Selling possessions for deposit/fees

seeafish

Hello!

I am in the final stages leading up to an exchange of contracts. I have all my deposit and legal/mortgage fees ready, but am missing a couple of grand for the stamp duty (or to think of it another way, I require a total of £XX,XXX for the entire purchase, and am missing a couple thousand pounds).

I have no family to gift me the difference, and can't use my credit card of course. This leaves the option of selling some of my valuables, such as gold and other possessions around the house.

Since the bank and solicitor seemingly treat you like a money laundering drug dealer, I assume I will need to show proof of sale.
Has anyone sold their possessions to raise funds, and if so, what type of proof is necessary?

• Do I need a proof of sale document/contract, if so, any recommended templates?
• Do I need proof of purchase for the item I am selling, proving that I was the owner?

Thanks.

tomatta

seeafish wrote: »

can't use my credit card of course.

Why not? This is allowed

sparky130a

If you're that stretched why are you purchasing?

sparky130a

tomatta wrote: »

Why not? This is allowed

Because it may impact the mortgage offer.

SDLT is payable 30 days after completion. So one (rather desperate ) solution (and subject to the solicitor agreeing ) is to complete and then take out a loan for the SDLT.

Hardly ideal mind.

spidereyes

tomatta wrote: »

Why not? This is allowed

Monies need to be in a solicitors account as cleared funds and credit cards are borrowed money.
Also, credit cards can be chargedback so many reasons why solicitors won't accept

Miss_Samantha

spidereyes wrote: »

Monies need to be in a solicitors account as cleared funds and credit cards are borrowed money.
Also, credit cards can be chargedback so many reasons why solicitors won't accept

Cleared funds means no possibility of chargeback or a cheque that has not completely cleared yet. It has nothing to do with being borrowed money.

seeafish

Sadly my lender won't allow borrowed money, which includes credit card.
I also explored the 30 day SDLT route, but solicitor didn't agree.

But back to the point on selling possessions?

Thanks.

AnotherJoe

seeafish wrote: »

Hello!

I am in the final stages leading up to an exchange of contracts. I have all my deposit and legal/mortgage fees ready, but am missing a couple of grand for the stamp duty (or to think of it another way, I require a total of £XX,XXX for the entire purchase, and am missing a couple thousand pounds).

I have no family to gift me the difference, and can't use my credit card of course. This leaves the option of selling some of my valuables, such as gold and other possessions around the house.

Since the bank and solicitor seemingly treat you like a money laundering drug dealer, I assume I will need to show proof of sale.
Has anyone sold their possessions to raise funds, and if so, what type of proof is necessary?

• Do I need a proof of sale document/contract, if so, any recommended templates?
• Do I need proof of purchase for the item I am selling, proving that I was the owner?

Thanks.

I think your assumption is wrong for such tiny amounts. Its not as if tens of thousands are flowing in.

As to if you need proof of ownership when you are selling, depends what it is and how you sell it. I suppose if its a £10k diamond ring sold to a reputable jeweller, probably. If its a few bits and pieces, a gold ring worth £100 here and a vase worth £50, not so much.

Given you are seemingly going to such desperate lengths are you sure you can afford this? Or are you in too deep to pull out?

You could possibly use your credit card a bit more to raise some money, if you normally do your shopping via debit card or cash that can be done on cc and let you build up a loan that way of a few hundred quid perhaps, nothing extreme. Its all very edgy stuff if you are cutting it this tight.

martindow

I would have thought that selling possessions would not be a problem providing you have receipts to show the source of the cash. But you need the money quickly so have you enough things to take to a pawn show to raise a few thousand Pounds bearing in mind they could offer far less than than you expect.

Fingers crossed that nothing goes wrong in your house in the first few months - you need to build up a cushion by saving as quickly as possible.

davidmcn

seeafish wrote: »

Has anyone sold their possessions to raise funds, and if so, what type of proof is necessary?

• Do I need a proof of sale document/contract, if so, any recommended templates?
• Do I need proof of purchase for the item I am selling, proving that I was the owner?

You'd be best to check with your solicitor whether/what they'd accept, but if you're selling gold, for example, even if you sell it via a recognised dealer how are you going to prove that it was your gold?

The other way of dealing with it is just to cash everything in as early as possible, as your solicitor will only be looking back a certain period of time (three months, say). But I don't know when you're hoping to complete your purchase.

Then again, they might not be bothered about checking the source of funds for SDLT as opposed to the purchase price.

Guest101

seeafish wrote: »

Sadly my lender won't allow borrowed money, which includes credit card.
I also explored the 30 day SDLT route, but solicitor didn't agree.

But back to the point on selling possessions?

Thanks.

You don't pay SD to your lender...