DVC Resale From the UK!!!

rob191186

Earning My Ears
Joined
Jul 1, 2020
Hi All,
New to the forum so apologies if this has been mentioned before.

I have had an offer accepted from Fidelity on a resale contract for SSR. Contracts have been sent through to me to sign etc

1) Firstly They are advising to use First American, I have read some bad reviews and have heard Mason are better? Fidelity have said I can switch to Mason if I want to.

2) with being from the UK I am obviously sceptical about sending such a large payment to a company in the US. Can we pay on UK credit card? I have read conflicting posts of only being able to pay deposit on credit card, and having to wire transfer the other remaining 90% balance? Ideally I would like to pay the whole balance on UK credit card. Does anyone from the UK have experience of this and does it depend on what title company you use?

thank you for taking the time to read this if you do and I would appreciate any responses from U.K buyers.
 

Becky19

Earning My Ears
Joined
Mar 29, 2020
Hi, I'm from the UK & just closed on my first resale contract a couple of weeks ago. Can't help with the title company I'm afraid as we used Magic Vacation Title and were very happy with them.

You can't pay the whole amount on credit card. We asked what the maximum amount we'd be able to put on credit card for the deposit and it was $2000. We were charged a $45 credit card fee for this. Sending the remaining funds wasn't as straightforward as I thought it would be, as the title company could only accept a wire transfer and not an ACH - most places I initially looked at like Revolut & Transferwise used ACH. We used Travelex Wire in the end.
 

rob191186

Earning My Ears
Joined
Jul 1, 2020
Hi Becky,

thank you for your response.

Oh really?! I thought wire transfer was acceptable as I know a Uk couple who used XE Exchange. Maybe it is dependant on the title company you use?

Did you seek any advice from a UK solicitor or did you just trust the broker you used?

thank you!
 

Becky19

Earning My Ears
Joined
Mar 29, 2020
Hi Becky,

thank you for your response.

Oh really?! I thought wire transfer was acceptable as I know a Uk couple who used XE Exchange. Maybe it is dependant on the title company you use?

Did you seek any advice from a UK solicitor or did you just trust the broker you used?

thank you!
No problem :)

Yep wire transfer was fine, I just had an issue finding somewhere which would do a wire transfer & not an ACH payment.

No I didn't consult a solicitor, just asked the broker/title company lots of questions and got advice off here. If you go with one of the well known ones I'm sure you will be fine. Congrats on getting your offer accepted btw! We also bought at SSR.
 

JPKnapp

Mouseketeer
Joined
Jan 27, 2014
UK resale closer here as well (March). It was more difficult than I was hoping as well, but with enough effort we made it happen. Just needed to find a place that did a transfer that Magic Vaca Title would accept. They had pretty clear transfer instructions.
 

rob191186

Earning My Ears
Joined
Jul 1, 2020
Hi.

thankyou for your message.It does like it’s a big hassle finding a method to send the remaining funds! Hopefully Mason are a bit easier. I’m debating now whether I’ve done the right thing haha
 

Bob2020

Earning My Ears
Joined
Jul 2, 2020
Hi,
We have just closed on a 240 point at SSR and used Magic Vacation Title, they are a bit restrictive on how they will accept the final funds. I asked if I could use XE transfer account and they said no, would only accept a bank wire transfer. So I sent it via NatWest, just to be on the safe side I sent a small " test " payment first and when they confirmed receipt I sent the rest, unfortunately the rest was above NatWest foreign transfer daily limit of £10,000 so had to split it into 2. Did it all online and it was very easy and smooth, but NW did charge a 2.5% currency conversion fee and *** charged 45 dollars per transfer, but I felt happier to do it that way and pay for the feeling of safety.

Just waiting for the deed to be registered and my dvc account set up.
 

rob191186

Earning My Ears
Joined
Jul 1, 2020
Hi!
Yes I bank with FD and have looked into that also. Looks like similar fees to you. Thank you for your reply.
 

macman123

DIS Veteran
DVC Gold
Joined
Mar 12, 2020
Hello from the Uk too.

I have:

200 resale contract BLT through DVCbyResale
200 resale contract BLT through DVCResaleMarket
155 direct contract BLT

You can pay your deposit on card generally but that is up to 10% or $2000/$2500. The balance will be by wire.

Yes, you can use Mason title if the broker has an option. DVC Resale Market contract was with ***. DVDResaleMarket contract was with Mason, I picked these, although higher fees.

I sent a wire transfer for the balance. I didn't worry about it.
 

holyrita

Mouseketeer
Joined
Feb 12, 2020
FWIW, I passed ROFR 2.5 weeks ago and still have not received closing docs from First American. Others who passed on the same day as us, who chose Mason, have posted in the Closing Time thread they received their closing docs within 1 week (or less). I'm not sure what the fee difference is between the two, but First American is slow.
 

holyrita

Mouseketeer
Joined
Feb 12, 2020
I think it was about $100.

I went with Mason because of the reviews on here.
This could just be the 50 day ROFR wait talking, but $100 seems minimal at this point. Then again, who would've thought this process would take this long when we started 2.5 months ago.
 

ocdb8r1

Earning My Ears
Joined
Dec 20, 2010
FYI - I use Revolut regularly and every transfer I have ever made over $6000 (from my EU account) has processed as a wire transfer. I actually spoke to them about this as this results in an inbound wire transfer fee on my side and they indicated their payment processor decides when to use ACH and when to use Wire Transfer and that they don't have a specific amount that will trigger one or the other, but that it's generally somewhere between $5000-$6000.
 

rob191186

Earning My Ears
Joined
Jul 1, 2020
FYI - I use Revolut regularly and every transfer I have ever made over $6000 (from my EU account) has processed as a wire transfer. I actually spoke to them about this as this results in an inbound wire transfer fee on my side and they indicated their payment processor decides when to use ACH and when to use Wire Transfer and that they don't have a specific amount that will trigger one or the other, but that it's generally somewhere between $5000-$6000.
Thank you for the advice. I may look into revolut then if that is an option with Mason. The amount I will need to be sending is roughly $8000. I have a revolut account and use this for when I travel abroad from the UK.
 

macman123

DIS Veteran
DVC Gold
Joined
Mar 12, 2020
I had money in US stocks so sold some of those and had an account with HSBC for US$. So I didn't 'lose' anything on conversion.
 

BrerRemus

Earning My Ears
DVC Gold
Joined
Apr 15, 2019
We used Jeffrey Sweet really efficient and easy. We also used transfer wise, excellent service too.
 

Jaguar Skills

Mouseketeer
Joined
Apr 13, 2020
Thank you for the advice. I may look into revolut then if that is an option with Mason. The amount I will need to be sending is roughly $8000. I have a revolut account and use this for when I travel abroad from the UK.
I’m pretty sure the maximum you can transfer with Revolut (the free version) is £5,000.

We have just bought SSR also and are UK based. Our title company is TRCS (I think that’s what they are called). They have said transferwise is fine for us.
 

rob191186

Earning My Ears
Joined
Jul 1, 2020
I wonder if a travel credit card would work for final payment? I have a Santander Zero Credit Card that is 0% fees on international transactions and purchase. Technically this could act like a US credit card and be used?
 

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