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Proof of funds - what is required and when?
paulac_3
Posts: 57 Forumite
I hope there is someone out there who can help with this one!
My parents have today had their offer on a bungalow accepted. They are cash buyers, having some savings of their own and money that my brother will be lending them until their own house is sold at a later date (we're trying to make the whole process as stress free for them as we can).
The Estate Agent now wants Mum and Dad to bring "proof of funds" to the office as soon as possible - she said that a letter from the solicitor will do.
Can someone please tell me what the solicitor will expect - I know it will be my parents bank statements, etc, but will he accept statements in my brother's name and paperwork downloaded from online banks? To complicate matters further my brother lives abroad.
Any help would really be appreciated - we don't want to lose the house because we can't prove that the money is there or we haven't got the money in the right place at the right time.
My parents have today had their offer on a bungalow accepted. They are cash buyers, having some savings of their own and money that my brother will be lending them until their own house is sold at a later date (we're trying to make the whole process as stress free for them as we can).
The Estate Agent now wants Mum and Dad to bring "proof of funds" to the office as soon as possible - she said that a letter from the solicitor will do.
Can someone please tell me what the solicitor will expect - I know it will be my parents bank statements, etc, but will he accept statements in my brother's name and paperwork downloaded from online banks? To complicate matters further my brother lives abroad.
Any help would really be appreciated - we don't want to lose the house because we can't prove that the money is there or we haven't got the money in the right place at the right time.
0
Comments
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A letter from your brother to the EA may do, why bother the solicitor?
My EA has not asked me for any proof of anything!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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