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Cash Purchase help

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  • Smodlet
    Smodlet Posts: 6,976 Forumite
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    borkid wrote: »
    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.

    #26 - One lives in Gibraltar. I guess the OP is between a rock and a hard place.
  • Slinky
    Slinky Posts: 10,049 Forumite
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    It's not as simple as 'taking statements in to the solicitors' and just walking away again. Solicitors seem to work to their own timescale and order of things. We've had to supply bank statements going back six months with every receipt of £1000 or more explained. We gave the solicitors all the details over a month ago. To my certain knowledge they haven't even looked at it yet as that particular box hasn't come up to the right point on their check list.
    Make £2024 in 2024
    Prolific to 29/2/24 £184.97, Chase Interest £11.88, Chase roundup interest £0.18, Chase CB £16.96, Roadkill £1.10, Octopus referral reward £50, Octopoints £6.30 to 31/1/24, Topcashback £4.64, Shopmium £3
    Total £279.03/£2024  13.8%

    Make £2023 in 2023
    Water sewerage refund: £170.62,Topcashback: £243.47, Prolific: to 31/12/23 £975, Haggling: £45, Wombling(Roadkill): £6.04,  Chase CB £149.34, Chase roundup interest £1.35, WeBuyBooks:£8.37, Misc sales: £406.59, Delay repay £22, Amazon refund £3.41, EDF Smart Meter incentive £100, Santander Edge Cashback-Fees: £25.14, Octopus Reward £50, Bank transfer incentives £400
    Total: £2606.33/£2023  128.8%

  • glentoran99
    glentoran99 Posts: 5,821 Forumite
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    seven-day-weekend wrote: »
    ? All I had to do was show them money in my bank account?


    same here, no hassle at all
  • G_M
    G_M Posts: 51,977 Forumite
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    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?
    Errrr... how do we know???

    If you asked your mum to lend you the money, and she agreed, then that's a loan (which you will pay her back).

    If you asked your mum to lend you the money, and she said "No, here it is as a wedding present", then that's a gift (which you won't pay back).

    Only you and she know what it really is, but pretending it is a gift when it is actually a loan is mortgage fraud which is a criminal offence.
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
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    davidmcn wrote: »
    Then your solicitors were being sloppy. What else weren't they doing properly?

    It was money from a house sale and an inheritance,and it was in my bank account. That was all I showed them. They didn't ask how I'd got the money. Does it matter?
    (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
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    G_M wrote: »
    Errrr... how do we know???

    If you asked your mum to lend you the money, and she agreed, then that's a loan (which you will pay her back).

    If you asked your mum to lend you the money, and she said "No, here it is as a wedding present", then that's a gift (which you won't pay back).

    Only you and she know what it really is, but pretending it is a gift when it is actually a loan is mortgage fraud which is a criminal offence.

    It was just a play on words.....

    However mortgage fraud? I am not purchasing the other 50% with a mortgage.

    'Mortgage fraud is a crime in which the intent is to materially misrepresent or omit information on a mortgage loan application in order to obtain a loan or to obtain a larger loan than could have been obtained had the lender or borrower known the truth.'
  • noh
    noh Posts: 5,804 Forumite
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    seven-day-weekend wrote: »
    ? All I had to do was show them money in my bank account?

    For our current sale and purchase we haven't even had to do that.

    ID checks have been done and we have stated that no mortgage is involved and balance of funds is from savings. No bank statements have been requested.
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
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    carefullycautious wrote: »
    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

    We took out a mortgage just before I knew about the inheritance. I'm sure all I had to do was show them the money for the deposit in my bank account.

    Later we bought another property for cash and I'm pretty sure all we had to do was send copies of our bank statements showing the money in it.

    I may just have remembered it wrong though.

    What if it is just your own savings, how can you prove where that has come from, you may have been saving for years!!
    (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
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    seven-day-weekend wrote: »
    What if it is just your own savings, how can you prove where that has come from, you may have been saving for years!!
    The solicitors have to draw a line somewhere, often they will only want to look back say three months (if it's been in your account that long then it's either your money or a tediously long-winded money-laundering plot).
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
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    davidmcn wrote: »
    The solicitors have to draw a line somewhere, often they will only want to look back say three months (if it's been in your account that long then it's either your money or a tediously long-winded money-laundering plot).

    Ah right, that explains why I only had to show them Bank Statements. The money had been there longer than three months :)
    (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
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