Should I declare this before exchange?

JimmyTheWig

NewBe wrote: »

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.

You don't have to tell us, obviously.
My concern is that if you don't _want_ to tell us then it suggests that there is something slightly dodgy going on.
It might just be that you don't think it is any of our business, which is fine. Or it might be that you don't want to admit something dodgy to us.

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.

That just means that everything they have seen is ok.
But if they find out about some cash that looks like it has been laundered then things might not be ok.

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

If it was legitimate and easily proveable (e.g. you sold a car or won it, and you had a receipt to say so) then I would say forget about it.
It is was not legitimate then it is outside the scope of this forum to comment on.
It it was legitimate but not easily proveable (as it sounds like you are saying) then I would say tell your solicitor now and get the "not easily proveable" process started so it can all be sorted.

JimmyTheWig

NewBe wrote: »

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

Horses.....

NewBe

JimmyTheWig wrote: »

You don't have to tell us, obviously.
It might just be that you don't think it is any of our business, which is fine.

I think that is a fair estimate.

Or it might be that you don't want to admit something dodgy to us.

Not at all dodgy - why let a bank/solicitor go through your finances if it was.

That just means that everything they have seen is ok.
But if they find out about some cash that looks like it has been laundered then things might not be ok.

I would expect to be asked specific questions, and hopefully my answers will prove I have not done anything wrong.


If it was legitimate and easily proveable (e.g. you sold a car or won it, and you had a receipt to say so) then I would say forget about it.
It is was not legitimate then it is outside the scope of this forum to comment on.

Fair comments, totally agree.

It it was legitimate but not easily proveable (as it sounds like you are saying) then I would say tell your solicitor now and get the "not easily proveable" process started so it can all be sorted.

That is the $12,000 question.

Appreciate your critical views.

NewBe

JimmyTheWig wrote: »

Horses.....

Ha, ha. I think I would rather get done for ML, than risk a hiding from my dad for gambling !!!!

JimmyTheWig

NewBe wrote: »

That is the $12,000 question.

The answer to which comes down to how easily you will be able to explain the cash.
Without knowing the reasons for you having it and banking it, it is impossible for us to help to answer that question.

I would say that if it is legitimate and you are prepared to be completely honest with them from the start (i.e. not like you have been with us in giving us the story in dribs and drabs) then, even if it takes some time, you should be able to explain yourself.
To me, the hassle of that is worth it to remove the worry of it being found later down the line.

castle96

good thread...

come on, tell us what you do/where this money came from.. Even the most frugal of people want to earn a bit of interest these days,, rather than leaving it under the bed,, or if there is no room there because of all the gold, in an old tin in the kitchen.

It's either ligit, or it's not, so....... ?

NewBe

castle96 wrote: »

good thread...

come on, tell us what you do/where this money came from.. Even the most frugal of people want to earn a bit of interest these days,, rather than leaving it under the bed,, or if there is no room there because of all the gold, in an old tin in the kitchen.

It's either ligit, or it's not, so....... ?

Okay...

I have worked with the same company for over 10 years, earn over 35k pa, live with my dad in a mortgage/rent free property, wife and no kids, drive a 30k car (paid by bankers draft).....

Is it okay for me to keep some cash in my home????

Or are the poor banks missing out on some cash reserves?

holly_hobby

OP.....

You have asked how drip feeding 12k cash into an account over a duration of 8 weeks (whilst you apparently constantly keep significant bundles of cash at home, with the source of cash being unrelated to your employed position), would be viewed by the lender/solicitor, and if it would raise any issues - as you think it looks dodgy to the eye

The collective answer is IF the source of the cash is legitimate, then no. If its not legit .. yes.

To which you have said that neither you, nor any other individual, can prove its from legitimate sources ..... which does rather beg the question where it has come, and indeed, continues to come from. I believe it really is nearly impossible not to be able to prove at all where legitimate money comes from (even if its by signed statements from peeps whom have donated, gifted, loaned, the monies to you ... indeed any criminal ML investigation would examine and verify all quoted sources of income).

You want us to reassure you, but won't divulge any info on its true source, save to say having bundles of cash that doesn't have a justifiable source or audit trail, is completely normal in your culture - but in the UK, that explanation simply won't satisfy ML regs or the authorities in any ML investigation - but I think you know that hence the thread in the first place.

You keep saying you're going round in circles ... but this is the reason why ..... you are asking us to comment on something we only being given a snip of (truthfull ?) info, yet you are asking our opinion on how we think a Sol will see the deliberately staggered, untraceable, deposits under ML regs (which to be clear are v serious, and are designed to prevent laudering of money, or illegal movement of money from other countries into the UK). Your worries are based on the fact that a Family member apparently has previously had their own fingers burned in a similar situ - which you want to avoid - and want our help in how to go about it.

Thats what my understanding of your posts amount to.

To repeat, if the significant amounts of cash you regularly hold (in addition to your earned income) are from legitimate sources, you have nothing to worry about - and as Dave H. has stated, if not, no amount of reassuarance from us (based on scant info) is going to change any repercussions that may arise as a result of illegal activity.

I must admit (and I do apologise in advance for any offence) but as the posts have mounted up, this is now really starting to have a distinct whiff for me ...... :whistle:

So, I'll take my leave and bow out on this one ....

Best wishes

Holly x

castle96

so are you paid PAYE into a bank, withdraw cash and then keep it at home ? (In that case you have an audit trail, and no problem).

The only other option is that your £35k is from self employment, cash deals, not declared to HMRC, and you are avoiding tax.

Must be one or the other (or a combination). You can't have it both ways.

Answer is ?????????

NewBe

This thread was never intended to be about whether you think this money is legit - I have always said that if asked, I can 100% prove its legitimate source - however I do it, do I really need to break it down on a public forum and attach the evidence?

I have already completed and passed their ML regulations.

I was struggling with the concious decision if I should tell my solicitor and risk upsetting/questioning the lender as the solicitor has a duty to report it.

Whether I keep 10k under my bed, and gold in a tin is my business.

Thank you for all your thoughts. Its something I will have to consider for the next few days.