paying cash for house purchase

MRBOJANGLE

URGENT!!!!does anyone know if a solicitor is under any obligation as part of
the conveyance, to notify the inland revenue if the purchaser is paying
totally by cash.

Doozergirl

You can't pay in 'notes' cash!

Otherwise, no they need to say where the money is coming from, I've certainly never been asked.

It definately has to come through a bank account though otherwise they won't take the payment because of money laundering. My sols won't take even search fees in cash.

Have you robbed a bank?

BobProperty

mrbojangle wrote: »

URGENT!!!!does anyone know if a solicitor is under any obligation as part of
the conveyance, to notify the inland revenue if the purchaser is paying
totally by cash.

I think he is under an obligation to report it if he thinks it is suspicious, which it is, whatever way you want to call it as it isn't the normal way of doing it. He is under an obligation under the Money Laundering regulations to check out any cash transaction over €15,000 and has various obligations regarding checking identity etc.
Otherwise, I don't see why it's not legal, I just think no one would risk being involved in such a transaction.

Tiger_greeneyes

mrbojangle wrote: »

URGENT!!!!does anyone know if a solicitor is under any obligation as part of
the conveyance, to notify the inland revenue if the purchaser is paying
totally by cash.

Unless you do your own conveyancing (which I wouldn't recommend) then yes, you do need a conveyancer.

Generali

My understanding is that you can pay in fivers if you want to but you may have to justify where the money comes from.

If the same money laundering laws apply to lawyers as to bankers (I think they do) if (s)he suspects you are laundering money and fails to report it then (s)he faces a maximum penalty of an unlimited fine and 14 years in prison.