prrof of funds

Leigh1987

I've just been told by my solicitor that for the proof of funds that are being used for the house deposit they require:

1) statement showing where my savings have been for the last 3 months
2) signed letters off the two giftors confirming they don't require the money back, my solicitor is not looking after their interests, my solicitor advises them to seek independent legal advice
3)certified ID that can only be done by a certified solicitor/conveyancer
4)statements showing the accounts where the gifts have come from.

I've just been hit by this after originally being told is that all I had to do is show where the money is now (my account) and confirm to them that the gifts weren't repayable etc.

Now, I find about all these extra hurdles I have to jump over. It would have been nice to get a bit of advanced warning in the last 6 weeks so I could have been preparing this.

Any thoughts about this process?

kingstreet

Who told you the requirements at the outset?

For example, the lender/broker's requirements for the mortgage can differ from the solicitor's.

Each party has to satisfy the legal and money laundering requirements of their own compliance units. Not all see things the same way.

On a recent case, I prepared a gifted deposit letter acceptable to the bulk of the mortgage lenders we use. Leeds BS insists on it being on its own form instead. PITA, but that's up to them.

hamster2013

it is not necessarily the requirement of the solicitor, however, they should have done Anti Money Laundering and KYC checks 6 weeks ago

My lender and the solicitor required to get the full source of funds - which I totally agree with - and it was as simple as providing with the statements, which I had to order.
This iwas informed right at begining though, so made it easy for me to get asap.

As for certified copy of ID - you can also suggest to your solicitor the post office service - mine accepted it, and was cheaper than going to a solicitor to get it done : http://www.postoffice.co.uk/document-certification-service

I did it via this because my solicitors were in a town different than mine (about 2 hours drive!!) - are your solicitors not near by and you cant pop in with originals for them to certify for you?

lb364

We used this template for our deposit letter, Nationwide accepted it...

http://www.dudleybuildingsociety.co.uk/intermediary/EVIDENCE%20OF%20DEPOSIT.pdf

HTH