Sole Trader - Cash Deposits - Solictitor Suspicious?

[Chapterix]

Hi,

Wife and I have applied for a new mortgage, the sale of our properlty seemed quite straight forward, with around £120,000 equity. The house want costs £245,000 and because of the cost of living crisis, and my wife's leave to remain status, we have had to stretch to an addition £7000 deposit from our savings/earnings etc.

My wife's business is quite new, but she's knocking it out of the park with her sales, but i'm hearing horror stories about money laundering and how solictors may get all arsey over extra cash on top of equity. It's got to the point that we are nervous about monthly cash deposits in the bank.

Do we need to be worried? I already have £5500 savings from earnings, but we need to rely on my wife's earnings as well, was £4300 and now £5300 after todays cash deposit.

Love to hear what people have to say!

Chris

[atticus]

The law requires us to be "arsey". You may need to demonstrate the source of funds.

[Chapterix]

Any tips on how we can achieve this? She has zillions of cash deposits from her customers on a weekly basis, but the majority pay cash. We have loads of outgoing costs as well from her account for materials and such, as well as her appointment book. She's only 6 months in though so we dont have a previous tax return to rely on.

[dslippy]

The solicitors are not being arsey, they have tight regulaions to follow, and severe penalties for not complying.
That said, there is little reason to enquire beyond generalities. Your wife should be ready to explain how she has so much cash coming in. You cannot avoid what will happen, just be ready with answers.

[Chapterix]

Yeh, she was working 7 days a week bless her while she was getting established. She only decided to fly solo because her vietnamese boss treated her like dirt, she got the last laugh though! All her old clients are coming now. She's scaled back to 6 days now and my mind is completely blown about how lucrative he beauty industry is.

Are we over thiking this? Can we also rely on maybe factoring in extra savings that will come in while the process drags on? Or will our solicitor need a bank statement snaphot now with all of our correct savings etc as is, or will they be flexible? I'm typically saving £1000 a month on my own as it is from just my wages.

I did forward 18 pdf bank statements already, but they didnt reply to my emails querying if they were ok? We have the the funds split between 3 accounts.