Banking problems for purchasing a new property - Page 2

Hi all

Yes I think we are unfortunately suffering the consequences of Brexit as things seemed simpler before.

I'm in constant dialogue with my solicitor now, but typically Christmas has turned up so my problems will be second priority for everyone else in the next few days methinks.

The fact of the matter is we are gonna have to bite the bullet and pay for all these sheets to be printed off(at least 30 quid) then pay for a courier(at least 30 quid), do this within1 working day and then hope they get there on time and are accepted. In my opinion, absolutely crazy! 

I really don't want to get involved with a slanging match with my solicitor as they hold all the cards and will get paid anyway. Maybe it's just the way things are in Spain as previously mentioned, but it does nothing for my heart rate:)

The information your Lawyer has given you about Spanish banking and you can only buy in Spain through Spanish Bank is False.   My friends completed their purchase at the Notary office yesterday and it was paid for in Euros from their WISE account.   I am completing next week and have setup scheduled payments with WISE to pay transfer the money on the 29th December.  We both did scheduled payments so that WISE if required can do their anti Laundering Checks and evidence can be submitted to them as proof of where the money has come from and where it is going and for what reason.

We both are paying our Property transfer Tax, Notary Fees, Land registry Fee and Lawyer fees from WISE in Euros.  

The Spanish Lawyer working for us was very resistant to this initially and went through the motions of setting up an account for me with Sabadell.  The bank like they did to you were probing too deeply (for my liking) into my personal financial affairs of years past, they also questioned and insinuated that I was selling a house in the UK that was NOT mine!! they wanted copies of the deeds of that property and financial accounts audited by a Spanish Accountant Stamped by a Spanish Notary.  I did not proceed with them and stuck to my guns in the fact that WISE is a Internationally recognized institution that is licenced to operate in Europe in a accordance with SEPA.

The Electrical Supply companies/Broadband providers accept Direct Debits from WISE European IBAN account.   The SUMA (council Tax) payable to the Town halls is not an issue as such as you can pay cash in the Town hall or by WISE Debit card, just not Direct debit yet.  We are currently negotiating with the Water Company armed with evidence from others that they have an account with Water paid by Direct Debit from WISE European IBAN.

The tricky part of property purchase is if the property you are buying has a mortgage on it.  The mortgage companies require Bankers Drafts only, Unfortunately WISE do not do these.  My friends managed to persuade the seller's family to settle the mortgage and the transaction of purchase went through as Normal.  They were in the NOTARY office for 15 minutes after paying via Transfer from WISE.  Keys in their hands.  

Thanks for this Douglas, its very enlightening.

Maybe the problem has been the mortgage side of it all along, as our solicitor insisted that a bankers draft was required. But we were not to know this.

As stated before it looks like the bank account is the only way for our particular purchase, fingers crossed

 Hi we completed our house purchase on the 15th of this month  using torfx. They transferred the money to sabadell no problem. Our lawyer is our POA. Maybe it was straight forward for us as we went witg the lawyer to the bank on the day we bought our property and signed all the paperwork. Hope you get sorted out soon as it must be so frustrating and costly for you right now. Good luck !!!

Thanks

Your solicitor works for you, you pay their fees for working on your behalf, WISE is a European bank it has IBAN Account numbers and as you know transactions are in €’s.

Tell your solicitor that you will do the transfer from WISE as it is a recognised international bank.

Tail wagging the dog here? I use WISE for all of my Euro, Dollar, Sterling and Aussie transactions from one card with Direct Debt’s coming out for all bills including SUMA etc… 

Your solicitor needs a swift kick…

Thanks for your reply.

As stated earlier it seems as though a bankers draft is required and Wise unfortunately do not do these. 

I ended up printing all the paperwork off and sending it by private courier and am now in the process of trying to access my new bank account online, I've transferred all the money required into that account and hopefully we will complete by next week. The solicitor has since been a lot more pro active as I was starting to get annoyed at how things were going, so hopefully all is on track. Even though I can see straight away that they have mis spelled my wife's surname on the account!! Swear words omitted at this point.

I notice though, even in this reply the word "hopefully" has appeared twice! I will update asap.

Regards

All the Spanish bank's seem to the same. They don't want any thing that could be deemed as money laundering. But all bank's will want a similar document signed. Buy your self a 40£ printer. Print sign and send it back asap. It will probably be less than getting it all printed off at a bureau..    

Be careful paying your balance direct to someone's personal account. Would you do that in the UK with all the scams about ?

We paid to our conveyancing firm who held our POA  via   Wise. whom paid Sun Solicitors

You could transfer Pounds to euro's to take advantage of their excellent exchange rate (Wise ) to Starling Bank Euro account which is accepted by most banks & don't charge like Spanish Banks

You can also do your Bills through Starling

Yep totally agree, at the min we've paid into our personal account and our solicitor has POA. 

Minefield or what?