Should I declare this before exchange?

JimmyTheWig

holly_hobby wrote: »

I'll have to have a go at that .... !

Oh Holly, your writing style would be spotted a mile away...

holly_hobby

GeekDom wrote: »

Switching from Work/Home laptop can cause this with auto-password manager's :embarasse

???????

But you've posted about yourself in the 3rd person ....

GeekDom wrote: »

I think he/she means that there can be many 'legitimate' sources, and how can somebody prove if it did/didn't come from that source.

Also, if the bank never questioned the source of deposits, how can someone else? The problem would be the lender's interpretation.

I'm afraid guilty as charged cowboy .... ....

Tis all good fun ..... :rotfl:........

Anyhoo, you have the bones now, so hopefully you're aware of the issues and how to manage them.

Holly x

Dave_Ham

Not sure what to add...

Playing the percentages here:

Your nervousness is making me nervous now. You want to exchange/complete the same day, makes a Solicitor nervous/

You have multiple cash deposits into your savings prior to mortgage, which you are openly suggesting you would make up reasons for.

You are using 2 different user names, asking similar questions and generally panicking.

If you have nothing to worry about, then do not worry. If you have something to worry about, then no amount of usernames or reassurance on here can/will stop you worrying.

If your Solicitor has charged you £1,100 for their services, then suggest they knew it was not legitimate in any case..

NewBe

holly_hobby wrote: »

Yep .... if your Sol has requested statements which you've provided, and concluded his ML checks without issue, then you'll be ok.

Whilst I would have something ready if questioned, I personally wouldn't actively raise the issue - you've provided the 6 mths statements he requested,he's happy with them .... job done.

Hope this helps

Holly x

Thanks Holly, yes I do anticipate having to explain this if asked. I would then ask the bank/solicitor 'what do you need?'

I am expecting another credit check by the bank before releasing funds, but in the worse case scenario, would an underwriter also request proof of income and deposit?

Dave_Ham

Add in, worrying about income now.

It just gets better

holly_hobby

JimmyTheWig wrote: »

Oh Holly, your writing style would be spotted a mile away...

I'm afraid to ask J. ......... is that a good or bad thang :eek: ... no don't answer that I'm a delicate soul !!

:rotfl:

H xx

NewBe

Dave_Ham wrote: »

Add in, worrying about income now.

It just gets better

Sorry, I meant would they want a longer period of statementsn than the 6 months asked by solicitor.

P.S. Apologies for having two usernames. Currently switching between work laptop and home laptop - these things can happen

holly_hobby

NewBe wrote: »

Thanks Holly, yes I do anticipate having to explain this if asked. I would then ask the bank/solicitor 'what do you need?'

I am expecting another credit check by the bank before releasing funds, but in the worse case scenario, would an underwriter also request proof of income and deposit?

Its generally the Solicitor whom establishes and confirms source of deposit and performs the ML checks, which should be completed and satisfied before they allow exchange of contracts.

Of course the UWs may also ask for whatever info they deem necessary to complete mge underwriting ..... so its hard to forecast what they may ask in addition to standard verification already provided. If you have your offer (which I guess you must if you're heading towards exchange), and as long as any ad hoc credit checks pre completion, come back unchanged/clean, then UW should be complete.

But it should also be bourne in mind that your mge offer may be withdrawn right up to completion (whether you have exchanged or not), if anything that negatively materially affects the application and terms of offer, is subsequently revealled.

Hope this helps

H xx

NewBe

Thank you all.

In hindsight, maybe I should have gone to a broker and discussed my finances in more detail.

I have absolutely no issues regarding ID, Income, Affordability etc. It was only when the solicitor asked for 6 months of statements, and I thought I might as well gather 12 months worth, that I spotted the cash deposits all falling in between two months - hence the worry!

JimmyTheWig

holly_hobby wrote: »

I'm afraid to ask J. ......... is that a good or bad thang :eek: ... no don't answer that I'm a delicate soul !!

:rotfl:

H xx

Nothing bad, just quite distinctive.
Mainly your use of abbreviations.
For example, I don't think there's anyone else on here who would call me "J".