What is 'balance transfer money'.......?

[Koopla]

Am buying a house and have been asked for this by my solicitor but don't know what it is (I have asked him although I'm getting impatient for a reply!).

Have paid the deposit and some of the legal fees, and have been told that they now need this money. What is it though?

I Googled it and it said something about money that you're borrowing from the seller????? Which makes no sense!!!

We're completing on a Friday by the way, in case that makes any difference?

[pale_green_alexakis]

Why aren't you asking this of your real estate agent? It's their job to walk you through this process and explain what needs to be done.

[dietbru]

It's the payment that's still to be made to complete the sale.
Like when you put down a deposit for something then pay the " balance" later.
The transfer is because you aren't physically going to them with the money it gets completed electronically.
the google explanation makes more sense if you think of credit companies lending money.

[enzuigiriuk]

If its for about 35 quid then it will be the telegraphic transfer fee, the fee that they charge for 'wiring' the money to the relevant people.

Thieving swines!

[echelon]

It's the rest of the money to buy the house!

You need to get your mortgage company to pay it, then you pay the mortgage company each month.

If you're not getting a mortgage then you will need to pay them the money somehow.

The people that you're buying the house from need their cash!