How Long Does a Solicitor Bank Transfer Take UK

When buying or selling a property, receiving inheritance funds or completing a settlement, one of the final steps involves the solicitor transferring money to the relevant party. Clients often wonder how long this process takes, especially when large sums are involved. Bank transfers from solicitors are tightly regulated, and while the system is usually efficient, the timing can vary depending on the circumstances.

How Solicitors Handle Client Money

Solicitors hold client funds in designated client accounts, which are regulated under the Solicitors Regulation Authority rules. These accounts ensure that client money is kept separate from the solicitor’s own finances. When a payment needs to be made, the solicitor will authorise a transfer from this account to the recipient. Because these transfers often involve substantial amounts, solicitors have strict procedures in place to verify instructions, prevent fraud and comply with anti money laundering requirements.

Typical Timescales for Transfers

Most solicitor bank transfers in the UK are processed using the CHAPS payment system. CHAPS transfers are same day payments provided the transfer is set up before the bank’s cut off time, usually between midday and 3 pm. If the transfer is initiated after the cut off, the funds will usually arrive on the next working day. In practice, this means that if your solicitor sends money in the morning, you should receive it by the afternoon. For smaller sums, solicitors may sometimes use the Faster Payments system, which can take up to two hours but is generally used less often in property transactions because of transfer limits.

Factors That Affect Speed

Several factors can influence how quickly you receive the money. The time of day the transfer is made is crucial, as missing the CHAPS cut off will mean a next day transfer. The policies of the solicitor’s bank and the recipient’s bank can also affect the speed of processing. Security checks are another factor. Solicitors are under pressure to prevent fraud, so they may carry out additional verification steps before releasing funds. Public holidays and weekends can also delay transfers, as CHAPS payments only operate on working days.

Property Transactions and Completion Day

In property transactions, the timing of bank transfers is especially important. On the day of completion, the buyer’s solicitor must transfer the purchase funds to the seller’s solicitor, who then confirms receipt before releasing the keys. These payments are usually prioritised early in the day to ensure transactions complete smoothly. However, delays can sometimes occur if banks are busy or if a chain of property transactions requires multiple transfers to take place in sequence.

Conclusion

A bank transfer from a solicitor usually takes place on the same day if processed before the bank’s cut off time, often meaning funds are received within hours. Transfers made later in the day or subject to extra checks may take until the next working day. While most solicitor payments are swift, clients should be aware of potential delays caused by bank procedures, security checks or the timing of the request. Planning ahead and ensuring all details are correct can help avoid unnecessary waiting.