting a bank account with Sabadell but they charge 40€ per quarter to hold the account which I think is excessive for my requirements.
My Solicitor has also informed me they don't have a client account for me to facilitate so it looks like I will have to open an account just to get a bankers draft to purchase the property.
Does anyone know of a bank for UK residents that offer a more reasonable account, I know BBVA offer an online account that offers free banking but don't know if it's available to UK resident and if you can get the required bankers draft for property purchase.
If I bite the bullet and open a Sabadell account just to make the purchase, how easy is it to then close and is there a cost to do so ?
Sorry for the many questions and thanks in advance for any replies
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Re: Bank account for Property purchase
by Bee » Wed Apr 19, 2023 12:24 pm
Bee
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Re: Bank account for Property purchase
by SC17 » Wed Apr 19, 2023 12:29 pm
As someone else said, a Solicitor without a client account would be a big red flag for me.
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Re: Bank account for Property purchase
by BNT162b2 » Wed Apr 19, 2023 1:05 pm
Bank-closure was easy for me (Caixa Bank). Asked for the account to be closed, and it was done (and the remaining balance handed to me in cash) within 5 minutes of me walking into the branch (Quesada).
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Re: Bank account for Property purchase
by Shiva » Wed Apr 19, 2023 1:33 pm
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Re: Bank account for Property purchase
by bryancycling » Wed Apr 19, 2023 8:53 pm
I can honestly say we’ve never had an issue with Sabadell & mostly use their online banking app (in 5 years we’ve possibly been into a branch 3/4 times) We pay €30/year for a second debit card & we have a few utilities direct debits arranged so maybe that’s why we have no additional charges?
We paid our funds to our solicitor who dealt with the purchase so all was dealt without bankers draft, etc.
Is €40/quarter such a big issue considering the cost of purchasing, maintenance & monthly running costs for a house in Spain.
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Re: Bank account for Property purchase
by Calledali » Wed Apr 19, 2023 9:37 pm
As an aside, Telefonica are even more difficult than the bank. Took us 3 months to cancel our contract even after they had disconnected the phone line.
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Re: Bank account for Property purchase
by Raspberry Blower » Wed Apr 19, 2023 9:55 pm
The main transfer will be less than 100k but for the next one (to take it to 10% and due next week) the solicitor is telling me she doesn't have the facility to do that either. It's the one question I didn't ask when making enquiries as I assumed (stupidly) they would all have the capability.
Yes, also been told to take banks insurance to lessen cost of bank draft but that will only tie me to the bank for the year which is unnecessary when Wise can do the direct debits. Thanks again
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Re: Bank account for Property purchase
by Paul58 » Thu Apr 20, 2023 9:18 am
Raspberry Blower wrote:Thanks for all replies, all helpful in their own way.
The main transfer will be less than 100k but for the next one (to take it to 10% and due next week) the solicitor is telling me she doesn't have the facility to do that either. It's the one question I didn't ask when making enquiries as I assumed (stupidly) they would all have the capability.
Yes, also been told to take banks insurance to lessen cost of bank draft but that will only tie me to the bank for the year which is unnecessary when Wise can do the direct debits. Thanks again
You may find that most solicitors have client accounts but don't like to use them for house purchases. I don't know whether there are extra charges for this facility or whether there is some legal reason for this reluctance but we had a similar problem when we bought some years ago.
We ended up using Sabadell to produce a bankers draft and mitigated the cost with their home insurance. We cancelled the bank account when they started raising charges to silly levels. If you can persuade your solicitor to allow you to use their client account I suspect this would be much cheaper.
Good luck with your purchase.
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Re: Bank account for Property purchase
by Raspberry Blower » Fri Apr 21, 2023 11:45 am
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