Solicitor asking for excessive proof of savings

m0bov

I would be onto the senior partner first thing Monday morning. This should have been done at the start of the process. I think your sol got pulled up on it.

getmore4less

The stupid thing with the money launder regs is by the time the money is in the main banks is should already be clear(money laundered checked) funds.

The place where any money laundering could have happened is the equity in the mortgage free house, not the cash in the bank.

You could have easily just got a mortgage and used that cash to overpay, no one would check(same money they are checking now).

just like you could have done last time to create the big wedge of equity

Are they checking that?.

GrumpyDil

getmore4less wrote: »

You could have easily just got a mortgage and used that cash to overpay, no one would check(same money they are checking now).

just like you could have done last time to create the big wedge of equity

Are they checking that?.

Probably best not to suggest that to the conveyancers. 😀

Op I can see some suggestions that you speak to your solicitor but can see your mention a reference to a team leader. Did you by any chance use an online conveyancing factory as that might explain why this was one to last minute.

silvercar

getmore4less wrote: »

The stupid thing with the money launder regs is by the time the money is in the main banks is should already be clear(money laundered checked) funds.

The place where any money laundering could have happened is the equity in the mortgage free house, not the cash in the bank.

You could have easily just got a mortgage and used that cash to overpay, no one would check(same money they are checking now).

just like you could have done last time to create the big wedge of equity

Are they checking that?.

So true!

Very easy for someone to pay an extra few hundred pounds each month straight into their mortgage account. No one would look at thee size of the equity/ smallness of the mortgage when you come to sell.

ThemeOne

I would make an official complaint to the senior partner.

I understand it's up to the practice how they choose to discharge their obligations under money laundering regulations, but to suddenly request this at the last minute seems completely unacceptable.

Meanwhile I've little doubt people who really are money laundering get away with it all the time.

Cakeguts

silvercar wrote: »

Depends on the area where you live. I'm just outside London and, provided you are prepared to hold onto your home for a few years, looking back house prices have only moved one way.

We have some very decent state schools, including a top achieving grammar school within commuting distance and a few good private schools.

You don't find top private schools in cheap areas, so the combination of cheapest houses and private schools isn't going to work.

Depends where you live and the quality of the public transport. When I was a child I went to what is now a private school that was 10 miles away from where we lived on the bus.

Freecall

silvercar wrote: »

The value in your house remains, whereas the money spent on education cannot be recovered.

or...

The value of an education remains, whereas the money spent on a home cannot be recovered.



Probably says something about one's attitude to life.

silvercar

Freecall wrote: »

or...

The value of an education remains, whereas the money spent on a home cannot be recovered.

We are talking about spending on your home in order to live in a decent area and educate your offspring at very decent state schools. The money spent on a home is then recovered when you sell up.

Looks to me like a win, win; unless what you have to go without in order to afford the home is too great. (Though the same can be said of school fees.)

Cakeguts

silvercar wrote: »

We are talking about spending on your home in order to live in a decent area and educate your offspring at very decent state schools. The money spent on a home is then recovered when you sell up.

Looks to me like a win, win; unless what you have to go without in order to afford the home is too great. (Though the same can be said of school fees.)

If you move house to a different area in order to send your child to the local school that you think is better you are still buying a school place. The only difference is that the money goes into the house and not the school. Someone who buys a more expensive house in a "better" area to send their child to a local school that is also "better" is buying education. There is no difference between them and the person who buys private education. A low income family will not get to have either of these options except that a private school might offer a scholarship.

Thrugelmir

getmore4less wrote: »

You could have easily just got a mortgage and used that cash to overpay, no one would check(same money they are checking now).

From a different direction. They might be questions as to where the cash originated from.