Any conveyancing experts? urgent query re funds source

We are helping our son buy his first house and on the point of exchange/ completion. It's a cash purchase and the funds are currently in our account. Son is on holiday in Turkey until Wednesday but we want to exchange on Monday. Solicitor is saying the payment on Monday has to come from his account, even though we've been through all the source of funds verification etc. The bank won't allow payment from his account unless he goes to the branch and presents id

Is our solicitor right?

Sounds frustrating but unfortunately I believe the solicitor is correct. Hopefully Jeffrey will be along shortly to confirm for you.

oh dear, that's not the answer I wanted. Seems since they know that we are the source of the funds it would be even better if it was paid direct - but what do I know. But thanks for taking the time to respond

oh dear, that's not the answer I wanted. Seems since they know that we are the source of the funds it would be even better if it was paid direct - but what do I know. But thanks for taking the time to respond

No problem, I am far from an expert on the subject and I am sure someone will be along later to confirm or not.

why not exchange on monday as you only need a deposit to exchange? and then complete when our son returns?

its probably to do with money laundering?

Sounds like your son needs a new bank. The last house I bought workout a mortgage it was all done via online bank transfer, no going into banks or anything like that.

We are helping our son buy his first house and on the point of exchange/ completion. It's a cash purchase and the funds are currently in our account. Son is on holiday in Turkey until Wednesday but we want to exchange on Monday. Solicitor is saying the payment on Monday has to come from his account, even though we've been through all the source of funds verification etc. The bank won't allow payment from his account unless he goes to the branch and presents id

Is our solicitor right?

No. As long as you yourselves have proved your ID/address, the funds can be accepted- unless there are other reasons not yet disclosed.

Are the funds more than £60,000. If it is under £60,000 (which I doubt) you can BACS transfer.

Anything over £60k will require a telegraphic transfer from your sons bank if he is the one purchasing the property.

What are the odds for him being on holiday now!

Good luck!

Are the funds more than £60,000. If it is under £60,000 (which I doubt) you can BACS transfer.

I thought that the limit was £50 000?

Anyway, a BACS does not count as cleared funds. A BACS can be re-called; a CHAPS cannot.