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BOMAD - proof required?

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Comments

  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
    What are your expected timescales for buying? Solicitors will typically only look back a few months, so if you can bank it now you might be ok if you don't actually need it until say the new year. But otherwise it will only get past the most laid-back solicitors, so if you can get house price from elsewhere and use this for other expenses, that sounds a better plan.
  • Throwaway1
    Throwaway1 Posts: 527 Forumite
    First Anniversary First Post Combo Breaker
    ~shoozy~ wrote: »
    If and when I get it, it'll be going straight in the bank!



    Good idea about using it for living expenses, I might keep it for moving costs etc


    That's my plan. My mum has offered to loan my husband and I 10k. We don't actually need this for the deposit but we sort of want it as a buffer for us to feel able to release more of our own money for the deposit, if that makes sense. We wouldn't want to use pretty much our entire savings and have nothing left for fees, furniture, decorating and general living so we're going to use our own money for the deposit and then get the extra 10k later for our safety net. That way we don't have to declare anything as it really will be our own money we are using, it's no-ones business if my mum wants us to give us a 'welcome to your new home' gift of 10k after completion.


    Failing that, does your mum have the amount of money she is wanting to give you in the bank? If so, can she transfer the money in the bank across and then she can deposit her stash into the bank to replace the amount she is giving you?
    MFW - OP 10% each year to clear mortgage in 10 years!
    2019: £16,125/£16,125
    2020: £14,172.64/£14,172.64
    2021: £12,333.62/£12,333.62
    2022: £10,626.55/£10,626.55
    2023: switched tactics to saving in a higher interest rate account than mortgage interest rate
    2024: mortgage neutral!
  • ~shoozy~
    ~shoozy~ Posts: 77 Forumite
    davidmcn wrote: »
    What are your expected timescales for buying? Solicitors will typically only look back a few months, so if you can bank it now you might be ok if you don't actually need it until say the new year. But otherwise it will only get past the most laid-back solicitors, so if you can get house price from elsewhere and use this for other expenses, that sounds a better plan.


    I'm hoping for September/October so not really enough time to bank it and claim it as mine.

    I think the best bet will be to keep it for other expenses. Can I use it for legal fees without the same scrutiny that I'd get using it towards the deposit?
  • ~shoozy~
    ~shoozy~ Posts: 77 Forumite
    Throwaway1 wrote: »
    Failing that, does your mum have the amount of money she is wanting to give you in the bank? If so, can she transfer the money in the bank across and then she can deposit her stash into the bank to replace the amount she is giving you?


    She won't do any kind of electronic banking - she's the type who still pays everything in cash. Not sure why but you can guarantee she'll be at the post office every month paying her "community charge" (council tax) etc in cash. It's not worth the hassle trying to persuade her to do things differently, and I really don't want to sound ungrateful.
  • Throwaway1
    Throwaway1 Posts: 527 Forumite
    First Anniversary First Post Combo Breaker
    ~shoozy~ wrote: »
    She won't do any kind of electronic banking - she's the type who still pays everything in cash. Not sure why but you can guarantee she'll be at the post office every month paying her "community charge" (council tax) etc in cash. It's not worth the hassle trying to persuade her to do things differently, and I really don't want to sound ungrateful.


    Fair enough, I was meaning your mum physically going to a brick and mortor bank and giving them your bank details and then returning with the cash later and paying it in rather than her electronically transferring it but I can see how you wouldn't want to make a fuss when she is doing you a favour. If you can afford the deposit without it then I suggest using it for something else and paying the deposit purely with your own money.
    MFW - OP 10% each year to clear mortgage in 10 years!
    2019: £16,125/£16,125
    2020: £14,172.64/£14,172.64
    2021: £12,333.62/£12,333.62
    2022: £10,626.55/£10,626.55
    2023: switched tactics to saving in a higher interest rate account than mortgage interest rate
    2024: mortgage neutral!
  • parkrunner
    parkrunner Posts: 2,610 Forumite
    First Anniversary First Post
    How much are we talking about and what's your mum's address please? ;)
    It's nothing , not nothink.
  • ~shoozy~
    ~shoozy~ Posts: 77 Forumite
    Haha I don't even know how much, but I'd guess it's a couple of thousand. Not a huge amount on the grand scheme of things, but enough to cause problems!
  • M2808
    M2808 Posts: 61 Forumite
    First Anniversary
    I have noticed they all ask where the deposit comes from but don't ask where the money for their fees or survey fees etc. comes from
  • JosephK
    JosephK Posts: 237 Forumite
    First Anniversary Name Dropper First Post
    I have same problem but from BOMAD side of fence where I'm wanting to give son some help with deposit and, yes, his solicitors are asking for all manner of proof of ID and source of funds even though money is coming from a savings account where it's been for ages.

    Replies received to my recent thread (Help with deposit - Bank of Mum & Dad v Money Laundering) seem to have covered the spectrum from "yes, it's an OTT pain" to "how dare you question the authorities, you peasant":rotfl:

    Hopefully, you will find a solicitor who applies the AML regulations sensibly rather than treating a few thou the same as hundreds of thousands and wanting to tick boxes.

    While this reply probably doesn't exactly help, you have my sympathy on behalf of BOMAD, and best of luck.
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