Buying house with bitcoin

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Removing the middleman effectively eliminates interest fees and puts the holder in control. This is especially interesting when you consider the impact such currencies can have in third world countries where access to standard bank accounts is reserved for the few, rather than the many. With Bitcoin, you can spend and store money without a traditional account or credit card.

Property sales involving Bitcoin are already happening but, it could be argued, for the wrong reasons. Bitcoin is big news at present and journalists are clamoring for a story involving this new and exciting currency. With that in mind, some sellers are using the currency as a way of either promoting the property they are selling and then selling it via traditional means or as a way of promoting themselves. This trend is likely to continue as long as doing so makes the news, but what about the rest of us?

Is there really a market for buying and selling property with Bitcoin? You could certainly add cryptocurrencies as an alternative payment method, but would many people take you up on the offer if you did? Probably not. As a burgeoning currency, Bitcoin is still likely to cause the uninitiated a degree of concern What happens if something does go wrong?

After all, you have no regulatory board or central bank to run to if it does. Bitcoin is flying high at the moment, producing the kind of hockey stick chart investors usually dream of when they are tucked up in their beds at night, but will it last? What happens if a rival cryptocurrency improves on the foundations laid by Bitcoin, for example?

The rental market is growing fast, especially with under 35s, so offering an alternative payment option could work here. Cryptocurrency is decentralised which means it does not belong to the government or any bank. With this in mind, the cryptocurrency needs to be converted into pounds sterling, for solicitors to be able to use this in a property purchase.

The third party, once any applicable fees have been paid, can then look to transfer the sterling into your allocated bank account. Law firms have to adhere to strict anti-money laundering regulations and this includes investigating the source of wealth and source of funds for all property transactions. Therefore, once the funds are showing in your bank account, you will be in a position to prove to your solicitor where the funds have come from, which will then allow the transaction to proceed.

When using cryptocurrency towards a property purchase however, the compliance checks are slightly more detailed as your conveyancing solicitor must try to trace the currency back, and check how the funds have been converted. Full co-operation and disclosure would be required in order for solicitors to accept any form of cryptocurrency, as they must be able to prove the funds have been legitimately sourced to satisfy their anti-money laundering regulations.

Despite being in existence since , this form of currency for use in property transactions is relatively new to law firms and lenders. As cryptocurrency is still deemed as a relatively new type of tender, many law firms and mortgage lenders if purchasing with a lender will be cautious.

Some law firms and lenders may decide to decline cryptocurrency as a source of funds, so you will need to check with them from the outset.

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