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Cash Purchase help

13

Comments

  • Smodlet
    Smodlet Posts: 6,976 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Could your parents and sister (in-law?) not take their information to the solicitor and just let them see it, rather than giving it to you?
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.

    ? All I had to do was show them money in my bank account?
    (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
  • Guest101
    Guest101 Posts: 15,764 Forumite
    luvin_the_money wrote: »
    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.

    No probs, but yes that's money laundering regulations for you.


    They don't have to show this to you, just the solicitors, who I can guarantee are not interested in anything on the statement.
  • luvin_the_money
    luvin_the_money Posts: 20 Forumite
    AdrianC wrote: »
    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...?"

    or bend the truth.

    My mom asked me what I would like as a wedding GIFT I said just lend me the money to buy the house and that would be great.

    So the loan is a gift?
  • luvin_the_money
    luvin_the_money Posts: 20 Forumite
    Smodlet wrote: »
    Could your parents and sister (in-law?) not take their information to the solicitor and just let them see it, rather than giving it to you?

    One lives in Gibraltar. I'm sure it will be fine.
  • luvin_the_money
    luvin_the_money Posts: 20 Forumite
    Guest101 wrote: »
    No probs, but yes that's money laundering regulations for you.


    They don't have to show this to you, just the solicitors, who I can guarantee are not interested in anything on the statement.

    That's what I thought. I was always under the impression that cash sales were far easier. Seems to me like a mortgage purchase is less laborious.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    seven-day-weekend wrote: »
    ? All I had to do was show them money in my bank account?
    Then your solicitors were being sloppy. What else weren't they doing properly?
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    luvin_the_money wrote: »
    or bend the truth.

    My mom asked me what I would like as a wedding GIFT I said just lend me the money to buy the house and that would be great.

    So the loan is a gift?

    You can play with the truth but the issues come if there's a mortgage involved as mortgages lenders can and do ask the bearer of the gift to sign a declaration that it is indeed a gift and not a loan.

    I'm curious to know how you managed to get a mortgage for just half a property, is it a shared ownership property by any chance?
  • borkid
    borkid Posts: 2,478 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Car Insurance Carver!
    luvin_the_money wrote: »
    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.
    Couldn't they just deal directly with the solicitor? That way you wouldn't need any of the details although you would in the future to pay back the loan.
  • carefullycautious
    carefullycautious Posts: 2,464 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Seven weekend wasn't your circumstances different in that you did not need a mortgage as you had inherited the money to buy outright?


    Forgive me if I am wrong
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