Buying a house cash

[Sarah2407]

Right so I know I will get a lot of negative hate comments for this to which I will ignore.
But I wanted to get some advice. Would I be able to buy a house cash (no mortgage) outright without having to explain where I recieved all my money from?

I do some sex work online and have made a significant amount. Not sure what to do with it so seems like the best thing would be to invest it into a property (max £300,000) I also have a full time job that I could show worth (£50,000) but that would not be enough for a mortgage anyway.

Please don't bother with the negative comments I honestly will not respond. Yes I do some wrong things online but hey who's perfect

Who said they are ‘Wrong’

You do you OP

Good luck

Nothing wrong with it. You earned it, you're free to spend it.

Just make sure you've paid the tax you should've paid on the income though, prior to using it all for the house..

I bought a house outright with cash. No one questioned me, I just transferred the money on the day. It was a new build though, I think you might have to show you have the funds but I doubt they'll ask where they're from. Good luck!

www.propertymark.co.uk/professional-standards/consumer-guides/buying-selling-houses/aml-proof-of-funds.html

Oh okay sounds good. Iv read alot online how solicitors want to see bank statements etc and I dont know how i will explain half of the payemnts that goes into my main account. I have other accounts that my actual work salary goes into but thats not enough. I do pay my taxes etc but quiet frankly don't want to disclose to the solicitors etc on how I obtained the amount.

100% hate free here
You do need to prove you are able to buy the property be it cash or mortgage.
In addition there is anti money laundering legislation that means checks.
But if your sex work is legal, and please don't think I am making assumptions here as I am absolutely not, just trying to answer as helpfully as I can... then you have no barrier to purchasing a property as you can prove your money is not for terrorism, guns and organised crime etc
Good luck and I think you are wise to put your earnings into property, good investment.
You looking at flats or a house, just being nosey

Sex work is defo legal but it really does clash with my actual job. I just really didn't want to disclose that to the solicitors etc but seems like I may have to. I am looking to buy a house not that I would even move it but I'd rather put the money to use and get some rent.

Do you have a Russian passport? If so you might have a problem

As long as you have tax returns to back it up it should be ok

@Sarah2407 oh don't let that put you off. I am fairly sure your solicitor has to keep your info confidential unless you were doing illegal things like money laundering. So no one else would ever be told, as no mortgage lenders involved

I bought my house cash as I downsized earlier this year. Yes, I was asked to provide a completion statement of the sale of my property and bank statements showing my salary paid into my account.

You do have to prove where your money has come from under U.K. money laundering rules. You are self employed and the money has been obtained legally. That’s all you need to prove.

Any solicitor who does not ask for this info is breaking the law and you probably wouldn’t be able to buy the property as a result.

Yes you will have to prove where that income comes from and that it is a legal source, so if you can do that then no problem.

If you have declared your self employed income to HMRC and paid tax on it there is no problem. Just tell the solicitor you run a business online and this is the earnings from that. You can show your tax returns to prove it. You don't need to tell them what the business is. If they ask just say you do a bit of freelancing or something equally as vague.

I got divorced last year and bought a house with cash.

I needed to provide bank statements and the divorce settlement to show where the money had come from.

You'll definitely have to provide bank statements to your solicitor to show the source of your funds.

Just say it's from your online business. Not sure if they'll probe further - probably depends how the payments appear on your statement.

I bought cash and just said it was from savings. No other questions asked. I was on a very low salary and nobody asked to see that. I might have had to show a bank statement with the savings in though.

Hi @Sarah2407 you've said you declare to HMRC and pay relevant tax. All you'd need to do is show some bank statements and tax returns. A solicitor is not going to care what the business is as its legal and I doubt they'd ask.

Good for you in saving to buy outright, that is incredible.

Just a thought, before you buy a property to let speak to an accountant. Might be best through a limited company.

I wouldn’t even worry about the solicitor knowing, it’s not like you’ll ever have any contact with them ever again.

I doubt they’ll ask too many questions though, particularly if you can show its income you’ve paid tax on.

Your solicitor won’t care what sort of legitimate work the money comes from but they are required to ask and have it evidenced directly due to money laundering regs.

your tax returns will suffice.

You will have to provide proof of funds but beyond that it’s not your solicitor’s business. I doubt they would show a reaction if you said you made money via sex work alongside your job. It would be unprofessional of them to do so. Plus I think you are overthinking how much others judge women who make money from sex work. Most of us wouldn’t want to do it but don’t judge others that do.

Yes you will probably be asked how you accumulated the money. It is standard anti laundering checks.
We recently moved some money from one investment product to another. These are our retirement savings. We were asked how we came by the money in the first place. They did not go into too much detail. They even seem to ask you now if you take more than a thousand pounds out of the bank in cash.

You have to show proof of funds and statements for 6 months. You can declare it as 'salary', you don't need to declare who your employer is.

The problem with this is that the payments will come from lots of different individuals so there may well be additional checks to ensure the OP isn’t using money from, say, dealing drugs to launder through the house purchase.

OP, you need to ask your solicitor before you go further with a purchase.