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Invasive "buyers survey" from Solicitors
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Flugelhorn wrote: »solicitor asked me about the source of money when buying a property about 8 years. She seemed happy enough when I told her it was drug dealing and gun running .....
Well considering some banks were involved in things like this themselves, I wouldn't be surprised if they actually did agree to lend upon this basis.:pIf freedom is outlawed, only outlaws will have freedom.0 -
No, as above, they'll ask you for evidence that the money transferred to them actually came from that source - it's not enough just to wave a bank balance at them.
Lets say you provide a load of bank statements for M- Main account, with some evidence of historically saving into that account. You supply this to both solicitors.
You make transfers to both solicitors for the purchase price (or equity if buying with a mortgage). In the mean time, near to purchase time, you transfer money into this account from less provable sources. Neither will be any wiser and have no reason to suspect anything dodgy, especially as neither is aware that you are making 2 purchases around the same time.
(Not saying anything is dodgy about any of the money or any transactions, just some may be less easy to prove than others.)I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
You make transfers to both solicitors for the purchase price (or equity if buying with a mortgage). In the mean time, near to purchase time, you transfer money into this account from less provable sources. Neither will be any wiser
They will, because they'll be looking at a continuous record of your transactions for the last x months up to and including the transfer to their account.0 -
They will, because they'll be looking at a continuous record of your transactions for the last x months up to and including the transfer to their account.
They don't. When they take you on as a client, you satisfy them as to the source of funding. Then, when all the legals are near completion, they ask you to transfer funds over.
That is what happened with every purchase we made.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Flugelhorn wrote: »solicitor asked me about the source of money when buying a property about 8 years. She seemed happy enough when I told her it was drug dealing and gun running .....
Actually that would be fine. It's all about keeping records not about passing judgement.
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