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fergyguy
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19 hours ago, fergyguy said:

House completion date set for February 28th so  I’ll be paying balance on my boat same day just 24 days to go.....yeeeeees

 
Have you exchanged contracts?

 

If not then completion dates ‘agreed’ mean nothing really and should not be relied upon.
 

Just pointing this out in case you didn’t realise. 
 

 

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Just now, Mike the Boilerman said:

 
Have you exchanged contracts?

 

If not then completion dates ‘agreed’ mean nothing really and should not be relied upon.
 

Just pointing this out in case you didn’t realise. 
 

 

Nothing is binding untill contracts have been exchanged.

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Just now, Mike the Boilerman said:

 
Except getting a bill from your solicitor ;)

 

Absolutely,  like vampires.

But as you say house sales can fall through at any time before contracts are exchanged,  when selling my house that was the only time I felt like it was done.

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49 minutes ago, Rickent said:

Absolutely,  like vampires.

But as you say house sales can fall through at any time before contracts are exchanged,  when selling my house that was the only time I felt like it was done.

A neighbour’s wife became seriously ill (fortunately now largely recovered) and they decided to move into a bungalow despite loving their existing house. So they put their house on the market, leaving the wife full of regret. Then, on the morning of the day when they were to exchange contracts with the young couple who were buying, she changed her mind and insisted they pull out. I don’t think her husband talked to her much for a few weeks but it only goes to prove the above advice. 
 

 

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55 minutes ago, WotEver said:

A neighbour’s wife became seriously ill (fortunately now largely recovered) and they decided to move into a bungalow despite loving their existing house. So they put their house on the market, leaving the wife full of regret. Then, on the morning of the day when they were to exchange contracts with the young couple who were buying, she changed her mind and insisted they pull out. I don’t think her husband talked to her much for a few weeks but it only goes to prove the above advice. 
 

 

I don't think it happens often but it is certainly something to be mindful of.

Also if Fergyguy completes his house sale on the 28th and pays off the balance for his boat, will he take possession the same day, as the rules for money laundering means the payment is held for a short time so it is certain where the money has come from.

We waited four days from final payment to being able to collect our boat.

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10 hours ago, fergyguy said:

Completion date is set for 28th but not intending to take actual ownership for 5 days after so fingers crossed all will go well.

Good luck, best move I ever made, although I didn't have a house to sell but it was similarly stressful and exciting at the same time

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12 hours ago, Rickent said:

I don't think it happens often but it is certainly something to be mindful of.

Also if Fergyguy completes his house sale on the 28th and pays off the balance for his boat, will he take possession the same day, as the rules for money laundering means the payment is held for a short time so it is certain where the money has come from.

We waited four days from final payment to being able to collect our boat.

 

 

Really? What rule is that then,please? 

 

I'm most curious as when I sell a house I get the money immediately. I've never bought a boat from a broker so no direct experience but I've never heard of boat brokers being subect to any money laundering regulation. 

 

My gut feeling is they just told you this to hold off handing over the boat to you for some other reason, possibly commercial like making sure a bank transfer doesn't get reversed.

 

 

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14 hours ago, Mike the Boilerman said:

 
Except getting a bill from your solicitor ;)

 

Not only solicitor. Survey, cancelled services, no longer suitable furniture, booked time off from work, the list goes on and on

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9 minutes ago, Slim said:

Not only solicitor. Survey, cancelled services, no longer suitable furniture, booked time off from work, the list goes on and on

 

In my post No 8 I wasn't so much warning that house sales fall through (which they do occasionally), as warning the OP that quite often a buyer and seller will agree a mutually convenient completion date between themselves, but this does not necessarily mean it will definitely all happen on that day.

 

The exchange of contracts specifies the completion day and exchange will not take place until ALL the legal details are settled, completion day being just one detail out of many.  Only when contracts have been exchanged will completion day become cast in stone, and if settling other details (meeting mortgage offers conditions, doing searches, deposits being available etc) have not been done in time, the completion date WILL get moved. 

 

Hence my question as to whether contracts have been exchanged yet. The OP doesn't appear to have said yet, so I suspect the answer is no. 

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25 minutes ago, Mike the Boilerman said:

 

 

Really? What rule is that then,please? 

 

I'm most curious as when I sell a house I get the money immediately. I've never bought a boat from a broker so no direct experience but I've never heard of boat brokers being subect to any money laundering regulation. 

 

My gut feeling is they just told you this to hold off handing over the boat to you for some other reason, possibly commercial like making sure a bank transfer doesn't get reversed.

 

 

When you sell a house, the money goes straight to you.

The money is legit and traceable. 

If you walked into a broker to buy a boat and put 40k in 20s on the table I don't think they would accept it.

Money laundering rules are put in place to prevent the laundering of money in exactly this way.

Sawley marina may well have been pulling a fast one but seemed a reasonable precaution to me.

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4 minutes ago, Rickent said:

When you sell a house, the money goes straight to you.

The money is legit and traceable. 

If you walked into a broker to buy a boat and put 40k in 20s on the table I don't think they would accept it.

Money laundering rules are put in place to prevent the laundering of money in exactly this way.

Sawley marina may well have been pulling a fast one but seemed a reasonable precaution to me.

 

Quite so, and I understand the reasons for having money laundering regulations.

 

I was just wondering how waiting for four days helps prove where the money came from, and which regulation exactly demanded this.

 

I don't know enough about the MLRs and have been thinking for a while I need to catch up, hence my question(s). Does the same apply to dealers in other high value goods e.g. cars, antiques, aeroplanes etc as well as boats? 

 

 

 

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Just now, Mike the Boilerman said:

 

Quite so, and I understand the reasons for having money laundering regulations.

 

I was just wondering how waiting for four days helps prove where the money came from, and which regulation exactly demanded this.

 

I don't know enough about the MLRs and have been thinking for a while I need to catch up, hence my question(s). Does the same apply to dealers in other high value goods e.g. cars, antiques, aeroplanes etc as well as boats? 

 

 

 

I am not up to speed on MLRs, but would imagine any high value item would be subject to the same scrutiny.

As for my case it was probably just a case of verifying that the large amount of cash came from the sale of a house and not other means.

I would imagine if you walked into your bank and deposited let's say 50k, questions would be raised as to the origin of the money.

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2 minutes ago, Rickent said:

I am not up to speed on MLRs, but would imagine any high value item would be subject to the same scrutiny.

As for my case it was probably just a case of verifying that the large amount of cash came from the sale of a house and not other means.

I would imagine if you walked into your bank and deposited let's say 50k, questions would be raised as to the origin of the money.

 

Aha so you don't know either then! 

 

It's a curious thing, this MLR. I suspect it is like "health and safety", gets trotted out as an excuse for all sorts of things that are actually nothing to do with MLRs. 

 

Its just that I run into them quite often when buying/selling houses and some of the requirements are quite baffling, but I've never encountered the four day delay you mentioned. In my experience some sort if documentary proof is always needed, and any delay is for as long as it takes me to come up with the evidence, be it an hour or a month.

 

 

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8 minutes ago, Rickent said:

I would imagine if you walked into your bank and deposited let's say 50k, questions would be raised as to the origin of the money.

Forget £50k, I’ve been asked where the money came from when depositing a grand. I told them it was none of their business and they refused to accept it. So I had to tell them (I’d sold a cheap car). 

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And car dealers are not allowed to accept more that £5K in cash when you're paying for a car.

I am also told that I cannot deposit cash into my daughter's account (uni student), I have to deposit it into my account and then transfer/ write a cheque to her account  This is for any amount of money

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4 hours ago, Dyertribe said:

And car dealers are not allowed to accept more that £5K in cash when you're paying for a car.

I am also told that I cannot deposit cash into my daughter's account (uni student), I have to deposit it into my account and then transfer/ write a cheque to her account  This is for any amount of money

It used to be 9K things have changed

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