Cash Purchase - Money Laundering Source of Funds proof

jimjames

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?

amnblog

An ISA is not 'cash', it is an investment

'Cash' is Cash

It has been there some time so the statement should be sufficient

amanda1024

amnblog 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

Even the government calls them cash ISAs: https://www.gov.uk/individual-savings-accounts
I had understood ‘investments’ to be stocks and shares and that sort of thing, rather than savings accounts

born_again

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?

They could ask where the funds came from that were deposited into the ISA came from.
So if you were putting the max £20K (not sure how long this has been the max) they could ask where that came from.

kingstreet

amanda1024 said:

amnblog 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

Even the government calls them cash ISAs: https://www.gov.uk/individual-savings-accounts
I had understood ‘investments’ to be stocks and shares and that sort of thing, rather than savings accounts

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.

Slinky

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.

user1977

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...