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Cash Purchase - Money Laundering Source of Funds proof
jimjames
Posts: 19,264 Forumite
I've seen a few threads about cash purchase previously but none seem to cover what is required for proof of funds. A thread on the investment board with someone needing to prove the source of the savings got me thinking what would be needed by a solicitor if you're buying a house for cash. The money has sat in an ISA for the last 8 years, would that be sufficient proof or would they need to see from beyond that date?
Remember the saying: if it looks too good to be true it almost certainly is.
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Comments
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An ISA is not 'cash', it is an investment
'Cash' is Cash
It has been there some time so the statement should be sufficientI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
Even the government calls them cash ISAs: https://www.gov.uk/individual-savings-accountsamnblog said:An ISA is not 'cash', it is an investment
'Cash' is Cash
It has been there some time so the statement should be sufficient
I had understood ‘investments’ to be stocks and shares and that sort of thing, rather than savings accounts0 -
They could ask where the funds came from that were deposited into the ISA came from.jimjames said:I've seen a few threads about cash purchase previously but none seem to cover what is required for proof of funds. A thread on the investment board with someone needing to prove the source of the savings got me thinking what would be needed by a solicitor if you're buying a house for cash. The money has sat in an ISA for the last 8 years, would that be sufficient proof or would they need to see from beyond that date?
So if you were putting the max £20K (not sure how long this has been the max) they could ask where that came from.Life in the slow lane1 -
Yeah. That's simply to differentiate it from a stocks and shares ISA. It could properly be termed a deposit ISA although that might muddy the waters further in this neck of the woods.amanda1024 said:
Even the government calls them cash ISAs: https://www.gov.uk/individual-savings-accountsamnblog said:An ISA is not 'cash', it is an investment
'Cash' is Cash
It has been there some time so the statement should be sufficient
I had understood ‘investments’ to be stocks and shares and that sort of thing, rather than savings accountsI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
When we bought cash, the solicitors wanted 6 months of statements.Try contacting some solicitors who you may want to use and ask them what proof they require.Make £2026 in 2026
Prolific £177.46, TCB £10.90, Everup £27.79, Roadkill £1.17
Total £217.32 10.7%Make £2025 in 2025 Total £2241.23/£2025 110.7%
Prolific £1062.50, Octopoints £6.64, TCB £492.05, Tesco Clubcard challenges £89.90, Misc Sales £321, Airtime £70, Shopmium £53.06, Everup £106.08, Zopa CB £30, Misc survey £10
Make £2024 in 2024 Total £1410/£2024 70%Make £2023 in 2023 Total: £2606.33/£2023 128.8%1 -
Up to the solicitors, but would be odd for them to be interested in anything even older than you have, often they might just be looking 3 months back.
And no, "cash" doesn't necessarily mean folding stuff! A "cash buyer" for a house is not turning up with a briefcase full of £20 notes...1
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