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Buying with cash

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    #32
    Edgware
    Registered Users Posts: 5,874 ✭✭✭Edgware


    funkyuser wrote: »
    i'll be paying with bank draft ( said so in original post :) )

    edit - sorry to all for the confusion, maybe i should have used the common phrase "cash buyer" instead



    Thanks this is the kind of informed input I needed.

    https://www.lawsociety.ie/Public/Compensation-Fund/

    I skimmed that page, does it mean I'm 100% covered by the fund? I'll read up on it fully if i have to.



    I prefer bank draft, I think that theres much less that can go wrong.






    Solicitor did ask me to provide evidence, but I never provided it (I'm lazy) and but he never asked again about it. I signed a contract with solicitor to engage him, but never remember seeing anything about anti money laundering.

    (btw I have provided full evidence and financial records to my accountant and I am fully tax compliant, theres nothing illegal or dodgy happening here )



    Solicitor was recommended by family and is listed on the law society website and is doing business for many years in my locality ...I guess thats all the due dilligence I have to do ...i hope?




    No I'm not based there, at the risk of thread drift I wouldnt mind hearing that story


    thanks for the replies everyone

    When going to the solicitor try and avoid anyone offering you magic beans.


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    #33
    funkyuser
    Registered Users Posts: 78 ✭✭funkyuser


    Edgware wrote: »
    When going to the solicitor try and avoid anyone offering you magic beans.


    Good advice, but too late, the Collector General and I did very well from teh magic beans I bought and SODL.


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    #34
    c6ysaphjvqw41k
    Closed Accounts Posts: 466 ✭✭c6ysaphjvqw41k


    I had a question about buying a house in cash. If we kept saving for another couple of years instead of taking out a mortgage we might be in a position to buy in cash. I had some small amount of inheritance, and everything else was saved from my paye income over almost 8 years. Into the savings account or credit union straight from my current account every month.
    if I was to buy in cash how would I prove that. I guess probably a solicitors letter for the inheritance. What about the savings. Would I have to provide 8 years of statements? That's a lot of paper. Pretty sure my online statements don't even go back that far.


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    #35
    TeaBagMania
    Registered Users Posts: 1,192 ✭✭✭TeaBagMania


    Zaniyah Jolly Coffeepot wrote: »
    Pretty sure my online statements don't even go back that far.

    If you dont have them the bank will
    together with income tax documents going back the same amount of time you'll be grand


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    #36
    c6ysaphjvqw41k
    Closed Accounts Posts: 466 ✭✭c6ysaphjvqw41k


    TeaBagMania wrote: »
    If you dont have them the bank will
    together with income tax documents going back the same amount of time you'll be grand

    I changed account from BOI about 4 years ago. Those I don't have. I better get onto them now about getting them as it seems like I will probably have to eventually either way. Thanks.


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    #37
    Sleepy
    Registered Users Posts: 24,238 ✭✭✭✭Sleepy


    I only needed to show the last 3 months of my savings account details when I got my mortgage with Ulster 3 years ago (actually took advantage of that to hide a cash gift from a parent). Think most other banks at the time were looking for 6 months worth.


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    #38
    Prospector1989
    Registered Users Posts: 212 ✭✭Prospector1989


    Sleepy wrote: »
    I only needed to show the last 3 months of my savings account details when I got my mortgage with Ulster 3 years ago (actually took advantage of that to hide a cash gift from a parent). Think most other banks at the time were looking for 6 months worth.

    We're in the process currently. PTSB are looking for 6 months. Which only accounts for about a quarter of our savings. I can't see a bank requesting more than a year or two max


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    #39
    c6ysaphjvqw41k
    Closed Accounts Posts: 466 ✭✭c6ysaphjvqw41k


    Prospector1989 wrote: »
    We're in the process currently. PTSB are looking for 6 months. Which only accounts for about a quarter of our savings. I can't see a bank requesting more than a year or two max

    If we were buying in cash it wouldn't be a bank looking for our statements as proof, it would be a solicitor or Revenue to prove the funds were legit.


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