Looking to deposit money, need advice

theoretica

Rebecca891 said:

Thrugelmir said:

Rebecca891 said:

Flugelhorn said:

that is a problem - why can't you start depositing in the bank? 

I mean i can't deposit it all at once without raising suspicion. I suppose i could deposit it in bit by bit, but that would take eternity, and also i'm not even working so the source of funds when depositing the money might raise eyebrows.

Why didn't you think of this while your Grandmother was still alive? Obtain some documentary evidence. The cash had a source. Wasn't picked off a tree in the back garden.  Property is the longstanding method of legitimising money. Hence the tight money laundering regulations. 

Knowing what i know now, i wish i did put the money in sooner. I'm a first time buyer and im only starting to learn these things now, of course the money has a legitimate non illegal source, but how would i even prove that, since the money has been saved up over decades? 

You probably don't need to show anything about the saved up over decades - the bit you are likely to be expected to show is 'it came from my grandmother'.  If all her other descendents are happy to vouch for it going to you that might be enough.

Thrugelmir

Rebecca891 said:

Thrugelmir said:

Rebecca891 said:

Flugelhorn said:

that is a problem - why can't you start depositing in the bank? 

I mean i can't deposit it all at once without raising suspicion. I suppose i could deposit it in bit by bit, but that would take eternity, and also i'm not even working so the source of funds when depositing the money might raise eyebrows.

Why didn't you think of this while your Grandmother was still alive? Obtain some documentary evidence. The cash had a source. Wasn't picked off a tree in the back garden.  Property is the longstanding method of legitimising money. Hence the tight money laundering regulations. 

of course the money has a legitimate non illegal source, but how would i even prove that, since the money has been saved up over decades? 

Says who?  Did your Nan discuss the finer points of her financial affairs with you. Much of the money would have had to been squirrelled away while you were a child. 

babyblade41

I think you will need a solicitor to sort this out well before ever buying anything with it .

Firstly you need to find out if you are entitled to it & you will have to be honest , so make sure you have a paper trail from your Nan that she wanted you to have it .

Without anything tangible you could have this stuck under the mattress for years to come , you will probably have to prove why your Nan didn't use a bank.

I don't know of any one of mature years keeping this amount of money in the biscuit tin, maybe a few quid for emergencies but not this amount.

Was she hiding anything from any benefit office as this is very weird .

Didn't she have any other offspring ? 

elsien

How do you suggest making sure of a paper trail from someone who has now passed away? That’s why the OP is on here asking in the first place. 

Phantom151

elsien said:

How do you suggest making sure of a paper trail from someone who has now passed away? That’s why the OP is on here asking in the first place. 

There is the nub of the problem. Somehow OP is going to have to explain how an unemployed person has £100k in cash... That is going to be a hard sell.

I wonder if they will have to prove Nan came by the money legally too. Are we sure she wasn't the local dealer?

gingercordial

Do not try to make lots of smaller deposits.  Banking systems will pick that up as it is a common money laundering trick.  That will get you into trouble.

There is no way that you can turn £100,000 cash into a house purchase these days without having a proper conversation with someone at the bank.  You should prepare yourself for this - whatever you can get, death certificate, letters of probate if you applied for it - make an appointment with your bank, and go in to discuss it.  Find out what they will need and follow their instructions.

babyblade41

elsien said:

How do you suggest making sure of a paper trail from someone who has now passed away? That’s why the OP is on here asking in the first place. 

 This is precisely what is needed to prove the late relative meant the OP to receive this money. Now if there isn't anything, there is no proof and  that OP may have just assumed it was theirs . That's why legal advice is needed