Jump to content
House Price Crash Forum
Sign in to follow this  
membrane

Large Cash Deposit

Recommended Posts

sorry if this is a bit off topic , but when I do buy I will have a huge cash deposit & if i'm correct about my own predictions for the market will be able to buy outright in the next couple of years. my question is who would I actually pay the money to & how well protected will I be from just running away with the cash & seeing no sign of a house.

Sory if it sounds stoopid but it is a serious question,after all this effort I don't want to take any risks

TIA

Share this post


Link to post
Share on other sites

I would imagine that you dont/wont have it as actual notes in a briefcase when you come to buy :) It would be in a bank and will be the same as a mortgage-financed purchase - wire transfer.

I think.

Share this post


Link to post
Share on other sites

sorry if this is a bit off topic , but when I do buy I will have a huge cash deposit & if i'm correct about my own predictions for the market will be able to buy outright in the next couple of years. my question is who would I actually pay the money to & how well protected will I be from just running away with the cash & seeing no sign of a house.

Sory if it sounds stoopid but it is a serious question,after all this effort I don't want to take any risks

TIA

[ Removed by Moderator ]

Share this post


Link to post
Share on other sites

Yeah know how it must seem, but this is genuine & I have saved / worked hard for the last 18 years to get as far as I have. I'm 32 been in digs since the age of 16 driven only modest cars (currently running a pre millenium Fiesta) & worked on average a 50 hr week in that time on a lower than average basic income

All bar 30K is money I've earned by working hard. I did get greedy in 1998 & put half my life saving into the SM & we know what happened there but I kept putting money in post/during crash & now & broken even plus some (still would of been better of in the bank), which is why I never jumped on the HP band wagon (losing money really hurts especially if you've actually worked for it)

anyway another stoopid question follwing on from whoops_apocalypse response. So do I presume the Law society governs all Lawers registered in the UK & do they have some compo scheme if things go wrong

cheers

Share this post


Link to post
Share on other sites

Use a reputable solicitor and ensure that you make your cheque out to the company and not an individula solicitor. As for knowing who is reputable, ask friends and family who have bought a property. Ask them how easy it was to contact their solicitor when they needed to.

If possible, exchange and complete on the same day. It will save you weeks of uncertainty (wondering if the vendor will pull out)

Well done for saving such a large deposit, although it sounds like you have enough funds to buy outright.

Share this post


Link to post
Share on other sites

sorry if this is a bit off topic , but when I do buy I will have a huge cash deposit & if i'm correct about my own predictions for the market will be able to buy outright in the next couple of years. my question is who would I actually pay the money to & how well protected will I be from just running away with the cash & seeing no sign of a house.

Sory if it sounds stoopid but it is a serious question,after all this effort I don't want to take any risks

TIA

How much have you saved, just out of interest?

frugalista

Share this post


Link to post
Share on other sites

my question is who would I actually pay the money to & how well protected will I be from just running away with the cash & seeing no sign of a house.

I've been in this situation, and therefore know exactly what you need to do.

Send the money to me, via my offshore account. I promise you it will be well taken care of. :)

Nomadd

Share this post


Link to post
Share on other sites

How much have you saved, just out of interest?

frugalista

Just over 170K depending on the SM (for about 40K of it) which I feel may tank some more, but i'm used to that

I have several accounts (some in the GF's name, ISA's etc), so when it does happen (about 2 yrs I reckon) the money will come in drips & draps so I'm not sure how it all works, so any advice would be gratefully welcomed.

P.S. As an aside the GF has no Idea how much of a deposit I have (I've been with her 11 yrs now) should or how do I tell her & do you think she will have a paddy (she has had to put up with me being a minger) when I do buy a place (getting slurred now........been drinking)

cheers

Share this post


Link to post
Share on other sites
Guest muttley

What's to stop the solicitor running off with the money for any house sale? Just because you have a large deposit doesn't make any difference,unless you give him cash.

I'd be more worried about your girlfriend running off with your solicitor.

Edited by muttley

Share this post


Link to post
Share on other sites

P.S. As an aside the GF has no Idea how much of a deposit I have (I've been with her 11 yrs now) should or how do I tell her & do you think she will have a paddy (she has had to put up with me being a minger) when I do buy a place (getting slurred now........been drinking)

Are you saying that you are ugly (a minger) or overly frugal (mingy)?

In my opinion financial secrets within couples are bad. Although at least yours is a savings secret and not a debt secret.

Hope when you tell her she doesn't say "glad about the 170k savings as I need to tell you something, I have 180k of debt!"

frugalista

Share this post


Link to post
Share on other sites

Just over 170K depending on the SM (for about 40K of it) which I feel may tank some more, but i'm used to that

I have several accounts (some in the GF's name, ISA's etc), so when it does happen (about 2 yrs I reckon) the money will come in drips & draps so I'm not sure how it all works, so any advice would be gratefully welcomed.

P.S. As an aside the GF has no Idea how much of a deposit I have (I've been with her 11 yrs now) should or how do I tell her & do you think she will have a paddy (she has had to put up with me being a minger) when I do buy a place (getting slurred now........been drinking)

cheers

[ Removed by Moderator ]

Share this post


Link to post
Share on other sites

I can promise you It is true...question me as you like.

Why is it so hard to believe that some body left school at 16, got a job (at below average wage and still is (basic))

and has managed to save that amount (admittedly the 30k I got in 1989), by being an honest hard working citizen. I really have done nothing special..... work it out.

p.s. I think you'll find it's Mr Knob head to you

P.P.S if it wasn't for the SM crash (the only speculative investment I've made) I would have more.

P.P.s if you really had done the maths, I would of been a lot better of buying in 1989 when I got that 30K, so there's no really no troll.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.