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  • FIRST POST
    • tomatoandcheese
    • By tomatoandcheese 14th Mar 17, 3:31 PM
    • 2Posts
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    tomatoandcheese
    Proof of where deposit funds came from?
    • #1
    • 14th Mar 17, 3:31 PM
    Proof of where deposit funds came from? 14th Mar 17 at 3:31 PM
    We are in the process of buying a flat. Offer accepted, mortgage confirmed, so now just going through the legal stuff. Our solicitors have emailed today asking for proof of deposit and also proof of where the funds came from, which I understand is part of their regulations to prevent money laundering.

    My problem is that we have actually had the deposit funds a really, really long time - its our salaries that haven't been high enough up to now to let us buy in London! The money accumulated from both savings and birthday gifts etc from family over a period that began when I was about 18 and is all together in one account, but I haven't added anything to that account since I fell pregnant with my first child almost 4 years ago (and subsequently went part time). Because it is all in an online paperless account, I can only get statements covering the last 12 months, which obviously only shows interest going in, not anything else. Is this going to cause us issues or will the fact we have clearly had the money awhile mean just a 12 month statement will be acceptable? No idea how to even start tracking down details of every little bit that has contributed over the past 10 years!

    Thanks in advance for any help - clueless FTB here!
Page 1
    • kingstreet
    • By kingstreet 14th Mar 17, 3:44 PM
    • 30,913 Posts
    • 16,471 Thanks
    kingstreet
    • #2
    • 14th Mar 17, 3:44 PM
    • #2
    • 14th Mar 17, 3:44 PM
    You need to ask your solicitor what it requires.

    Every one is different, so one person's experience on here won't necessarily answer you.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • ReadingTim
    • By ReadingTim 14th Mar 17, 3:48 PM
    • 1,301 Posts
    • 1,787 Thanks
    ReadingTim
    • #3
    • 14th Mar 17, 3:48 PM
    • #3
    • 14th Mar 17, 3:48 PM
    Ask your solicitor - that's what you're paying them for. They will tell you what they need, then go about getting it.
    • Heather2603
    • By Heather2603 14th Mar 17, 3:58 PM
    • 29 Posts
    • 27 Thanks
    Heather2603
    • #4
    • 14th Mar 17, 3:58 PM
    • #4
    • 14th Mar 17, 3:58 PM
    If you contact your bank they should be able to send you older statements.
    • cashbackproblems
    • By cashbackproblems 14th Mar 17, 4:02 PM
    • 1,482 Posts
    • 560 Thanks
    cashbackproblems
    • #5
    • 14th Mar 17, 4:02 PM
    • #5
    • 14th Mar 17, 4:02 PM
    iv had exactly the same issue the last few days! My deposit has come from 8 years worth of savings I explained this to them and they said to send the last 6 months bank statements showing the accumulation, even thought this doesn't show the full amount. Also I sent a statement of my S+S ISA showing my holdings which I have a monthly DD investing into. I wont be using these stocks and shares but if they are doing the checks now they wont check my source of funds again at exchange will they?


    anyway I will see what they come back with.


    I have had some gifted from parents but kept quiet as they want £180 extra for doing checks on others along with proof of their statements etc.,
    • davidmcn
    • By davidmcn 14th Mar 17, 4:14 PM
    • 4,745 Posts
    • 4,316 Thanks
    davidmcn
    • #6
    • 14th Mar 17, 4:14 PM
    • #6
    • 14th Mar 17, 4:14 PM
    If the money was in your account x months ago (varies how far they look back - often only three months) that's fine, it's obviously your money - where it originally came from isn't that important.
    • tomatoandcheese
    • By tomatoandcheese 14th Mar 17, 4:18 PM
    • 2 Posts
    • 0 Thanks
    tomatoandcheese
    • #7
    • 14th Mar 17, 4:18 PM
    • #7
    • 14th Mar 17, 4:18 PM
    Thanks all. I've just sent solicitor statement for the last 12 months - hopefully that will be enough but they are a bit slow to reply to emails and hard to get on the phone so I thought I'd check here too in case I'm likely to need more so I can start trying to get further statements from the bank straight away...
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