Selling house privately - can I 'just' accept a bank transfer?

KimAlexa18989

We are wanting to sell our home to our friend but are happy to do this privately, without the help of a conveyancer. She has searches and a survey completed. Our friend has the funds in her bank account, accrued from savings, salary and some premium bonds. Is it just as simple as accepting the cash from her via a bank transfer and changing the deeds of the house?

The only reason is, we are wanting a quick sale and she is happy with the property. We thought it would save us both cash if we could do this privately. Would it cause us issues when buying a new house, if we were able to sell it privately? I.e., would we have sufficient proof of where our house sale money has come from? I know it's probably safer to use a conveyancer but just wondering what the art of the possible is?

Thank you. 

theartfullodger

This is where? Northern Ireland, Wales etc etc etc ??? Assuming England...

Any mortgage?

Have you ALWAYS lived in the property since you bought it? 

Who is "we"?  Who is currently named on deeds as owner?

Who is updating the land registry? Do we take it there will be no contract documentation?

Do you understand the risks & benefits (? benefits ? ) of doing what you plan?

See...

https://www.citizensadvice.org.uk/housing/moving-and-improving-your-home/selling-a-home/

diystarter7

Hi

if there are no lenders and freehold property it is easy to get the papers sorted.
When we gifted an apartment we did the papers ourselves but had to use a solcitor
for veifications


Re the money - when you get the money, the eltroic trail would be the deeds/tilte of the property you sold and bank may look into that and that of where your mate got their money.  

I'm not sure where you are so the property could be worth 30k or millions

Caution is strongly advised. Not saying this will happen but you need a solicitor to ensure that you dont sign over the house to matey and matey does not transfer the cash or to the wrong place.

The transaction we took ie the gift, involved no monies.

good luck

KimAlexa18989

Sorry theartfullodger, very new to this so please excuse me. I thought I had replied to you but it seems to have vanished.

This is in England.
No mortgage on our current home as we have paid it off but we would use cash from this house sale plus a small mortgage on a new house.
We have always lived in the property since taking ownership, yes and it is our names on the deed
We means me and my partner
We would update the land registry
Do understand the risks associated with this and have read the linked article before posting this. Just wondered the art of the possible before considering something that is impossible.

Thank you for your help It is much appreciated. 

diystarter7

"Taking ownership"

Was it gifted/inherited and if so you may need to deal with tax implications.
The lender will need paying at the same time
Thnaks

KimAlexa18989

Hi diystarter7. Thank you that's really helpful.

We are in England and house is valued/had offer of £180k.

So technically speaking, and of course including the risks, as long as she can prove where the £180k is coming from on her side, we 'could' accept a bank transfer.

Not suggesting that this is the route we will definitely take, just trying to get a view on all options, and of course their risks.

KimAlexa18989

Sorry, we bought the house, this was our first house.

diystarter7

KimAlexa18989 said:

Hi diystarter7. Thank you that's really helpful.

We are in England and house is valued/had offer of £180k.

So technically speaking, and of course including the risks, as long as she can prove where the £180k is coming from on her side, we 'could' accept a bank transfer.

Not suggesting that this is the route we will definitely take, just trying to get a view on all options, and of course their risks.

Hi

No worries but I strongly recommend you use a solicitor as there are many, many possibilities of things going badly wrong. I am sure they won't but to ensure this 100% use a decent solicitor, ie one that is local and well established and has experience of dealing with buying and selling property.

Solictor will be the best to advise and not sure how you would deal with the lenders but you will need to pay them before completed
Thnaks

Hedgepigs

No mortgage on our current home as we have paid it off but we would use cash from this house sale plus a small mortgage on a new house.

I don't know, but I can imagine your new mortgage lender potentially being a bit prickly about source of funds for the deposit on your onward purchase. Are you buying and selling at the same time? 

user1977

I expect the main issue would be the money-laundering one if you don't get sufficient detail of the source of your buyer's funds. Solicitors will generally be happy to assume that other solicitors checked this out, but if no relevant professionals were involved then how do you know where your buyer got their money?

How soon before you buy? If the money has been in your account long enough, this should be less of an issue - but solicitors vary in how far back they want to check.

diystarter7

Money laundering will be dealt with by the banks. The "proof" of where the money came from will be your mate and if mate may also get a problem is they start uploading cash into it


Banks are hot on money laundering and do close/freeze accounts wrongly at times so be aware of the risks of getting you monies

OP

This may help

https://www.propertyinvestmentsuk.co.uk/diy-conveyancing/  (Read at your own risk and investigate further(

Thnaks