We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
'Future proofing' paperwork for AML checks
ChasingtheWelshdream
Posts: 929 Forumite
This is a bit of a strange one, but seeing the various threads on AML checks and possible hassle, I am wondering how we can go about ensuring our paperwork is in order for if/when we buy a future property.
We have come into some money through inheritance. Due to the amounts involved, we have split the initial sum across various accounts to make best use of our tax allowances and FSCS protection.
At an unknown point in the future (5 years plus), we may use some towards a house move and I'm wondering what records solicitors will need?
The inheritance trail is clear, but we have then split things up from there to suit. We know where everything is, but having have shifted things around as interest rates and products have changed, it would be a bit of a nightmare to unpick. Where we have transferred between our accounts, we haven't used any meaningful references for instance.
We have our finances on a spreadsheet, but will us 'chopping and changing' cause issues down the line? We will be investing some and keeping some in cash accounts, so there could be a lot of paperwork.
We will be involving an accountant as we both complete self-assessments anyway, so I may be overthinking it. But if there is a correct way to record things as a solicitor would want, I would rather sort it out now, than cause conveyancing issues down the line.
We have come into some money through inheritance. Due to the amounts involved, we have split the initial sum across various accounts to make best use of our tax allowances and FSCS protection.
At an unknown point in the future (5 years plus), we may use some towards a house move and I'm wondering what records solicitors will need?
The inheritance trail is clear, but we have then split things up from there to suit. We know where everything is, but having have shifted things around as interest rates and products have changed, it would be a bit of a nightmare to unpick. Where we have transferred between our accounts, we haven't used any meaningful references for instance.
We have our finances on a spreadsheet, but will us 'chopping and changing' cause issues down the line? We will be investing some and keeping some in cash accounts, so there could be a lot of paperwork.
We will be involving an accountant as we both complete self-assessments anyway, so I may be overthinking it. But if there is a correct way to record things as a solicitor would want, I would rather sort it out now, than cause conveyancing issues down the line.
0
Comments
-
Just keep the statements showing all the transactions. I wouldn't be overly concerned about references.1
-
Thank you. I can't remember the last time I possessed a physical bank statement, so maybe I should download the relevant ones and file away?
We have the initial inheritance payment, it is from there that things get 'bitty'.
I guess what I mean is, say we decided to use £50,000 in a few years, which may have been transferred a few times by that point. How much do we need to 'prove' that it comes from the initial inheritance?
Or, on the same note. Were we to gift a house deposit to our children in future (quite likely), it seems that some conveyancers may want to check where we obtained the money in the first place.
0 -
You prove it by following the funds through the statements.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 349.8K Banking & Borrowing
- 252.6K Reduce Debt & Boost Income
- 453K Spending & Discounts
- 242.8K Work, Benefits & Business
- 619.5K Mortgages, Homes & Bills
- 176.4K Life & Family
- 255.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards