Purchasing house with cash

mrschan

We are planning to buy a flat with cash. Money is from our earnings and contribution from parents (from overseas). Just wondering if my parents need to prove their income or if we need any specific evidence for their income.

PasturesNew

If it's cash, then no. You would need to prove where all the money came from though and that you are who you say you are: standard ID protocol and money laundering checks.

westv

mrschan wrote: »

We are planning to buy a flat with cash. Money is from our earnings and contribution from parents (from overseas). Just wondering if my parents need to prove their income or if we need any specific evidence for their income.

No mortgage therefore no need to prove income. All you might need to show the EA perhaps is proof that you are a cash buyer.

Cissi

We're cash buyers too and fully expected to be asked to provide proof of funds before our offer was even accepted. So far we haven't been asked to provide anything at all, and we're potentially only a few days away from exchange (athough more likely at least a week, but for totally unrelated reasons). No idea if this is extremely unusual or fairly common - in any case we're not particularly impressed with the agents so far

superfran_uk

That would be hilarious! Turn up to viewings with a briefcase stuffed with bundles of notes...

G_M

Did that back in 1982. Completed in person in cash at the vendor's solicitor's office.
Saved the (then) £15 CHAPS fee!

Had fun watching the solicitor count it!

PasturesNew

I borrowed £7200 once to buy a mobile home .... I could have got a bank cheque, but I asked for cash just to see how much that much money was.... surprisingly it isn't that much at all.

There is a display of £1million in £5 notes I saw once too - it's tiny!

Edit: Here's £1million in £5s http://farm3.static.flickr.com/2326/2462219520_e714289f3b.jpg?v=0

I'd have expected to have needed a small van to move that much about. In £50s it'd be 1/10th that size (note size variance excepted).

Cissi

This actually did happen to my Mum and Uncle in the 80s when they sold a house they inherited from my grandparents. The buyer and his solicitor marched into their solicitor's office with two briefcases full of cash - Mum says the look on everyone's faces was hilarious! Not to mention later crossing the road to the bank to make their *slight* deposit :rotfl:

G_M

Cissi wrote: »

This actually did happen to my Mum and Uncle in the 80s when they sold a house they inherited from my grandparents. The buyer and his solicitor marched into their solicitor's office with two briefcases full of cash - Mum says the look on everyone's faces was hilarious! Not to mention later crossing the road to the bank to make their *slight* deposit :rotfl:

Think your mum's mis-told the story - I acted for myself so was alone: no solicitor! And only one briefcase!:rotfl::rotfl: