Can I use part cash payment towards deposit?

marksoton

missvp wrote: »

Where so I stand RE extended family (uncle) gifting me the additional money?

In exactly the same place as any other gifted money.

As long as the solicitor and lender can satisfy themselves they're happy with the source all is good.

davidmcn

AdrianC wrote: »

How long ago was that? Money laundering requirements are constantly being strengthened - for obvious reasons.

Yes, the general view of solicitors used to be that they only had to be worried about clients literally coming in to the office with a bag full of cash, and as long as the clients paid it into their own bank first that was enough. Now we're (meant to be) a bit more savvy about money laundering methods.

Still, you could be lucky enough to find a solicitor who is sloppy about these things.

mleach101

davidmcn wrote: »

Yes, the general view of solicitors used to be that they only had to be worried about clients literally coming in to the office with a bag full of cash, and as long as the clients paid it into their own bank first that was enough. Now we're (meant to be) a bit more savvy about money laundering methods.

Still, you could be lucky enough to find a solicitor who is sloppy about these things.

If they were sloppy about money laundering, you'd question what their other approaches to legal matter might be like wouldn't you?

missvp

marksoton wrote: »

In exactly the same place as any other gifted money.

As long as the solicitor and lender can satisfy themselves they're happy with the source all is good.

So with relevant paperwork and bank statements in place it is likely to be an acceptable gift towards the deposit? I only ask because I read some lenders are unhappy to accept gifts towards deposits aside from immediate family. Clearly I'll clarify with my own solicitor and lender Monday but it's good to have some understanding.

Thanks all who have posted.

theartfullodger

SimpleLife wrote: »

....Many elderly people don't view banks the way we do....

What, a bunch of tax-cheating skivers only interested in their bonuses and not caring for their customers or our fair country, as many younger persons opine??

xylophone

It is by no means unknown for people (often elderly people) to keep large amounts of cash - possibly this is one reason why they are targeted by "meter readers" who use access to the house to ferret about...

Your father could explain the situation to his bank?

Incidentally, if he has been stashing the money away for years, are all the notes still legal tender?

seven-day-weekend

We had nearly 6 grand in cash savings at one time. This was just saved up over a few years, we just never got round to putting it in the bank. Nothing dodgy about it at all.

We spent it on home improvements instead of putting it on the credit card.