Money found in the loft

guy0wen

A friend of mine has recently moved into an old property that has been vacant for about 6 months and during some insulation works in the loft found a substancial amount of money mainly the old style £10 notes in 2 old coffee tins he found up there. He said there is at least £8,000 if not a bit more.

It has also propted him to lift and inspect under all the floor boards and in all the voids throuhghtout the property incase there is alot more. There could potentially be £1000's more if the old woman has hoarded her life savings for years.

he is going to take the money to the bank and pay it in, as you can still pay in old style bank notes as far as I am aware. The only issue is what are the bank going to say when he turns up with so much old style cash?

There might be questions about money laundering/proceeds of a crime.

Since he bought the house and has completed is he legaly entitled to keep the money as it was left in the house.

I think the old lady who died there (death certificate was in the HIPS) left it up there and did not tell anyone about it.

noh

I would return it to her executors.

I don't know what the legal position is.

Doozergirl

It's really not uncommon for this to happen - I know two families that recently found small fortunes in relative's houses, mostly in old notes. I am sure that every bank has a process for this.

Running_Horse

I believe it would be illegal to keep the money knowing it isn't yours.

g_attrill

I don't think it's as simple as saying "the owner bought everything on the land belonging to the former owner, including hidden piles of money", because it was presumably hidden with the intention of being removed and not sold with the house.

There is probably plenty of case law on this exact situation, so it's worth speaking to a specialist solicitor before making any decisions or telling anybody related to the sale.

cootambear

noh wrote: »

I would return it to her executors.

I don't know what the legal position is.

Is it Ruth Ellis`s house?

cootambear

Seriously, solicitors often keep money that should go to the deceased family all the time because they know no one will find out. Between you and your morality/god.

mlz1413

Get your friend to contact the solicitor/conveyance who dealt the purchase asking what happens if money is found in the house, he doesn't have to say how much as its the princple he needs advising of, but do get the answer in writing.

I know if you throw something away at the tip, then legal title passes to the owners of the tip, but I don't know about cash within purchases.

g_attrill

mlz1413 wrote: »

I know if you throw something away at the tip, then legal title passes to the owners of the tip, but I don't know about cash within purchases.

A more accurate analogy is: You throw away a box of rubbish at the tip but forgot about a pile of money you left in it, you come back later but the men say it is now the waste contractor's property.

mlz1413

Includes throwing away a Ming Vase you always thought was ugly, chest-of-drawer with rotten feet that is actually antique AND all the money stuffed inside the secret drawer.

maninthestreet

If you try to pay in £8,000 in cash to a bank account you can be sure that the bank involved will report the transaction to the relevant authorties as suspected money laundering.