Looking to deposit money, need advice

Rebecca891

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? 

user1977

Rebecca891 said:

user1977 said:

Put it in the bank as soon as you can - your problem isn't going to get any better the longer you leave it, whereas your solicitor may be satisfied with funds having been sitting in your bank account for (say) 3 months.

Why is it in cash anyway? Did your gran just have it stashed away?

Yeh. my gran preferred to do things the old ways, its just how she was used to doing things, i suppose she was just stuck in her ways. She pretty much just had it stashed away, and would always count it and keep it safe. So do solicitors only look at the last 3 months? what if the money was in the account, and it was left there for lets say a year. Would that not still raise any red flags with the solicitor?

There are no standard rules - 3 months is a typical sort of period, some solicitors will want to look back longer.

Yes, the bank might ask questions - just answer the questions! You're not going to lose the money.

[Deleted User]

In theory it would be possible to prove the income. I think the most important thing is to contact someone straight away, the longer you leave it the more dodgy it looks.

Flugelhorn

it still remains difficult - if you were given the money before her death then anyone who was entitled to inherit under intestacy might question you having the money as there is no proof as to when it was given. 

How are you going to fund the purchase with no job? you might spend all this money on a place but then it was cost to live there 

babyblade41

You will find this very hard, if there was no will then your Nan died intestate.  Are you the only living relative ?

I think you will need a solicitor to solve this as I don't think you will be allowed to use this money until all parties have agreed .

Your nan may have saved this over a long period of time so some of the monies may not even be legal tender 

If this was left to you after death then there must be a written request that you received this money , also was your Nan in a home at all so should have paid for her care if financially able to? 

I think you need to put buying a house on hold until a solicitor can see if you are legally allowed to even keep this money first 

Momanns

This is more common than you think, particularly in some cultures where wedding gifts are given as large sums of cash. As someone has posted previously, your first issue is that the notes are likely to be out of date and you likely need to exchange them with the Bank of England. 

The best thing to do is go to a decent sized branch and speak to them. They wouldn't let you deposit if you just walked in with the £100k and no documentation.

Get the will, probate, any other related documents together as your evidence. You might find the bank still trigger an investigation, but if you have nothing to hide then ultimately the money will be yours after a short period of time.

You could deposit in smaller payments (Smurfing) or even over different bank accounts, however given how banks work with AML flags, this would look exactly like money laundering and arouse even more suspicion.

Momanns

Apologies just re-read it through and seen there was no will. You could look to provide things like proof of death, possibly even documentation for her bank to confirm accounts have been closed etc etc. 

Best thing is to speak with someone helpful at the bank, be up front and honest and see what they suggest.

comeandgo

Was your gran receiving any benefits?  This may add another problem.

newsgroupmonkey_

I'd go speak to a solicitor. As above, there are a number of people who might want to contest it.

Phantom151

NO matter what you try, there will be an investigation. The fact that you are not working is going to make things very difficult. I assume benefits of some kind so you are going to have to sort this out sooner rather than later as the DWP will come after you.