Owning your own home

This is more or less what I'm hoping to do, Although no parents in London would mean we'd have to try and rent somewhere during big structural work, which could get pricey if there are delays. I did all the work in our current place so it doesn't phase me too much, but I did have my Dad's help for structural things and he's really too old to ask for this again (he was an engineer/small scale handy-man/builder before he retired).

Swings and roundabouts I guess - if they'd bought at pre-crisis LTVs and values they would have been almost immediately plunged into negative equity and then crapping themselves about being able to refinance when their initial deal expired.

The kitchen can't really happen until the bathroom is moved, neither can the dining room as the bathroom is off the kitchen at the back, and the plan is to knock the dining room/kitchen into one large space. Things are useable as they are, although hardly ideal. My wife is very nervous/worried about doing it all with a small baby is the main thing, so I would at least like to have things scheduled in to re-assure her. I guess the other room s that won't be knocked about (the front room and master bedroom ) could be done 1st whilst the others are waiting as they can be shut off from the others and aren't required for access...

Fuck off that's Bromley!

When people were buying houses using rolling credit card debt, you mean

When I first started work in Archaeology in Belfast, just pre-crisis, we were paid the sum-total of fuck all (the job offer that forced me out of it was a contract in Manchester at the equivalent of £14k, and I had to provide my own accommodation while still renting in London). On one of the earlier digs in NI, a colleague was telling me about the 125% mortgage he'd just got (house price plus refurb money). I never kept in contact with him but I do occasionally wonder just how totally fucked he was after 2008.

I think prices in Northern Ireland are still below pre-crisis levels, or maybe have only just caught up to 2007-8 in Belfast? Proper fucked I think is the expression.

My Dad's parents died just before the crash. Selling their place in Newtownards was a depressing experience (even more so than for the usual reasons). He/we didn't give a shit about how much money anyone would get, but seeing it sold for half the value it was listed at was a further kick in the teeth.

"Any savings you're using towards the property purchase should be in place for at least six months"

WTF conveyancing firm? This is specified after we get the ball rolling? Is this a standard practice or is this company being extra cautious for one reason or another? I didn't have any savings (other than next month's rent) 6 months ago. Glad there's a cancellation period (unless I give the go ahead) on conveyancing, but if this is standard then I should start looking for rentals again.

Anti-money laundering

yes I know that much the infamous AML, but the 6 month rule isn't mentioned anywhere else other than this form. Everybody we paid or talked to (who're supposed to get nice referral fees from each other) was behaving like it doesn't exist and for instance it's ok to "up the deposit by the time of the exchange". In what world it would be ok if anything needs to be stood in the accounts for 6 months minimum?

Each conveyancing firm has their own guidelines I imagine. Some likely to be more firm than others, depending on how recently they have been audited or had a slap on the wrist.

When buying our first flat, my Dad gave me £5k. When the solicitor asked where that came from, I follishly followed my mortgage advisors advice and said it was my Dad repaying a loan to me. Then then tore apart his bank details asking why he had borrowed £5k when he had more money than me. But that nearly held up the whole thing.

I can't imagine it's a hard rule though so long as you can show that you came about having the money legitimately in the last 6 months. If it's a hard rule, then you might have to go elsewhere.

I can't imagine it's a hard rule though so long as you can show that you came about having the money legitimately in the last 6 months. If it's a hard rule, then you might have to go elsewhere.

Yes that's what I imagine, we'll see I guess. Looking for "dirty conveyancing" wasn't what I imagined at all.

In what world it would be ok if anything needs to be stood in the accounts for 6 months minimum

Sure, but to flip it around - who can acquire a house deposit from scratch in <6 months? For most it'll be the product of years of saving or easily tracked from a property sale...

who can acquire a house deposit from scratch in <6 months?

Anyone with

• investments
  
• well performing crypto
  
• rich parents
  
• recently dead rich parents
  
  

etc etc

Even I'm curious, and I'm not a solicitor. If it was a gift, then the solicitor is going to want to know where the generous party got it from.

And drug barons. Don't forget drug barons

We’ve just finished the paper work for the solicitors regarding proof of deposit. They wanted to see the last 3 months statements showing it was in place. Is there a rule on duration or is it just up to each firm?

Up to each firm iirc, they just need to be happy that the risk of them being exposed to money laundering fines is low.

Sure - the “6 months” stipulation is just a trigger for a request to provide additional paperwork to evidence source of funds from any of the above.

I don’t seriously believe that the solicitor would expect you to clear out your brokerage account into cash 6 months pre-purchase.

A receipt for a cash deposit at NatWest Halifax probably won't cut it

Anti money laundering thing is a total shambles, they seem to be hard as fuck on the joe public but have laundered hundreds of millions for drug dealers abroad as its come out. These banks are all fucking cunts

Anyone with

well performing crypto

Never met anyone that has actually cashed out. Must be drug dealers.

These banks are all fucking cunts

Cunts but also just thick. To make hundreds of millions as a dealer you have to be pretty smart (in a certain way). Mugging off a High Street bank is child's play for these people.

It sounds like a shit rule as well. The money being "old" isn't any proof of where it was from.