Deposit needs to be in account for 3 months. Is this common practice?

theartfullodger

SmlSave wrote: »

You tend to see things as very black and white marksoton.

You'd have me in chains and flogged :rotfl:

Perhaps, but we do have those fundamental British traditions of decency & fair-play: Eh?

We don't want cheats and crooks in our fair country (or any other, come to that..)

marksoton

SmlSave wrote: »

You tend to see things as very black and white marksoton.

You'd have me in chains and flogged :rotfl:

You want to dice with the mortgage system that's your business.

But don't use the forum to suggest others do so.

SmlSave

If you read Lww's comments, which I have just done again, it sounds very much like the money is a gift.

A gift they have declared.

A gift the family don't want paid back.

A gift that Lww wants to pay back because he/she is considerate and mindful that they don't want a 'handout'. Therefore the confusion of the word 'loan' being used.

So there's the grey area - do the family (the giver) or Lww (the receiver) or random internet users - who actually gets the final say that it's a gift or a loan when the two parties have different ideas?

marksoton

The OP has said it's a loan not a gift.

SmlSave

marksoton wrote: »

The OP has said it's a loan not a gift.

I'm sorry but I disagree. You've picked one word out that you dislike and, in my opinion, failed to actually read Lww's posts in the way they were meant.

But anywhoo, I'm off to bed. It was an interesting chat

marksoton

SmlSave wrote: »

I'm sorry but I disagree. You've picked one word out that you dislike and, in my opinion, failed to actually read Lww's posts in the way they were meant.

But anywhoo, I'm off to bed. It was an interesting chat

Dear me...

AdrianC

Lww wrote: »

My question was that because the solicitor is asking for proof that the amount to be in the account for 3 months, and the loan hasn't been moved into the account yet, will that basically be us falling at the first hurdle?

Lww wrote: »

As there is a paper trail showing funds going straight out of my current account and into savings, surely that is enough evidence to show that we aren't laundering money?

Lww wrote: »

We have been saving the rest for quite a while

The problem I'm facing is that the solicitor has said in a letter that the deposit amount has to be in the account for at least 3 months before completion to adhere to strict money laundering regulations.

Don't get so hung up on "the account" meaning the current account that you're going to be actually doing the transfer from. Your savings are in YOUR savings account, right? And have been for a while?

If so, that's fine. That's what he's asking. Is it in your account, as opposed to somebody else's?

Lww_2

AdrianC wrote: »

Don't get so hung up on "the account" meaning the current account that you're going to be actually doing the transfer from. Your savings are in YOUR savings account, right? And have been for a while?

If so, that's fine. That's what he's asking. Is it in your account, as opposed to somebody else's?

That's correct. The money has come from my current account into savings, from which the deposit will be paid from. It's all in my account. Every penny.

AdrianC

Lww wrote: »

That's correct. The money has come from my current account into savings, from which the deposit will be paid from. It's all in my account. Every penny.

There y'go, then. You can show three months-worth of bank statements showing the money in your account.

lewishardwick

Loans from family members aside, if you have money holed up in isas or other accounts, there shouldn't be an issue. I've had to declare the accounts to the solicitor to show where funds are being sourced from.