Deposit for house providing evidence

Hi Everyone

Right might have to do my question in few parts over the next few weeks

So situation here is the landlord over Christmas, has said he wants his house back (Happy New Year !!). This was completely out of the blue and has totally thrown me, as I was not prepared to take the plunge until the end of this year for a mortgage so totally not prepared. The only positive thing is the leaving date is 6 months but still this is  going to be tight to do the mortgage journey , get keys in my hand and try and get a house before the 6 months is up.

Deposit wise I have saved about £25,000, but it is spread in numerous locations, as a bit of a safety net due to the uncertainty of the financial system over the last 4 years. Money is saved in my bank account (majority of it) and the rest in assets such as gold and silver, which I can prove is my money from the accounts where it is kept. The biggest clanger I did which I am kicking myself now is I also took out a 3 thousand and kept it in a safe in my house as an emergency fund.  The idea was when I was going to go for the mortgage all this money would have been put into my bank over a course of time, but obviously this announcement from my land lord has screwed me up big time especially trying to explaining the reasons I took it out and that it was my money and not money laundering to solicitors etc. Now I can provide statements of the money withdrawals I did but I am afraid it might not wash and fail the application.  So is it worth me starting to put it back over a month or two or asking my parents to provide a gift for the amount then once agreed and house purchased pay parents back the money I had from the emergency fund

Also from experience what do you suggest the different timeline stages to aim for to make sure I have a chance of getting mortgage and possibly a house before the end of June?

That will do for now I will be back with more questions for sure lol

Many thanks in advance


Comments

  • user1977
    user1977 Posts: 13,300
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    edited 6 January at 7:01PM
    I would put the cash back in an account ASAP. It can't do any harm, and once it's been there for a few months then that may be sufficient for anybody doing AML checks. But there are no standard requirements, so if you want to know exactly what your solicitor etc will want to see, you'd need to ask them.
  • mortgageFTB
    mortgageFTB Posts: 235
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    edited 6 January at 7:13PM
    Get it in an account and one account.

    You don’t need to spread 25K over multiple places. The financial system is fine - stop reading garbage online or listening to TikTok idiots.

    Besides, up to 85K is fully backed by FSCS per banking organisation anyway.

    Your solicitors will want to see the purchase of the metal assets and then the sale of such assets to trace the flow of money. Same with the cash.

    Dont over complicate things with accepting funds from your parents. You’re just adding more hastle into the mix.

    3K in cash in your house, is very high risk. Way higher risk than in a FSCS backed bank.

    Deposit the 3K in one go, don’t split it over dribs and drabs. It’s easier to explain “I thought the financial system was going to collapse” vs “I’m now depositing dribs and drabs of cash because I was concerned with how this would look”.

  • OutdoorQueen
    OutdoorQueen Posts: 74
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    Have you checked to ensure your house insurance would cover £3000 in the house?  I think mine is £500 max.   
  • Mr.Generous
    Mr.Generous Posts: 3,262
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    See if the landlord will take cash rent! I would!!

    6 months notice from landlord is about as much as anyone would ever give, sounds a very reasonable person like most landlords. :)
  • user1977
    user1977 Posts: 13,300
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    edited 7 January at 9:51AM
    See if the landlord will take cash rent! I would!!
    Yes, and/or use the cash for your general spending over the next few months, other costs for your house move etc.
  • marcia_
    marcia_ Posts: 1,495
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     Post here for info on your rights as a tenant https://forums.moneysavingexpert.com/categories/house-buying-renting-selling because being given notice doesn't mean you have to leave. 
  • Floopy2009
    Floopy2009 Posts: 43
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    Many thanks all this has really been helpful with info and linke mortgageFTB yeah agree been a bit of an idiot here lesson learnt anyway.

    Mr.Generous You know thats a good idea, dont know why i didnt think of that. Landlord goes through a company though. However i have a seperate account for holiday savings. I could look to put the money into that, than transfer the money across to the rental company account  like i currenty do. So the money i would usually pay from the main account for rent would become the savings to the house now if that makes sense.

    Not sure if that would be an issue though, (as rent is not taking into the equation as that will be your morgage going forward) or would it be a question when applying why there is no rent going out but i could say once i was aware tof he tenancy finishing i looked to pay this hrough a seperate account on a month to month basis due to the uncertainy of when i was actually leaving the propery.

    Thoughts guys ?

    Oh and the lordlord didnt have a choice due to changes in wales 6 months is the min, trust me he would have me out sooner if he could, been an awful landlord to be honest, but i think this is the kick i needed to leave and get my own place.




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