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Joshua
Joshua, Lawyer
Category: Property Law
Satisfied Customers: 25470
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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i am lending my son the money flat do i have to show

Resolved Question:

i am lending my son the money for the flat do i have to show documents to prove where it came from or just verbally tell them is enough to comply as i am71yrs and old fashioned
Submitted: 2 years ago.
Category: Property Law
Expert:  Joshua replied 2 years ago.
Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practising lawyer in England with over 10 years experience.

Joshua :

May I ask is this a flat he is buying or renting please?

Joshua :

How much roughly are you proposing to lend?

Joshua :

Are you expecting the money to be repaid? If so at what point?

Customer:

buying 113000 00 2yrs time

Joshua :

Thank you. Does your son also require a mortgage?

Customer:

no

Joshua :

Thanks. Finally I assume your son has or will have a solicitor. Are you proposing to pay the money directly to the solicitor or are you proposing to transfer the money to your son?

Customer:

to my solicitor

Joshua :

Thanks. is there is no mortgage lender involved, this should be fairly straightforward. Solicitors are required to comply with money laundering legislation. This legislation requires them to identify any individual from whom they receive money and to make "appropriate" enquiries to identify the source of funds used to fund a purchase. Here this will involve requiring you to produce proof of identity to the solicitor you are transferring money (e.g. passport and utility bill) and asking for confirmation on the source of funds to which you can reply "savings" or whatever is appropriate. if the solicitor is for some reason unhappy or concerned for any reason, he is entitled to make further enquiries of you which you are free to answer or refuse to answer. If the solicitor is unhappy he cannot force you to provide information but may advise he cannot continue to act.

Joshua :

In most cases, a solicitor will be quite satisfied with your simple confirmation as to the source of funds and proof of identity.

Joshua :

On a separate issue, if you are lending your son the money as opposed to gifting it to him, given the amount involved, you would wish to give consideration to securing the money against the property (similar to a mortgage) but presumably you will have already discussed this with your solicitor or if you haven't will no doubt do so in due course

Customer:

thankyou

Joshua :

A pleasure. If I can assist any further as the situation develops please do not hesitate to revert to me

Joshua :

If you have no further questions for now I should be very grateful if you would kindly take a moment to rate my service to you today. Your feedback is important to me. If there is anything else I can help with please reply back to me though

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