House sale payment to Bank (Sabadell)

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marios
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House sale payment to Bank (Sabadell)

Postby marios » Sun Aug 09, 2020 12:27 pm

We will shortly be transferring a substantial amount from the sale of our house here to Sabadell bank (we have a Expansion account with them) part of this will pay off our mortgage with Sabadell and the rest will be transferred to a currency forward payment Co that we took out in March based in UK. Does anyone know if we will incur any charges going through the bank for the transfer thanks.

If this will be the case I think we maybe able to go direct with the money straight to the Currency Co from the Lawyer and send remaining to Sabadell to pay off mortgage.

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Re: House sale payment to Bank (Sabadell)

Postby elusive » Sun Aug 09, 2020 2:50 pm

In the past (a few years go) i sent money to the uk.from sabadell to a currency exchange and then they sent it to my uk bank.there were no charges as sabadell was just making a payment to another spanish bank who held the holding account for the transfer company.

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marios
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Re: House sale payment to Bank (Sabadell)

Postby marios » Sun Aug 09, 2020 4:57 pm

Yes not quite the same elusive, according to bank there are no charges but there is a daily transfer limit so l will pop in and have a word with them.

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Re: House sale payment to Bank (Sabadell)

Postby elusive » Sun Aug 09, 2020 5:55 pm

Whys it not the same?. Transfer money from sabadell to say currencies direct for eg. They then transfer it to your uk bank. if they have already told you theres no charges just a daily transfer limit just make the payment over x amount of days

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marios
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Re: House sale payment to Bank (Sabadell)

Postby marios » Sun Aug 09, 2020 6:01 pm

But it would be about 16 days worth and it's a contract already set up.

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Re: House sale payment to Bank (Sabadell)

Postby Miro » Sun Aug 09, 2020 6:19 pm

How is the money being transferred to Sabadell? Be careful you don't get charged for depositing funds.
And be careful to get any charges confirmed in writing - in my experience the staff in Sabadell don't always know what they're talking about!
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marios
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Re: House sale payment to Bank (Sabadell)

Postby marios » Sun Aug 09, 2020 6:24 pm

I'm not sure yet, will talk to lawyer next week, all the transfers ie 10% have been through the lawyers of both sides.

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Re: House sale payment to Bank (Sabadell)

Postby chrissiehope » Sun Aug 09, 2020 10:14 pm

We didn't have a mortgage, but when we sold our house, the lawyer transferred the monies to the relevant banks that we nominated. I think we all used Currencies Direct, so the money didn't go near a Spanish bank. When (ha ha) we get the retention back, that will go into the Spanish bank (Unicaja), which I will then close, using Currencies Direct to send the money back to UK.
So I think you should get your lawyer to divide the funds as required ( mortgage, you etc) so that only the mortgage money goes to Sabadell
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Re: House sale payment to Bank (Sabadell)

Postby Wicksey » Mon Aug 10, 2020 9:03 am

When we bought our house I think our gestoria had arranged for cheques to go to the various people involved, most of which went to the vendor's outstanding mortgage. I seem to remember when selling properties saying where we wanted the money to go, and I'm sure it went to a currency company directly, not to the bank (having been stung by them in the past). I think the solicitor will send it where you want, so I would cut out the bank altogether.

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Re: House sale payment to Bank (Sabadell)

Postby marios » Mon Aug 10, 2020 9:06 am

Yes I put msg on last night after chrissie post but it's not showing, yes I think that's the way to go split all the payments and keep it away from the bank.


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