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Custard81
Custard81 Posts: 13 Forumite
in House buying, renting & selling
Hi all,

So I have found a house that I live that costs circa 750k. I was planning on buying it, cash, with money that I received from selling Bitcoin. The problem I am finding is that solicitors won't touch me because the money came from Bitcoin even though there is nothing illegal going on and I am happy to divulge all anything they ask me for.

I have savings from income that I can account for, as well as a few other bits that will take me up to around 500k. If I showed them proof of this and then said the remaining 250k has come from savings, will that suffice? Or will they also ask for proof of where this money came from?

If any of you are solicitors or have experience with this, your suggestions would be very much appreciated.
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  • G_M
    G_M Posts: 51,977 Forumite
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    How did you get the bitcoin? Many dubious characters use bitcoin as currency for illegal activities - that is the problem you have.


    If you can show clearly that you bought X bc in 20XX at X exchange rate, using savings or income from such and such a source, and then sold the bc in 20yy at Y exchange rate, then that would demonstrate how you came to now have £Z00,000 in bitcoin.
  • Custard81
    Custard81 Posts: 13 Forumite
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    I bought Bitcoin in August and invested shortly after into an ICO through a syndicate (using Etherium). I had the ICO tokens distributed a few months after that i sold back into Bitcoin and then into cash through a broker.

    The paper trail isnt that straight forward and what Im finding so far is that the very mention of Bitcoin is putting solicitors off from the bat.

    The second option above would be far more convenient if it would be acceptable.
  • Custard81
    Custard81 Posts: 13 Forumite
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    Im not sure if it makes a difference but i liquidated this bitcoin when i was non-resident of the UK having spent seven years elsewhere.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    When did you sell the Bitcoin? Solicitors won't check back indefinitely - typically they'll be looking for three months of bank statements - working on the basis that if you've had the money that long then it probably is yours.
  • Custard81
    Custard81 Posts: 13 Forumite
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    Yes more than three months. Though they will ask where the funds have vome from regardless, wont they?
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    Custard81 wrote: »
    Yes more than three months. Though they will ask where the funds have vome from regardless, wont they?
    Just tell them it's your own savings (which it is!), it's not as if it's from another party.
  • da_rule
    da_rule Posts: 3,618 Forumite
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    Another option may be to get a mortgage with no penalties for early repayment. You can then use the money the solicitors are satisfied with as a deposit and the pay off the mortgage quickly after completion using the other funds.
  • Custard81
    Custard81 Posts: 13 Forumite
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    I assumed they would ask for proof of where the savings came from. Wouldnt this be the case? This is the first time ive done this.
  • Custard81
    Custard81 Posts: 13 Forumite
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    Good idea though im not sure i would have the affordability as im only now in the middle of moving the bulk of my business income to the uk.
  • Custard81
    Custard81 Posts: 13 Forumite
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    I mean proof of where the savings came from.
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