BOMAD - proof required?

~shoozy~

Hello all, the bank of mum and dad have offered to give me some money towards my deposit which is entirely unexpected and very kind.

However, it's in cash rather than in a bank account, and mum has said that it might as well be under my bed than under hers. Unfortunately, I'm not joking, she likes to keep a secret stash.



How can I satisfy money laundering regs about where the money came from?

da_rule

You're going to have to speak to your conveyancer and see what they would accept. I've heard of some that will, at an absolute push, accept a statutory declaration detailing the source of the money etc.

Best bet might be to get it paid in to a bank account in your parents name as the bank will also be obliged to carry out a certain amount of screening which may put the conveyancers at ease as well.

BankCustomer

The conveyancers probably just need you to confirm where the money came from eg your parents. I gave my children money for properties relatively recently and I transferred it from my bank to the solicitor in each case and confirmed in writing it was a gift. Could you mother pay it into the bank and then she transfers it to your lawyer ready for exchange and completion? Or could she (not as good) pay it into your account and they you certifiy - all 100% correctly that the money was a gift from your parent?

ThePants999

BankCustomer wrote: »

The conveyancers probably just need you to confirm where the money came from eg your parents. I gave my children money for properties relatively recently and I transferred it from my bank to the solicitor in each case and confirmed in writing it was a gift.

You got lucky. Plenty of posts on here recently from parents asking "why are these solicitors asking for my bloody life history just because I gifted a deposit to my child?"

~shoozy~

The only other thing I was thinking was to not use it for the deposit but to use it for my fees and other costs, would that be allowed?

It's not a huge amount of money, but I get that the amount doesn't really matter.

My folks don't do online banking and the more I try to force the issue the more they'll kick back. I very nearly had them at my door today with the money (half expecting it to be in a blooming pillowcase or something)

ACG

Funny you should raise this thread. I have a case at the minute, 2 solicitors have 2 very different requirements.

One wants bank statements, the other wants a gifted deposit letter and ID.

Check with the Mortgage lenders and solicitors.

~shoozy~

Thanks ACG. That was going to be my next step, I've just had to change lenders and my solicitor emailed to say there would be a different solicitor handling things for me so need to get things progressing then I'll check with them next week.

G_M

Has you mum been making a bit on the side for cash? Doing........ what?

~shoozy~

Haha no not at all! She's just always kept a wee stash aside just in case.

I actually think it's her pension that she calls free money.

martinthebandit

~shoozy~ wrote: »

The only other thing I was thinking was to not use it for the deposit but to use it for my fees and other costs, would that be allowed?

It's not a huge amount of money, but I get that the amount doesn't really matter.

My folks don't do online banking and the more I try to force the issue the more they'll kick back. I very nearly had them at my door today with the money (half expecting it to be in a blooming pillowcase or something)

If it's not a huge amount the simplest way may be to use it for living expenses and let your own income accumulate in the bank.

Maybe buy a safe though instead of keeping it under the mattress

~shoozy~

If and when I get it, it'll be going straight in the bank!



Good idea about using it for living expenses, I might keep it for moving costs etc