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Cash Purchase help

24

Comments

  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    G_M wrote: »
    The source issue is to stop pimps and drug traffickers from laundering money via property. Pretty pointless considering all the off-shore companies owned by Russian !!!!! who buy £m properties in London......
    ITWYW is "oligarchs". Their money is demonstrably legitimate, wrt money laundering, right back to the time it was first obtained by buying shares very, very, VERY cheaply from those who'd been given them by their employers. The way in which they did that is another question entirely.
  • luvin_the_money
    luvin_the_money Posts: 20 Forumite
    Guest101 wrote: »
    As long as there is no mortgage it is irrelevant.


    BUT I'm assuming the 50% you currently own is subject to a mortgage?

    Yes the other 50% is mortgaged
  • Guest101
    Guest101 Posts: 15,764 Forumite
    luvin_the_money wrote: »
    Yes the other 50% is mortgaged



    Well that was important to answer a while back... So yes it must all be declared as a gift.
  • luvin_the_money
    luvin_the_money Posts: 20 Forumite
    Guest101 wrote: »
    Well that was important to answer a while back... So yes it must all be declared as a gift.

    OK thanks, I have just got married 6th of August so I can probably just state wedding gift.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 30 September 2016 at 2:40PM
    luvin_the_money wrote: »
    OK thanks, I have just got married 6th of August so I can probably just state wedding gift.


    Doesn't answer the question that's being asked. What's required is proof.

    To be honest. This information is very easily available. Anybody that does this on a regular basis will soon become uneasy and suspicious. Just so very obvious when people are trying to avoid the issue.
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Just get them to put it into your account before you start the proceedings, then you can just say it's your own funds from savings, wedding gifts etc.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • luvin_the_money
    luvin_the_money Posts: 20 Forumite
    seven-day-weekend wrote: »
    Just get them to put it into your account before you start the proceedings, then you can just say it's your own funds from savings, wedding gifts etc.

    I wish it was this simple.... I have just spoken to the solicitor and they need to evidence where every penny has come from.
  • Guest101
    Guest101 Posts: 15,764 Forumite
    luvin_the_money wrote: »
    I wish it was this simple.... I have just spoken to the solicitor and they need to evidence where every penny has come from.



    Yes in particular as they are representing the mortgage lender, though money laundering regulations require checks all the same.


    I don't understand why this is so difficult?
  • luvin_the_money
    luvin_the_money Posts: 20 Forumite
    Guest101 wrote: »
    Yes in particular as they are representing the mortgage lender, though money laundering regulations require checks all the same.


    I don't understand why this is so difficult?

    Its not difficult, but now i have to ask 2 parents and a sister for their bank details.

    I just wanted to know whether it's best as a gift or a loan and you have answered this so thank you.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    Obviously, it would be better as a gift - because it'd be much better not to have to repay £24k...

    But if you meant "Is it better if I tell the truth or lie...?"
This discussion has been closed.
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