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Deposit in Cash??
charlesworth82
Posts: 313 Forumite
Hi,
I'm purchasing a property off someone that I know. My questions is - can i pay them the deposit in cash to the owner rather than giving it to my solicitor to pass to their solicitor to pass to them??
I'm purchasing a property off someone that I know. My questions is - can i pay them the deposit in cash to the owner rather than giving it to my solicitor to pass to their solicitor to pass to them??
‘It ain’t over 'til it's over’
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Comments
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Why would you want to do that?The ability of skinny old ladies to carry huge loads is phenomenal. An ant can carry one hundred times its own weight, but there is no known limit to the lifting power of the average tiny eighty-year-old Spanish peasant grandmother.0
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Sounds like a stamp duty saving scheme to me.
Its never worth it.0 -
arent there new laws in place about how much cash can actually be used in a single purchase? I know that we werent allowed to pay cash for our car, nor cash for the deposit on our house - something to do with money laundering. If your friend deposits a huge cash sum into his bank then Im pretty sure the bank is obligated to inform the inland revenue0
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The conveyancing solicitors involved are legally bound to check the identity of the parties and the origin of assets used to purchase the property under money laundering regulations - I seriously doubt that any solicitor would find a cash deposit acceptable bearing in mind their legal obligations to ensure that transactions are legitimate.0
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wigginsmum wrote:Why would you want to do that?
thanks for the responses - no its nothing to do stamp duty (house is 110k). Just buying from my uncle and would be easier to hand it to him than go through the solicitors - was just thinking of saving time (as solicitors love to delay)‘It ain’t over 'til it's over’0 -
The reportable limit at which antimoneylaundering due diligence will kick in is EUR 15,000 or equivalent. I'd be surprised if either set of solicitors will go for it.
Surely the deposit is paid on the day you exchange? What's the point in trying to hand cash over early if the paperwork isn't ready?The ability of skinny old ladies to carry huge loads is phenomenal. An ant can carry one hundred times its own weight, but there is no known limit to the lifting power of the average tiny eighty-year-old Spanish peasant grandmother.0 -
dont have a clue when the deposit is paid - first time ive bought.‘It ain’t over 'til it's over’0
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deposit is 5k - nothing huge‘It ain’t over 'til it's over’0
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