Anti money laundering precautions for ISA savings

saajan_12

https://forums.moneysavingexpert.com/discussion/comment/81873032#Comment_81873032

Hi, in your experience (or others please) do you have to show and use that exact money or if part of the house purchase money was locked in a fixed rate, at the time it was needed, could you use funds from another instant access savings account in you or your partners name?

I would be loathe to take from an ISA (as that is where the house sale funds went as the new house purchase is five years following this sale) and lose interest by accessing it when I have instant access funds sitting separately.

What exact money? You never have to use certain funds over others. Whatever money you do use will need to be evidenced. Eg

• where did the money in the easy access account come from - eg if it was built up from income then the deposits from that income.
• if its in partner's name who isn't buying then they may need to declare its a gift.

Bigphil1474

I think I know what you mean @Lerennie. For me, it didn't matter which funds I used. I had my savings in a savings account which the solicitor checked the source of, but when we purchased, I transferred the money from my savings account to my current account so I could transfer all the money to the solicitor. I could have transferred that money from anywhere into my current account, and I don't see how they would have known.

Lerennie

https://forums.moneysavingexpert.com/discussion/comment/81873116#Comment_81873116

The property sale funds were split between different fixed term accounts, if the money is locked and I have to use other money sitting in an instant access (savings not property sale money) I then have to show where that money came from?

Lerennie

Thank you. The sale proceeds which I was to show ended up there to I'll now need to show the available money and where that came from. It's a headache that I wish the solicitor when I sold my property five years ago had told me about as I was mortgage free, rented a property instead and didn't know when I'd be buying again so divided the funds in a selection of fixed rate accounts and moved about to get the best rate.