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Origin of Funds

Posted by Motors-996018 - Created: 3 years ago
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10 replies (Showing replies: 1 to 10)

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Posted by Anonymous - 3 years ago

Kind of funny reading this forum just days after reading that many of the major banks have been fined literally millions for being caught laundering money for the south american drug cartels.

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Posted by Iguana Rock - 3 years ago

We provided our solicitors final account letter showing how much cash had been paid into our bank account from the sale of our UK property. No problem at all.

All you have to do is exactly as they've asked.............prove where the cash came from.

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Posted by Reveuse-918439 - 3 years ago

"This is only true if the OP is going to live in France. If the house is a holiday home, the estate will be distributed under the French system."

Yes that's correct. Don't know why I assumed the OP is moving to France, I don't think he said one way or the other. (It would help, if posters explained the scenario properly when they ask questions...)

Also it's not clear if it's the notaire or the estate agent that he's been talking to about inheritance. The estate agent probably won't have a clue and as janes says, has no business giving advice. The notaire should know.

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Posted by 56fr - 3 years ago

When we bought our house, we gave the notaire our bank details and left it to them to contact the bank for proof of funds

 

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Posted by janes-394036 - 3 years ago

I don't think the estate agent is qualified to give you advice on inheritance law.

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Posted by janes-394036 - 3 years ago

I don't think the estate agent is qualified to give you advice on inheritance law.

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Posted by noblesse-404553 - 3 years ago

" Previously you did have to anticipate inheritance issues at the time of purchase but It's recently become possible to distribute your French estate under a UK will, so you no longer need to worry about things like reserved heirs and having a tontine clause put into the acte de vente, you can dispose of your possessions to whoever you like when the time comes."

This is only true if the OP is going to live in France. If the house is a holiday home, the estate will be distributed under the French system.

janet

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Posted by aramanta - 3 years ago

Origin of funds - this is all to do with the steps banks everywhere are starting to have to carry out to stop money laundering - you need to send a letter noting how you are funding your house purchase -  out of savings accrued over the years or funds you received from selling a previous house sale or whether it's being paid for by having a mortgage. We faxed over copies of tax statements from several years and bank statements and copies of emails between us and international money transfer companies. This sort of requirment for financial information is starting to become commonplace in the UK - say if you want to open a new savings account. And UK banks even ask you where the cash came from if you take the proceeds from the kids' money boxes in!!  

 

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Posted by Reveuse-918439 - 3 years ago

Can you not get him to accept copy of a statement of the account that the funds are coming from? Quite often if they ask for a piece of paper and you give them a piece of paper they're happy, even if it's not the document they asked for.

I'm not sure what you mean by 'the purchase be completed with UK inheritance law' and I suspect your notaire doesn't either. A property purchase is a property purchase and it's done under French property law. Inheritance law is inheritance law and it's not really connected with the purchase process. Previously you did have to anticipate inheritance issues at the time of purchase but It's recently become possible to distribute your French estate under a UK will, so you no longer need to worry about things like reserved heirs and having a tontine clause put into the acte de vente, you can dispose of your possessions to whoever you like when the time comes. But French inheritance tax will still apply, you can't change that.

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Posted by buster-784461 - 3 years ago

In france there are strange ways!! you can be married & own goods  in common, or own in separation - half & half! depend what marrage regime you have - but in uk we only have the one regime !

http://www.notaires.fr/en/marriage-contract-choose-their-matrimonial-regime

praps this is what the agent means.

Origin of funds/money   - savings ? so it will be on you bank statements over the years!

or did you sell a house get inhertitance - you should have paper work!