What time do NS&I payments arrive?

[DrFfybes]

We are buying a house next Thursday.

I've just gone in to the accounts to get all the finances in the bank ready and to my horror discovered that as we are towards the end of the month, NS&I won't allow us to withdraw our premium bonds until after the Monday draw, meaning the money should reach our account on Weds (yes, I know, MrsF has already mentioned what you are all thinking). I'd taken stuff out before with no delays, so this was a bit of a surprise.

If it arrives in the account early enough on Weds I can CHAPS the payment to the sols, and they will do the transaction on Thursday when they complete.

Otherwise I have to CHAPS first thing on Thurs which will hit the sols by noon, but means it might not get to the third party until 3pm.

DAK what time the NS&I payment is likely to arrive, or how instant CHAPS is in the real world (I know it says within 3 hours?

Otherwise DAK where I can borrow a 5 figure sum for a few hours?

Thanks

Paul

Moderator Message:
Moved from DAK to Bank Accounts Savings & ISAs (leaving a link) - Chris

[swill453]

I'm pretty sure they're standard BACS payments, which means they're there early doors on the day in question. 4am or earlier.

(I'm certain Premium Bond prizes are paid this way, and pretty confident withdrawals are the same).

Scott.

[swill453]

I'm pretty sure they're standard BACS payments, which means they're there early doors on the day in question. 4am or earlier.

(I'm certain Premium Bond prizes are paid this way, and pretty confident withdrawals are the same).

If you have online banking or an app that shows pending payments, BACS transfers should be visible on Tuesday. If so, you can be confident of the appearance early Wednesday.

Scott.

[dealtn]

Not a direct answer to your question, but are you paying stamp duty?

Stamp duty doesn't need to be paid until 30 days after completion. If you can convince your solicitor that the funds will be available by then, he may be willing to delay. Depending on the amount, if any, this could be the source of your 5 figure sum.

I have done this before so I know it is possible.

[DrFfybes]

Not a direct answer to your question, but are you paying stamp duty?

Stamp duty doesn't need to be paid until 30 days after completion. If you can convince your solicitor that the funds will be available by then, he may be willing to delay. Depending on the amount, if any, this could be the source of your 5 figure sum.

I have done this before so I know it is possible.

Thanks, a good thought but we have £85k in NS&I, quite a chunk more than the stamp duty!

As for the other replies, very reassuring, the solicitor seems to think it should be fine as well.

Paul

[dealtn]

Not a direct answer to your question, but are you paying stamp duty?

Stamp duty doesn't need to be paid until 30 days after completion. If you can convince your solicitor that the funds will be available by then, he may be willing to delay. Depending on the amount, if any, this could be the source of your 5 figure sum.

I have done this before so I know it is possible.

Thanks, a good thought but we have £85k in NS&I, quite a chunk more than the stamp duty!

As for the other replies, very reassuring, the solicitor seems to think it should be fine as well.

Paul

Needing to come up with £85k stamp duty would be a nice problem to have in many respects.

[mutantpoodle]

if you asking N S & I for over £50,000 it will be referred to a differet department (or section) after waiting in line to be dealt with in the first place

it will then wait in line again to be dealt with again

if you telephone they are unable to 'find' it but promise it will be in next few days...(thats 'dealt with' NOT paid)
it will likely take you a few telephone calls

mine took 6 weeks and only arrived then after 2 calls to complaints dept

as with banks its quicker to ask for a number of smaller amounts over a period of days

but the phone calls are to a free number!!
apparently they are unexpectedly busy and have higher than usual calls..........just like every other financial operation!!!!

[DrFfybes]

if you asking N S & I for over £50,000 it will be referred to a differet department (or section) after waiting in line to be dealt with in the first place

Fortunately PB are under 50k as that is the max holding.

I spoke to the sols and to a Bridging Loan broker, both said it is fine if I end up CHAPSing or Telegraphic Transfer to the sols on Thurs morning as it is no different to the money moving up a purchase chain and I gathered that often completion is done on confirmation of payment made rather than on receipt of funds.

Panic over

Paul

[DrFfybes]

Just to wrap this up, the money was in and available by 8am.

cheers,

Paul