Buying A House With Hard Cash

[pumpjack]

hello all, i have hard cash total over 30k left to me by my late mum few years back. i also have money in a foreign bank account ( eire ) when i was working there around 6 years ago. i also have a bit of money in uk bank but not too much. i was wondering if i ever wanted to buy my house would i be able to use this cash, obviously ive had it kept well away in a safe box since 2006...now some may find that odd but thats my business i did have my own personal reasons for keeping it in my home, it was mums money and still to this day i want to hold onto it but on other hand i may need to buy a house soon for future security.

what is law on this and has anyone ever tried buy house with hard cash. im thinking why not just take it into bank and deposit it but last time i was asked where i got 3000 pounds by the clerk, thought that was a bit rude to be fair

[KARL]

bobc, you may say that and so may others, but banks, solicitors, etc. are not impressed by such statements and nothing moves until "proof of innocence" is in place. You might additionally say that our mistake was not to transfer half from my account and half from my wife's but it was not the amount that was at issue but how he had acquired it. On receiving the revelation I described I decided my already low estimation of the UK's "systems" could not get any lower.

[Peter Pedant]

the new MLR require the banks or holders of cash to do Due Diligence

and so the least will be proof of identity and address.
You must be prepared for any large transfers to be attended to by a faceless bureaucrat ( the mgr for the day )

I imagine that you are gonna do this thro a solicitor
so I just wrote the cheque ( which he forgot about and asked two days before completion how I was gonna pay ) I had a receipt.

oh hahaha that reminds me - the receipt - the solicitors clerk when I handed it over and demanded a receipt had said "we dont do reeipts for cheques" and I said " well this is the first day of the rest of your life put down "receipt for piece of paper purporting to be...." if you wish" and she sudduv pouted

[Peter Pedant]

hey this is good
https://www.legalrisk.co.uk/services/money-laundering/ml-cases/

if you take the standard AB view of 'hey I not do dat!" all sorts of unpleasant things happen to your money
R v da Silva
no sozza Shah v HBSC
http://www.bailii.org/ew/cases/EWHC/QB/2012/1283.html

is worth a read - they didnt do what Mr Shah wanted, didnt tell him, kept the money and the banks MLRO made a report to the police

all this comes from POCA ( proceeds of crime act ) and the Money Laundering Regs ( new this year I think ) and so I am not sure why people above are railing about clerks doing as the Law bids them

[Peter Pedant]

// however when the new and bumptious manager accosted me in the middle of the bank, I publicly told him in clear language exactly where the money was from//

hahahah yeah I had that a few months ago
yeah I did the loud and clear bit too
I want to transfer £30 000 from my currect account to a savings account .....
He rang the police

[Peter Pedant]

// nothing moves until "proof of innocence" is in place. //

yup they are required by the regs to put it in a holding account.(*) Karlz treatment was a bit over-dilgent
Do we have the whole story?
Did the kid say - o I got it from a bank robbery! perhaps in jest ?

(*) if they say - "o dat OK den" and carry on then THEY are within the ambit of money laundering regs - and you cant say - o yeah I will go somewhere else then they wont give you da monnay back AND wont say why - see above