Buying a home

[Tomas123]

if there is a house for sale for example £350000 and you have that much money already and the other fee you have to pay when you buy a house. can you buy it without having a mortgage like you transfer the money into there account and then the home is yours?

[boxtops]

In theory, yes.

[craft1948]

Well I paid cash for my house but I transferred the money to the other party's solicitors.............

[ummmm]

Yes...

[Postdog]

If you aren't selling to buy, the solicitor will require your cash to buy the property and other expenses up front. This will be held in a client account and transferred on completion.

[craft1948]

and you may have to fill in a form regarding money laundering...........

[boxtops]

That's true, my old mother got given the third degree when she had cash to bank from an insurance policy.

[KJN]

£350000 Cash not so much "MAY" have to fill a form regarding money laundering more a case of " YOU WILL"

[Tomas123]

isn't money laundering about having illegal money though

[Postdog]

exactly, which is why you have to prove it isn't.

[Tomas123]

so you have like show them your savings and how you got the moeny

[ubasses]

Yes, every financial institution, solicitor etc has to prove that any money received from its clients has been obtained from a legitimate source. So you will have to advise them where you funds have come from, and probably provide documentary evidence