Should I declare this before exchange?

holly_hobby

NewBe wrote: »

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.

Indeed ...

If they are of course from legal sources .......

To be clear, you asked whether you should divulge the 12k cash bank deposit, because you knew (from your relatives experience), it may cause a ML issue (given that you have also previously admitted, you have no proveable audit trail for the cash, but could "come up with a few stories" if questioned), and asked our opinion on whether this could raise its head, as you didn't want to exchange and then have the whole thing collapse on this element.

To which, you'll generally find that getting shirty with peeps responses/questions that don't suit (even when you challenge them under a different user name in the 3rd person), isn't really the most productive way to manage your thread.

Anyhoo, you asked for our thoughts, to which we have provided our experience, opinion and comment - so mission accomplished I'd say.

Hope this helps

Holly x

NewBe

holly_hobby wrote: »

Indeed ...

Anyhoo, you asked for our thoughts, to which we have provided our experience, opinion and comment - so mission accomplished I'd say.

Hope this helps

Holly x

Totally agree, and appreciate all the feedback. I am learning a valuable lesson in financial management and 'record keeping'. Unless people know me personally, there is no way I can change peoples perception on a forum.

I have all the facts, opinions, pro's and con's to make a decision. There is no point in me adding anything further to this thread.

Thank you all.

Best Regards

gazter

neverdespairgirl wrote: »

It doesn't mean it's iffy money, but it can cause a lot of trouble. In my clients' cases, because I do some criminal law, it's tended to be criminal trouble to explain it.
.

Actually, yes it does. Of course its iffy. I always wonder why some well meaning and intelligent people explain away behaviour that is clearly designed to be unlawful/under the radar, because of 'cultural reasons'. Some asian people keep many of their assets as cash for the same reasons many white people do. To avoid tax, to avoid investigation, and to carry out dodgy activities without a trace.

JimmyTheWig

NewBe wrote: »

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?

Yes, of course that is ok.
In which case what doesn't make sense, if you like keeping lots of cash at home, is to pay lots of cash into the bank
It would set alarm bells ringing. You would be asked about it.

There are various legitimate reasons for this. You may have taken £200 a month cash out of your bank account after being paid each month for the last 10 years. Then decided that you had too much cash and so banked half of it.
In which case your bank statements will show these withdrawals and all will be fine.

It comes down to this...

NewBe wrote: »

I have always said that if asked, I can 100% prove its legitimate source

In which case you won't have a problem if they ask about it.
It may take time to prove it and so if they ask you to prove it between exchange and completion you may have a problem with completing on time.
So tell them about it now, give them the 100% proof and there can be no problems, can there? Why not do this?

castle96

Come on Arfa, get it off your chest, you will feel better. Tell us where the dodgy money comes from.....