If you are a major criminal or an oligarch grown rich on by dubious methods, you can salt your ill gotten gains away in London Property without too much difficulty by using an offshore company to purchase a mansion.
But try and spend legitimate funds on uk property and you might run into difficulty.
My son is buying a house and needed to borrow part of the deposit from my wife and I.
So wife goes off to the bank to make a transfer to his account. Bank asks what it's for.
Ok, they say we are required to ask you some questions. Is it anything to do with a lottery? How long have you known this person? Did they contact you by email? This goes on for quite some time. Ok, last question, Have you seen the face of the person you are sending the money to? HE IS MY SON, YOU IDIOT,
All three of us have banked at the same branch for donkey's years. We have the same SURNAME. Oh, ok. Now before we do the transfer, we need to telephone the recipient to check. Check what? Just to check. Long delay on the phone, as son is at work. Finally after more than an hour: Put your card in and we'll do the transfer. Phew! Money goes. Son's offer for house accepted, mortgage arranged. Son off to solicitor: Have you got the deposit available?
Yes. What is the source of the money? I earned and saved and my parents have provided the rest. Ok, I need to see your bank records and those of your mum, whose account it has come out of. What does your mum do for a living? She is retired. So how come she has this money?
Well I don't exactly know, you don't ask your parents that sort of thing. Bank contacts mum: Can you tell the source of this money? Er, lump sum from occupational pension.
Ok, we need you to come into our office, with bank records, and we will require you to sign a document saying that you will not be residing at the property and that you are giving the money as a gift and it is not a loan. Bring your passport.
WTFF?
But try and spend legitimate funds on uk property and you might run into difficulty.
My son is buying a house and needed to borrow part of the deposit from my wife and I.
So wife goes off to the bank to make a transfer to his account. Bank asks what it's for.
Ok, they say we are required to ask you some questions. Is it anything to do with a lottery? How long have you known this person? Did they contact you by email? This goes on for quite some time. Ok, last question, Have you seen the face of the person you are sending the money to? HE IS MY SON, YOU IDIOT,
All three of us have banked at the same branch for donkey's years. We have the same SURNAME. Oh, ok. Now before we do the transfer, we need to telephone the recipient to check. Check what? Just to check. Long delay on the phone, as son is at work. Finally after more than an hour: Put your card in and we'll do the transfer. Phew! Money goes. Son's offer for house accepted, mortgage arranged. Son off to solicitor: Have you got the deposit available?
Yes. What is the source of the money? I earned and saved and my parents have provided the rest. Ok, I need to see your bank records and those of your mum, whose account it has come out of. What does your mum do for a living? She is retired. So how come she has this money?
Well I don't exactly know, you don't ask your parents that sort of thing. Bank contacts mum: Can you tell the source of this money? Er, lump sum from occupational pension.
Ok, we need you to come into our office, with bank records, and we will require you to sign a document saying that you will not be residing at the property and that you are giving the money as a gift and it is not a loan. Bring your passport.
WTFF?