HELP! Advice needed re partner's deposit cash dilemma

persontypething

Hi chaps- would appreciate a bit of advice here. We have finally been to the solicitor's to sign the deeds and hope to complete on our first house in 2 1/2 weeks....

However, upon getting the deposit money ready to present, it transpired my dear partner has actually taken out his whole part of the funds (c £10,000) out of his bank account in bits over the last year or so, and has been storing the cash in his flat for some time!!

Now of course, he has realised they will not accept cash, but he is very worried about trying to put it back into the bank, as when he came back to England after living in South Africa for many years, he was pretty much keelhauled by the anti-fraud people over every penny (it was all legit of course, but we cannot afford to be investigated for two weeks)

All the money has come legitamately from earnings and disability benefits in two current accounts, but he feels even if he shows bank statements which show withdrawals the bank may still be extremely suspicious.
Anyone have any ideas how we should approach talking to the bank- do you think they will accept his story or can you give us any advice.
He is pretty savvy generally, but didn't quite want to tell me why he did it this way- I just hope we can resolve things as soon as possible.
THANKS!

safesound

Strange that your solicitor wont accept cash, mine specifically asked for it (time was of the essense, dont ask). Have you actually asked them? Maybe they havent got facilities to securely store that kind of cash. Can you not put it in your account and write a cheque for the full amount? I'm pretty sure if you deposit/withdraw over £3000 the bank has a legal obligation to notify the appropriate authorities to investigate it, so maybe that wouldnt work.
Sheesh, this is a hard one. What about going and speaking to an accountant, if they cant find a way around it no-one can.

Bossyboots

safesound wrote:

Strange that your solicitor wont accept cash, mine specifically asked for it (time was of the essense, dont ask). Have you actually asked them? Maybe they havent got facilities to securely store that kind of cash. Can you not put it in your account and write a cheque for the full amount? I'm pretty sure if you deposit/withdraw over £3000 the bank has a legal obligation to notify the appropriate authorities to investigate it, so maybe that wouldnt work.
Sheesh, this is a hard one. What about going and speaking to an accountant, if they cant find a way around it no-one can.

The difference is that you were asked for it whereas the OP and her partner will be suggesting it.

Unfortunately this will lead to the solicitor having to make an immediate report in relation to money laundering as this scenario is one of the classics and with the previous history, this purchase is going to go out the window. Likewise the bank, they will become suspicious and have a duty to report it.

I can't think of any way out of this unfortunately.

I have to admit to a degree of sceptism myself over this story.

persontypething

Bossyboots wrote:

The difference is that you were asked for it whereas the OP and her partner will be suggesting it.

Unfortunately this will lead to the solicitor having to make an immediate report in relation to money laundering as this scenario is one of the classics and with the previous history, this purchase is going to go out the window. Likewise the bank, they will become suspicious and have a duty to report it.

I can't think of any way out of this unfortunately.

I have to admit to a degree of sceptism myself over this story.

I was a bit taken about to read your harsh words, Bossyboots- it seemed as if you do not believe my story, as well as already condemning us to imminent homelessness.
unfortunately, the story is true and legitimate- my partner is totally blind ans has lived most of his adult life in South Africa--- i don't know why but he must have got some strange ideas into his head.

Please just remember that we are two people eager to make a start together and have faced a very rocky road this year after a personal tragedy and several setbacks. i just hoped for a couple of positive suggestions, rather than condemnation and not being believed. Don't mean to cause personal offence, but I did find your words a little unfair.

Murtle

Is there a family member that can "lend" you the money as a deposit, that your partner can give the money back to and they can pay it into their account. (hope this makes sense?! if not shout and I'll try to explain better! If you are asked where the money came from then it can be a present. Or split the money between the two of you? do you have an overdraft you can use to provide the money for the mortgage - as in the money is coming from seperate accounts!!

Good luck and keep asking questions, there must be a way to get the money to the right people!! Even suggesting some of the money needs to be in cash, might work.

GDB2222

You don't have much choice really. Pay it into bank account, then ask bank to send a transfer to your solicitors. Or give it to your solicitor direct. Bound to have the same effect, ie mandatory reference to the NCIS. I don't think they have any obligation to freeze the money unless NCIS tell them to. So, the chances are your house purchase will go ahead, but you may have to answer some questions later.

I don't think that what anyone on this board thinks matters at all. It's NCIS you will have to convince. Apart from that, bear in mind that buying a house with someone else is a big deal. So, you need to ponder this development a bit. Above all, YOU need to be convinced that your partner is completely genuine, ie he is being honest with you. Your partner has acted very oddly, and you really need to understand his reasons a bit more.

JanCee

The only thing I could suggest to you is to make an appointment to see someone in authority at the bank. Take along the bank statements to back up your story and explain truthfully what has happened. People pay in large amounts of cash into their accounts every day and as long as you can satisfy them that it has nothing to do with money laundering you should be ok.

I would not recommend asking a relative or friend to pay the money into their account as you could cause them to be reported for money laundering.

persontypething

Thanks everyone- as JanCee says- we do have all the bank statements so can at leat provide evidence of all withdrawals- I'm really hoping the bank will be a bit understanding...A my Dad said " Any man has a right to keep his money under his bed if he likes, even if it is a pretty foolish thing to do." My folks are able to back us in case things got really desperate- I do have some investment income from a business and we could sort something out. Just hoping it all works out- feel a tiny bit more reassured now. (asked my chap- he honestly said he didn't know how long it would be before he could buy a house, but was determined to do so sooner or later, and felt that locking away the cash in a safe at home would ensure he wouldn't be tempted to spend it or use it for any other purpose.). He really is a wonderful and honest guy and I have absolutely no reason to mistrust him on this issue. Will let you know how it all goes...Fingers Crossed!

Dutchgirl_2

I hope this doesn't make thing more confusing.

My solicitor's letters all specifically said that they didn't accept cash according to recent money laundering regulations. I'm not sure if this is the case for all solicitors, but I guess it's worth asking. You can transfer the money through a CHAPS payment at the bank (could this be done through a cash deposit first, perhaps?), which is very quick, but quite expensive. I did this for reasons of security, speed and peace of mind. You can also send a cheque or banker's draft, although I would probably hand it in in person, because post is not very reliable.

JanCee

Banks are not allowed to accept cash for CHAPs transactions the transfer has to be debited to an account. It is the same for bankers drafts. Obviously the regulations are there to try and prevent money laundering.