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Proof of funds for Solicitors

asu5z
asu5z Posts: 15 Forumite
edited 1 March 2014 at 9:09PM in House buying, renting & selling
Dear All

I am about to buy a house on cash. For the past 1 year, funds have been sitting in 3 different bank accounts of mine.

My query is, would 12 months bank statements of all accounts suffice solicitor's requirement?

I wait for your valuable contribution.

Thanks and Regards
«1

Comments

  • Voyager2002
    Voyager2002 Posts: 16,349 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Why not ask them?
  • asu5z
    asu5z Posts: 15 Forumite
    I still have not hired any solicitors.
  • chib
    chib Posts: 537 Forumite
    Part of the Furniture 100 Posts Home Insurance Hacker!
    Could you perhaps simplify things by placing the funds into a single account? I assume as you transfer the money, the solicitors preference will be that it comes in a single transaction.

    For my recent purchase, the solicitor wasn't interested in the history or building of the funds (Though the bank were) they simply wanted proof that I had the balance required to cover the deposit and their fees.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If buying for cash outright. The original source may be questioned.
  • happy_bunny_2
    happy_bunny_2 Posts: 4,488 Forumite
    Depends how much it is, but separate accounts sounds better with the savings protection limit.
    :beer:
  • buglawton
    buglawton Posts: 9,246 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    chib wrote: »
    Could you perhaps simplify things by placing the funds into a single account? I assume as you transfer the money, the solicitors preference will be that it comes in a single transaction.

    For my recent purchase, the solicitor wasn't interested in the history or building of the funds (Though the bank were) they simply wanted proof that I had the balance required to cover the deposit and their fees.

    Did the solicitor mention the tax form you'll receive within 30 days of completion? Presumably this is to prvent money laundering.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    buglawton wrote: »
    Did the solicitor mention the tax form you'll receive within 30 days of completion?

    Our solicitor didn't mention it, nor did one ever arrive.

    And, as far as proof of funds was concerned, an email from an IFA was perfectly adequate.
  • chib
    chib Posts: 537 Forumite
    Part of the Furniture 100 Posts Home Insurance Hacker!
    buglawton wrote: »
    Did the solicitor mention the tax form you'll receive within 30 days of completion? Presumably this is to prvent money laundering.

    No, this isn't something that was discussed.

    My purchase was in Scotland, I appreciate there are some minor differences with the process here?
  • buglawton
    buglawton Posts: 9,246 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Think it applies to Scotland too:
    http://www.ros.gov.uk/professional/registration/sdlt/stampdutylandtaxfaqs.html
  • ReadingTim
    ReadingTim Posts: 4,087 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Thrugelmir wrote: »
    If buying for cash outright. The original source may be questioned.

    Exactly this - 12 months of bank statements may be insufficient if they simply show the cash sitting there during the period.

    While it's applicable to England and Wales rather than Scotland, I can't imagine the Law Society of Scotland's advice will be too dissimilar to this
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