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New house purchase with cash???

  • 03-06-2013 7:23pm
    #1
    Fiery mutant
    Registered Users, Registered Users 2 Posts: 1,553 ✭✭✭


    Hoping somebody might be able to give me some advice here. I'm in the middle of a house purchase at the minute, we just had our offer accepted and we have been told it should be plain sailing from here.

    Now, we had planned on getting a mortgage, but have decided to use our saving and pay cash instead. Is there a downside to paying cash? Obviously losing that chunk of our savings, but anything else. Will it be looked on strangely by the powers that be, i.e solicitor, estate agent etc. Someone told me that paying cash could get strange looks, and wondering where you got all the cash.

    Anyone got any experience of bing a house in cash?

    We should defend our way of life to an extent that any attempt on it is crushed, so that any adversary will never make such an attempt in the future.



Comments

  • #2
    Duckjob
    Registered Users, Registered Users 2 Posts: 2,859 ✭✭✭Duckjob


    Hi OP,

    I wouldnt be concerned at all about that - most of the current batch of buyers are those that have been sitting on large amounts of savings, and many of those are buying outright with cash, so it's not unusual in the current climate.

    EA/solicitor etc won't raise an eyebrow - they'll probably only be too happy that they don't have to worry about loan approval falling through.

    In the highly unlikely event of revenue etc coming asking questions about it, I presume you can produce bank statements showing accumulation thru savings / inheritance etc so unless you got the money from a bank heist or something, there's really nothing to worry about.

    Enviable position to be in - so just relax and enjoy.


  • #3
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,430 CMod ✭✭✭✭Pawwed Rig


    As Duckjob says I cannot see any issue. You may be asked to explain where the cash came from under money laundering legislation but if all is legit you will have no problems. The only downside I can think of is that a mortgage is the cheapest loan you are ever likely to get so you are forgoing that. If you have any other debts I would recommend paying them off rather than forgo the mortgage. If you are otherwise debt free then go for it.


  • #4
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,632 ✭✭✭✭Marcusm


    Fiery mutant wrote: »

    Anyone got any experience of bing a house in cash?

    I have; worst thing I ever did but that has more to do with house price depreciation than anything else!

    Closing procedures will need to be agreed - generally a mortgage is rawn down to the solicitor's client account. If you are self funding, this just gives rise to additional transfers. I obtained a bank draft on the exchange/closing date (same day) and handed it to the vendor's solicitors against receipt of the keys - having previoulsy signed contracts at my solicitors office.


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