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Hello Beagles,
So, we are now here in 2019 and I HOPE that this year I will be able to purchase a property. I am 38 years old and have about 60k in savings, so for a deposit on a 170k house will not be a problem. I plan to hopefully buy a house towards the end of the year and I have a few questions so that im well prepared in advance, and hope all goes smoothly!
A little about me.... I was made redundant approx 4 years ago and i've not worked since for various reasons. I have been living off my savings rather than the government (my choice). I have approx 7 years of wage slips prior to this which total 100k. My bank has been pretty much dead in the last 4 years, apart from outgoings and the odd transfer from car sales or other items ive sold over the last 4 years (not many). My partner earns £750 per month and I may plan to go down the joint mortgage route with her. She currently lives in a 2 bed council house with 2 kids. I plan to start working this year, approx 4 to 6 months prior to buying a house. Anyway... here are my questions...
1. My partner lives in a council property, she has no savings and im not living there, she has the right to buy the property and we've spoke about me moving in and then eventually buying the house. The kids love the area, she loves her neighbours and the local schools are excellent, so she doesn't want to move far. Obviously the funds are coming from me for the deposit. How would this work? obviously I need to actually move in and tell the council i've moved in, I'd then need to pay rent to the council temporarily..etc. But do I get the right to buy if I move in? if yes, does my partner get any discount? I think shes lived there for 5 years, so I think theres a 35% discount entitlement. if I move in to my partners house, and I don't have the right to buy, could I gift my partner 20k? and still get a joint mortgage with her? or would she need a mortgage just for herself? Im guessing she'd get refused as shes on just £750 a month.
2. " Anti money laundering ". How does this work? I've read some horror stories when googling. If I gave, say, 20k deposit on a house, the solicitor will want to know where its come from, which is fine. If I supply bank statements for the last 4 years (when i've not been working) will that cover proof of where its come from? or will they need to dig deeper to when the funds were actually regularly coming into my bank? ie.. will I need 12 years of statements or not? Furthermore, will they be checking where the money has come from, from car sales? i've sold approx 5 cars in the last 4 years. All personal cars..etc. But some were sold with profits. I believe you don't need to provide proof of sales to HMRC if its a personal vehicle, despite making profit on it? Im not talking much, Im talking 1 or 2 cars i sold on after some months of using them for a 1 to 3k profit. Also my current bank ive been with for only 6 years. But prior to that I was with Halifax, which closed down 6 years ago, this is the bank where I would have proof of the full 20k deposit I'd plan to pay on a house. Will they be asking for statements? and how do I obtain statements so long ago? Finally, would 7 years of wage slips, totaling 100k be enough instead of bank statements?
Many thanks
So, we are now here in 2019 and I HOPE that this year I will be able to purchase a property. I am 38 years old and have about 60k in savings, so for a deposit on a 170k house will not be a problem. I plan to hopefully buy a house towards the end of the year and I have a few questions so that im well prepared in advance, and hope all goes smoothly!
A little about me.... I was made redundant approx 4 years ago and i've not worked since for various reasons. I have been living off my savings rather than the government (my choice). I have approx 7 years of wage slips prior to this which total 100k. My bank has been pretty much dead in the last 4 years, apart from outgoings and the odd transfer from car sales or other items ive sold over the last 4 years (not many). My partner earns £750 per month and I may plan to go down the joint mortgage route with her. She currently lives in a 2 bed council house with 2 kids. I plan to start working this year, approx 4 to 6 months prior to buying a house. Anyway... here are my questions...
1. My partner lives in a council property, she has no savings and im not living there, she has the right to buy the property and we've spoke about me moving in and then eventually buying the house. The kids love the area, she loves her neighbours and the local schools are excellent, so she doesn't want to move far. Obviously the funds are coming from me for the deposit. How would this work? obviously I need to actually move in and tell the council i've moved in, I'd then need to pay rent to the council temporarily..etc. But do I get the right to buy if I move in? if yes, does my partner get any discount? I think shes lived there for 5 years, so I think theres a 35% discount entitlement. if I move in to my partners house, and I don't have the right to buy, could I gift my partner 20k? and still get a joint mortgage with her? or would she need a mortgage just for herself? Im guessing she'd get refused as shes on just £750 a month.
2. " Anti money laundering ". How does this work? I've read some horror stories when googling. If I gave, say, 20k deposit on a house, the solicitor will want to know where its come from, which is fine. If I supply bank statements for the last 4 years (when i've not been working) will that cover proof of where its come from? or will they need to dig deeper to when the funds were actually regularly coming into my bank? ie.. will I need 12 years of statements or not? Furthermore, will they be checking where the money has come from, from car sales? i've sold approx 5 cars in the last 4 years. All personal cars..etc. But some were sold with profits. I believe you don't need to provide proof of sales to HMRC if its a personal vehicle, despite making profit on it? Im not talking much, Im talking 1 or 2 cars i sold on after some months of using them for a 1 to 3k profit. Also my current bank ive been with for only 6 years. But prior to that I was with Halifax, which closed down 6 years ago, this is the bank where I would have proof of the full 20k deposit I'd plan to pay on a house. Will they be asking for statements? and how do I obtain statements so long ago? Finally, would 7 years of wage slips, totaling 100k be enough instead of bank statements?
Many thanks
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