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Old 11-23-2016, 10:56 AM   #41
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Wow! It just occurred to me that title searches must be a nightmare in Europe. They take long enough in this country where they only have to go back a couple of centuries or so, but OMG how deep do they search where you live?
Indeed. In our case we will be a 10 minute walk away from a 13th century Priory and 15th century church (The church is still active, our children were baptized there and my 8 greats grandfather was married there).

I think the searches are going to be similar to those done in the USA. Proof of the land being owned by the sellers, with boundaries defined, mineral rights, any access rights for buried sewers, water pipes, utilities, planning permission for any buildings and extensions etc.
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Old 11-23-2016, 01:45 PM   #42
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Financial regulations in the U.K. Must be different than in the USA, perhaps when it comes to money laundering the U.K. is more careful as to determining the source of the money. Anyway, it was easy to produce statements to show the existence and source of the money and no deposit money is required to be paid prior to exchange of contracts which is only about 2 weeks prior to closing when the money is actually handed over. (This is done electronically, you never actually meet up together on the day holding checks or cash). When we sold our house in the USA we were amazed to walk away with a cashiers check worth almost a quarter of a million dollars. A cashiers check is as good as cash I think so we were very nervous until we got to our bank to deposit it.

Remember also that we have been out of the country for 29 years and therefore have no credit score or other U.K. financial history.
Showing up with a cashier's check on the day of closing is preferable to wiring the funds to a title company beforehand - especially when dealing with new home builders (our 5 cash purchases). It gives you the opportunity to stop the closing if necessary, or to negotiate on unfinished items discovered at the final walk-through. Have had things not go smoothly at closings with several builders, and negotiated withholding of funds (by title company) until items were completed. Gives builder incentive to return your calls so they can get you to sign off on work completed, and retrieve final payments from title company. I also want to see a title company check for the agreed upon amount before signing off on my property.
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Old 11-23-2016, 02:14 PM   #43
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I just state the top of the 15% tax bracket, because I always take LTCG or do Roth conversions to the top anyway. Plus it is a easy number to remember every year.
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Old 11-23-2016, 03:23 PM   #44
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Showing up with a cashier's check on the day of closing is preferable to wiring the funds to a title company beforehand - especially when dealing with new home builders (our 5 cash purchases). It gives you the opportunity to stop the closing if necessary, or to negotiate on unfinished items discovered at the final walk-through. Have had things not go smoothly at closings with several builders, and negotiated withholding of funds (by title company) until items were completed. Gives builder incentive to return your calls so they can get you to sign off on work completed, and retrieve final payments from title company. I also want to see a title company check for the agreed upon amount before signing off on my property.
In the UK you don't exchange contracts until you are satisfied everything has been completed to your satisfaction. I can't imagine going into closing day with the possibility of work still outstanding. Usually mortgages are involved and the bank wants a full sign-off before contracts are exchanged and a deposit put down, then there is a couple of weeks for monies to be received by the law firms prior to closing day.

Different systems, even within the UK. When we moved to Scotland and had a house to sell in England and one to buy in Scotland we had to employ 2 law firms because the laws and house buying/selling processes are different, so English lawyers can't practice in Scotland and vise-versa.
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Old 11-23-2016, 06:14 PM   #45
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In the UK you don't exchange contracts until you are satisfied everything has been completed to your satisfaction. I can't imagine going into closing day with the possibility of work still outstanding. Usually mortgages are involved and the bank wants a full sign-off before contracts are exchanged and a deposit put down, then there is a couple of weeks for monies to be received by the law firms prior to closing day.

Different systems, even within the UK. When we moved to Scotland and had a house to sell in England and one to buy in Scotland we had to employ 2 law firms because the laws and house buying/selling processes are different, so English lawyers can't practice in Scotland and vise-versa.
I learned my lesson with our very first home purchase. Had the unfortunate luck of purchasing from the battling Browns who were so angry with each other, that the court appointed a third lawyer to arbitrate settlement of their property. Luckily I had my brain in gear at the closing and got in writing, details regarding personal property disposition time frame. If I had not done this - I would have been in limbo with getting them to clear out (home was full of personal property). Ended up donating personal property we'd moved to the garage to extend their allotted time frame, and still was threatened with a lawsuit for giving it all away. Thank God I had a documented written disposition time frame filed at the closing, which I more than allowed for with placing everything in the garage for another month.

As for the five new home cash purchases- certain items were not completed (or couldn't be completed) before the closing. Items like landscaping, patios/decks, top coat of a (very long) driveway were not done due to weather/scheduling issues. Most of the builders we worked with were decent at following up with issues, but two custom builders were somewhat difficult to deal with after the closing and was fortunate to have had control of funds for compliance. One national builder's sub didn't apply finish coat on kitchen wood floor under refrigerator and stove (discovered on final walk-through - had just finish coated around them). You never know and things happen (and it's good to have a back up plan/leverage)...

A lot of maneuvering with all of these purchases, but never had to provide proof of funds or our net worth for any of them as previously mentioned. I thought you were in Europe, but wasn't sure. Can see where things are a little different given the difficulty of crossing country boundaries vs. U.S. state boundaries.
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Old 11-23-2016, 07:00 PM   #46
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A lot of maneuvering with all of these purchases, but never had to provide proof of funds or our net worth for any of them as previously mentioned. I thought you were in Europe, but wasn't sure. Can see where things are a little different given the difficulty of crossing country boundaries vs. U.S. state boundaries.
Early in the year we were looking to rent a place in England while living in Texas so had to provide proof of income and undergo a credit check but since we had no credit history in the UK it was a little tricky. (Copies of monthly US pension statements surficed for proof of income).

Yesterday I received an email from the letting agent who had noticed that my UK passport had expired and as the law requires that overseas lessees need to have a current passport on record requested that I email a copy of my new passport to them.
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Old 11-26-2016, 09:50 PM   #47
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There are a number of items that I share only with my Creator; one is my income and the other is my SS number. As far as my income I tell them what they want to hear: 50k or 150k per year what it takes to get the CC.
My SS number is shared only with those who need it my bank & the IRS. Anyone else who requests it usually gets my old military ID number with a digit added to be the same number of spaces as the SS number. I've been doing that for years without issue. Doctors offices have no need for a social security number. Considering the employees of most offices and their rate of pay I consider them a significant risk for ID theft. Same with banks but they communicate with the IRS.
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Old 11-27-2016, 08:02 AM   #48
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There ya go......... No need to make it more complicated than it is. I believe MichaelB's method would work well for most scenarios.
It should be noted that AGI does not include the 15% (or more) SS which is not subject to taxation.
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Old 11-27-2016, 08:32 AM   #49
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I hadn't really thought about it since I don't plan on buying anything that I can't pay cash for. I suspect I would probably just use my latest tax returns total income (line 22).
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Old 11-27-2016, 12:57 PM   #50
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Doctors offices have no need for a social security number. Considering the employees of most offices and their rate of pay I consider them a significant risk for ID theft. Same with banks but they communicate with the IRS.
Wait until you start Medicare.
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Old 11-27-2016, 01:26 PM   #51
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I would use AGI, but with Roth conversions and no straight retirement withdrawals it seems pretty meaningless. Plus it excludes real income in tax advantaged retirement accounts.

For a couple of CC applications this year we used all fund/ETF distributions, in taxable accounts and retirement accounts. Capital gains inflate it enough to approximate our yearly spending, so it's roughly appropriate and documentable.
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Old 11-27-2016, 03:01 PM   #52
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Recently we began the application process to move to a CCRC. They require both financial as well as medical proof to qualify. They financial proof was merely a self completion blank form that asked for specific financial data, mostly related to income, expenses and investments. I provided them exactly what they asked for, as it was quite specific. I signed the form with the knowledge that what I was providing them was 100% accurate. The physician-provided medical proof will be submitted at a later date.
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Old 11-27-2016, 05:09 PM   #53
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Most of us financially indepenent people have just about whatever income we want. Just sell some stocks to raise money.

I ballpark at pension + SS + 4% of my portfolio. Aside from that, I usually say $125K. That's big enough to get their interest but not so big as to be disbelievable.
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Old 11-28-2016, 08:15 AM   #54
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As others have already pointed out, when it comes to vehicle/credit card/consumer loans I simply use whatever figure I'd be comfortable pulling out of my investments for one year. That could be as high as $150K depending on the circumstances.

Mortgages are obviously a different matter since income verification is thoroughly scrutinized. In that case I've resigned myself to paying cash for any home purchases for the rest of my life.
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Old 11-28-2016, 08:50 AM   #55
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I use the AGI or taxable income from our most recent tax return.
Yep that's what I do. When I applied for ACA that's what they wanted, my networth wasn't a factor, just my annual income. As my outgoings are low (I own my home and have no debt) my income was too low to qualify and I got placed on Medicaid which required another set of copies of my tax return and 3 months of bank account statements etc. It's good to keep all this stuff to hand and current so it can be easily submitted.
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