Should I declare this before exchange?

holly_hobby

Of course, thats absolutely fine its normal for your family.

The issue, is when it comes to those bodies we've discussed, is its the source of the asset that they're concerned with .... if legit, then no worries ! If not (given that there are many ways to prove an audit trail) ..... well I don't need to go down that road.

Just let this ride now .. and see where it takes you, worrying won't change or alter the facts, so just see where the music stops and take it from there.

Hope this helps

Holly

NewBe

holly_hobby wrote: »

Of course, thats absolutely fine its normal for your family.

The issue, is when it comes to those bodies we've discussed, is its the source of the asset that they're concerned with .... if legit, then no worries ! If not (given that there are many ways to prove an audit trail) ..... well I don't need to go down that road.

Just let this ride now .. and see where it takes you, worrying won't change or alter the facts, so just see where the music stops and take it from there.

Hope this helps

Holly

That is the issue, it will be my word against theirs. If I had withdrawn 12k a year ago, kept it in the house and then deposited it, I would have an audit trail. Thanks for all your input Holly.

NewBe

Maybe I have just making a mountain out of a molehill !

The solicitor would have verified the required deposit was gathered using my salary and savings. Its just THAT 12k in cash thats worrying me. I think its time I stop going around in circles!

Thank you all for your responses :T

JimmyTheWig

NewBe wrote: »

If I tell the truth - 'I always keep at least 10k in cash around the house. In fact, I also have family gold worth 30k in the house. Its always been like that in my family' - does that sound believable?

I think that could be a reasonable explanation as to why you have at least £10k cash in the house.
That's not a reasonable explanation as to why you deposited £12k cash in the bank over a period of a few months.

After making these deposits, did you have little or no cash in the house? Do you still have little or no cash in the house?
If you had none after the deposits and have £10k now, where has this £10k come from?
If you had none after the deposits and still have none now, this doesn't fit with you always keeping £10k cash in the house.
If you had £10k cash in the house after the deposits then you had £22k cash in the house before the deposits. How had this balance built up, when you normally only keep £10k cash in the house?

You see, what you have said raises more questions than it answers.
If your cash is legitimate then you need to be honest about where it came from. If it is a cultural thing that makes it legitimate, but wouldn't be understood by a solicitor from a different culture, have you got someone of standing in your culture who could back up your claim that what you have done is normal?

NewBe

Jimmy..g

These are the questions which I will be able to answer, if asked.

By the time we have to exchange, I will have 30k in total in my savings/current a/c - only 12k of that is the cash deposits, and I need 16k for the deposit. I am just worried that the 12k in cash will have a negative impact on the rest of my savings. Afterall, explaining a 'cultural' way of managing your money is not easy to explain to a bank who have to follow strict criteria.

Does that make sense?

If I had anything to hide, I would have applied for the mortgage in 3 months time, I am sure the lender/solicitor would have not requested 12 months statements.

JimmyTheWig

NewBe wrote: »

These are the questions which I will be able to answer, if asked.

But you don't want to answer them to us?

I think it might be best to disclose this to your solicitor now. At least then you will know either way and you won't have to worry about it. Better to know it's a no-go now than between exchange and completion.

But it shouldn't be a no-go if you can explain legitimately where the cash came from. It might take some time to have the explanations accepted, but again this is a reason to get it out in the open now rather than later on when time will be more critical.

NewBe

JimmyTheWig wrote: »

But you don't want to answer them to us?

With respect, unless you are an underwriter/solicitor with all my personal details and finances in front of you, my answers/explanation will always be open to interpretation.

This is a moral dilemma, not a deception. I answered all questions truthfully during the application, supplied all employmement/income details requested, supplied all financial information requested. But have not been asked anything further, and told all is okay.

Do I then 'put my foot in it', or just assume both lender/solicitor are satisfied.

onlyroz

Can't you just say that you won it on the gee-gees?

JimmyTheWig

onlyroz wrote: »

Can't you just say that you won it on the gee-gees?

You'd have a receipt for that.

NewBe

onlyroz wrote: »

Can't you just say that you won it on the gee-gees?

Just to brush up on my 'Cultural Learnings Of United Kingdom for make benefit..', what is the 'gee-gees' ???