# Transfer money for house purchase to lawyer



## ceolchick (Jun 10, 2013)

Hi all. I have transferred my deposit for our house in Portugal but have hit a hurdle! (surprise!)

I can't get back over to Portugal until October and my sale goes through in July, so obviously I need to pay for it! I can only transfer €5000 a day to my Portuguese lawyer's account (she has POA) through my Portuguese account, so a slow process! 

My money is still in the UK, so my question is: Are there extra taxes to pay if I transfer all the money directly to my lawyer's account, rather than my own Portuguese one? I don't see the difference, as I'm sending it to her anyway, one way or the other but she seemed to think there may be taxes to pay!

I would welcome your views if you have had to deal with anything similar.

BTW, you'll all be delighted to hear, the wind is blowing a hoolie down my chimney, the skies are emptying of that cold wet stuff, you remember it don't you....in mid-June!!!!!! And don't fib, I know it's glorious over there, I've been speaking to my lawyer and bank today!! (who don't have the answer to my question! lol)


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## canoeman (Mar 3, 2011)

There's no extra taxes to pay here, but your UK Bank* will charge* you a fee how much depends on Bank, amount and if you transfer in €'s or £'s you might also have a charge from your or your Lawyers PT Bank again depending on €'s or £'s and whether you've accepted all charges at UK end.

You can bypass the £5000 a day money laundering restrictions by also using phone banking they treat them as totally separate transactions, don't pay extra for "quick" service it doesn't exist with UK banks, what it actually means if the department receives the instructions early enough in day they'll transfer that day not that the money arrives here any quicker.

Personally on a larger amount I would use a Broker, I don't and have never paid a fee to transfer money this way, I have a/cs with 3 but generally use Excel.

Not that I don't trust Lawyers but I would hold money in *my* Portuguese account and only give authority for money for specific agreed payments and a Certified cheque for final payment at Escritura.

POA can be very dangerous if you have given Carte Blanche, they should be worded so only limited power is given not total control.

Remember the rain but we've also had our fair share in Portugal this year, summer is unseasonably late


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## ceolchick (Jun 10, 2013)

Thanks for the info. My lawyer only has POA to deal with the sale, not to use my bank account. So, the certified cheque, would that be made out directly to the vendor?


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## canoeman (Mar 3, 2011)

Yes, or maybe to mortgage lender, your lawyer should be able to tell you, glad to hear she doesn't have full POA. 

You need to see what authority the Bank might need from you to issue, if they have a London branch that might help or they will generally act with faxed instructions not e-mails


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## lynda s (Mar 31, 2013)

Hi there We found the best rate and cheapest transfer was through currency exchange. They can take the money directly from your UK bank and deposit it to your lawyers account.


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## ceolchick (Jun 10, 2013)

Hi Lynda, so, there weren't any taxes or fees to pay if paid directly to lawyers account? We didn't pay any when transferred via broker exchange to our Portuguese account.


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## canoeman (Mar 3, 2011)

There are no taxes or fees providing you transfer money into a/c in €'s and your bank or broker makes no fees, unless the Lawyers makes a different arrangement then the bank make a charge for the certified cheque, as the rate changes you need to overpay slightly to make certain sufficient funds


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## ceolchick (Jun 10, 2013)

Thank you for your help, all taken on board


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