We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Why does Marcus by Goldman Sachs want inheritance documentation for opening a 4.90% fixed bond?
Comments
-
In the vast majority of cases, there's nothing to worry about at all. It's all about audit trails. When you sell a house, you'll have plenty of audit trails showing these particulars. For example, the Solicitor's letter confirming payment of the proceeds of the sale of the house, usually listing the specific address of the property sold and the details of the bank account into which the proceeds of the sale were paid.
So, source of funds is clearly straightforward.
In respect of the other things, they are all easily provable through documentation. However, the amounts involved are unlikely to cause any triggers for asking for evidence.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
The irony of this is not lost on me. I struggled last year to provide evidence of "lifetime savings" for a house purchase so money I'd saved up throughout my life was difficult to spend however, had I popped my clogs. The inheritors of my estate would have no trouble spending it because it would be extremely straight forward for them to prove they'd inherited it.
4 -
Was the evidence for the house purchase a financial firm, or was it a legal firm or estate agent?
Financial firms have been doing AML checks for a very long time, and apply the risk-based rules very well on the whole.
However, legal firms and estate agents are new to this, and they seem to have taken the requirements far too literally.
So you wouldn't expect a lender or mortgage broker to ask you to provide evidence of lifetime savings built up. They would ask your occupation and your income, and if you said that you've built it up from your excess income, they would make a judgement call on that. i.e: Is the amount reasonable relative to your earnings
However, legal firms and estate agents are not making judgement calls at the moment.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I would not have thought that was problem. Surely you will have documentation for the sale of the house and the transfer of the proceeds to one of your accounts. Transferring the money in drips and drabs may be more suspicious than transferring it in one go. I would have thought that you will have documentation for the other assets too. US and UK is a tax minefield. I would be more concerned about that.
0 -
I recently had a local firm of solicitors draw up a new Will for me. I was quizzed at some length about my assets and former employment. Perhaps AML was behind that. If they were my executors, I am pretty sure they would want evidence of where my money came from.
0 -
I think the key lesson is to retain all bank statements showing payments into such accounts from your regular income. That was what my solicitor was after recently. I was able to satisfy compliance by pointing out the S&S ISA I was using to fund the purchase had a limited annual allowance, and I could evidence through quarterly statements that the money had been growing rapidly within the regulated ISA wrapper for several years.
0 -
I made a significant gift for a house purchase ( Bank of Mum & Dad scenario) last year, and both the EA and the solicitor were quite relaxed as it was mainly coming from a pension pot. Probably they saw pension money as unlikely to be 'hot money' .
1 -
I was a bit concerned that all my documentation will be from the USA and that I might fall into a "computer says no" scenario because the documents don't comply with some standard UK format.
And so we beat on, boats against the current, borne back ceaselessly into the past.0 -
We have just about moved away from Foolscap now ;)
0 -
Do you have any money in UK banks already? When we knew we were going to have a considerable amount of money coming into an account, we made an appointment in advance and went and spoke to somebody at our bank branch in advance of it happening to advise what was happening and where it would be coming from. It was a few years ago now, but we didn't have any problems when the money arrived.
Make £2026 in 2026
Prolific £231.51, Octopoints £4.60, Tesco Clubcard challenges £38.80, Airtime £10 TCB £225.19, Everup £77.04, Roadkill £1.77, Zopa CB £30, Misc £10.11,
Total £629.02 31%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 70%Make £2023 in 2023 Total: £2606.33 128.8%0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.7K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.3K Work, Benefits & Business
- 605.9K Mortgages, Homes & Bills
- 179K Life & Family
- 263.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards