solicitor wants proof of funds

cyberrich · 9 June 2017 at 11:43PM

A suitcase full of cash? It was an envelope containing £20 notes. £3,500 is not a fortune.

G_M · 9 June 2017 at 11:50PM

Now you are splitting hairs.It's an expression.

Whether it's a suitcase or an envelope does not alter the solicitor's duty!

seven-day-weekend · 10 June 2017 at 9:18AM

When we lived in Spain, we only kept enough in the bank to pay the direct debits with, and kept the rest in the house. The reason for this was that we were on a very small income, and Spanish Banks can raid your account to pay (for example) a tax bill. We wanted control over when we paid these bills.

However, the money arrived in the bank in the usual way, from my husband's Teachers' Pensions. We just drew it out, apart from the dd money and kept it in the house.

I think the OP should be able to show the solicitor the money going through his books, surely that would suffice?

martindow · 10 June 2017 at 10:32AM

cyberrich wrote: »

Anyone would think I was some sort of criminal after reading these replies. I am certainly not operating under the radar as one of you has put it. I've been a registered tax payer since the 1980s. If anything was amiss I would not have been offered a mortgage. after having been put through all the necessary checks with the bank.

Where's the problem then? You will have accounts for your business and can submit your tax return for 2016/17 now if you haven't already done that. For the last couple of months you should have accounts ongoing.

This should reassure your solicitor of the origin of the cash under the mattress. If you use an accountant it may be worth getting them to draw up something to give to your solicitor.

G_M · 10 June 2017 at 2:52PM

martindow wrote: »

....

This should reassure your solicitor of the origin of the cash under the mattress..

OP did not say it was kept under the mattress. It may well have been kept openly on the kitchen window sill for all to see.

AdrianC · 10 June 2017 at 7:17PM

cyberrich wrote: »

Anyone would think I was some sort of criminal after reading these replies.

Which is exactly what the solicitor needs to prove.

I am certainly not operating under the radar as one of you has put it.

Then it will be straightforward to provide your working management accounts to the solicitor.

I've been a registered tax payer since the 1980s.

Which says nothing at all about the proportion of your turnover going through the books.

If anything was amiss I would not have been offered a mortgage. after having been put through all the necessary checks with the bank.

Then you already have all the necessary paperwork available, right?

Clutterfree · 10 June 2017 at 7:29PM

If customers paid you in cash, and all is above board, then you should have the invoices relating to each amount they paid to you.
Just show the solicitor all the invoices that total the £3500 cash you received from them.
I cannot understand why you didn't pay it into your business account in the first place because your accountant will need to see the transactions when doing your books.

MisterP123 · 11 June 2017 at 10:21AM

Chapuys · 11 June 2017 at 11:29AM

Again, this is not personal. The solicitor needs to prove you are not money laundering. Every house buyer goes through the same process, just it is easier to see where some other people's money has come from (work pay into bank accounts usually).

Just submit your invoices, company accounts or back of napkins to the solicitor.

solicitor wants proof of funds

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