Buy flat in Cambridge

Hi.  I've just graduated with a 1st class degree and will be doing a masters course at Cambridge University in October (Will be buying into the student flat next month).  I run an online business and made around £170,000 profit over the last 1 - 2 years.  I want to use this cash, which is held in an online virtual bank account, alongside other savings to buy a flat in Cambridge.  Prices for a decent flat start at £250k ish.  I want to know if house prices will drop over the next few months due to a recession and is it worth waiting 3 - 6 months to see what the market is like before buying now when prices might be artificially high?  Also, I need to find a good solicitor who understands the virtual sphere with regards to online transaction i.e. ecommerce.  Do I need to consult with 'high end' firm or will a general high street firm do?  Advice welcome.  Thanks.
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  • SlitherySlithery Forumite
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    hazyjo said:
    Isn't this the third similar thread you've posted about this 🤔 
    Exactly what I was about to post.
    OP, please stick to the one thread as it makes it much easier for anyone to advise you properly.
  • davidmcndavidmcn Forumite
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    hazyjo said:
    Isn't this the third similar thread you've posted about this 🤔 
    And now seems to be converging with the usual theme of one of our other regulars...
  • DCFC79DCFC79 Forumite
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    OP why another thread.
    Why mention " the virtual sphere with regards to online transaction i.e. ecommerce"
    Surely if it just sits in a bank account is all that matters.
  • edited 30 June 2020 at 8:20PM
    RandomSaver1RandomSaver1 Forumite
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    First Post
    edited 30 June 2020 at 8:20PM
    Slithery said:
    hazyjo said:
    Isn't this the third similar thread you've posted about this 🤔 
    Exactly what I was about to post.
    OP, please stick to the one thread as it makes it much easier for anyone to advise you properly.
    DCFC79 said:
    OP why another thread.
    Why mention " the virtual sphere with regards to online transaction i.e. ecommerce"
    Surely if it just sits in a bank account is all that matters.
    Hi - The cash sits in an online money exchange website.  It's not a 'proper' bank in that it doesn't have any brick and mortar stores like a High Street bank.  It is a very popular exchange and is like another 'Paypal' type service and I use it because it gives zero fees when converting USD to GBP (not like a regular high street bank).  It does give users bank statements (and a debit card too) that show all transactions and I wonder if the solicitor will accept this and treat it like a 'normal' bank statement you'd get from a high street bank?  I.e. Will the fact that it is an 'online, virtual' bank make the solicitor doubt the source of funds?

    Thanks.
  • edited 30 June 2020 at 8:37PM
    RandomSaver1RandomSaver1 Forumite
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    First Post
    edited 30 June 2020 at 8:37PM
    Moving forward, should I STOP using this exchange and just have the cash paid directly into my bank account as an international transaction and just pay the relevant fees?  This might give a clearer paper trail for the solicitor as the cash would move from A to C, as opposed to A to B to C which it is doing now (where B = money exchange service). i.e. cut out the middleman. Thanks.
  • RandomSaver1RandomSaver1 Forumite
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    BUMP!! BUMP!!
  • hazyjohazyjo Forumite
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    Mate, you've been advised on two threads now to stick to ONE thread. You really aren't doing yourself any favours by trying to get people to comment (again) on what appears to be 5 threads about similar things. There also appears to be background info on ALL threads which people may need to answer this one.
    2021 wins: noise cancelling headphones
  • MovingForwardsMovingForwards Forumite
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    And now it is clear why the solicitors do not want to act for you in purchasing a property.

    RandomSaver1 said:
    Hi.  I've just graduated with a 1st class degree and will be doing a masters course at Cambridge University in October (Will be buying into the student flat next month).  I run an online business and made around £170,000 profit over the last 1 - 2 years.  I want to use this cash, which is held in an online virtual bank account, alongside other savings to buy a flat in Cambridge.  Prices for a decent flat start at £250k ish.  I want to know if house prices will drop over the next few months due to a recession and is it worth waiting 3 - 6 months to see what the market is like before buying now when prices might be artificially high?  Also, I need to find a good solicitor who understands the virtual sphere with regards to online transaction i.e. ecommerce.  Do I need to consult with 'high end' firm or will a general high street firm do?  Advice welcome.  Thanks.

  • DCFC79DCFC79 Forumite
    40.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    Slithery said:
    hazyjo said:
    Isn't this the third similar thread you've posted about this 🤔 
    Exactly what I was about to post.
    OP, please stick to the one thread as it makes it much easier for anyone to advise you properly.
    DCFC79 said:
    OP why another thread.
    Why mention " the virtual sphere with regards to online transaction i.e. ecommerce"
    Surely if it just sits in a bank account is all that matters.
    Hi - The cash sits in an online money exchange website.  It's not a 'proper' bank in that it doesn't have any brick and mortar stores like a High Street bank.  It is a very popular exchange and is like another 'Paypal' type service and I use it because it gives zero fees when converting USD to GBP (not like a regular high street bank).  It does give users bank statements (and a debit card too) that show all transactions and I wonder if the solicitor will accept this and treat it like a 'normal' bank statement you'd get from a high street bank?  I.e. Will the fact that it is an 'online, virtual' bank make the solicitor doubt the source of funds?

    Thanks.
    1 move it to a standard bank
    2 stick to 1 thread 
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