Deposit needs to be in account for 3 months. Is this common practice?

Lww_2

So we've just received a letter from our solicitors stating that they wont be able to accept funds nearing completion until we can prove that it has been in the account for at least 3 months. The problem is that the funds havent been there for anywhere near that time, and we are also loaning money from family.

Is this normal? I've searched online and can't seem to find anyone having the same issue so far.

Thanks

theartfullodger

If you are borrowing from family for deposit obviously you will have informed your mortgage lender of this...

£5 to an agreed housing charity says you haven't....(yup, I do pay if rong...)

How stupid did you expect whoever it was who you were planning to borrow £100k+ off??

marksoton

Lww wrote: »

The problem is that the funds havent been there for anywhere near that time, and we are also loaning money from family.

Uh oh..........

csgohan4

So not a gift from family then, someone's telling porkies

davidmcn

Looking back three months is normal, it shouldn't have to be in the same account as long as there is a paper trail showing any transfers from other accounts in your name. As pointed out, transfers from other people are a problem if you haven't told everyone about it.

Lww_2

Thats already been declared but that wasn't my question. £5 to shelter if you would be so kind.

My question was that because the solicitor is asking for proof that the amount to be in the account for 3 months, and the loan hasn't been moved into the account yet, will that basically be us falling at the first hurdle?

csgohan4

Lww wrote: »

Thats already been declared but that wasn't my question. £5 to shelter if you would be so kind.

My question was that because the solicitor is asking for proof that the amount to be in the account for 3 months, and the loan hasn't been moved into the account yet, will that basically be us falling at the first hurdle?

Have you declared the money is a loan then?

marksoton

Lww wrote: »

Thats already been declared but that wasn't my question. £5 to shelter if you would be so kind.

My question was that because the solicitor is asking for proof that the amount to be in the account for 3 months, and the loan hasn't been moved into the account yet, will that basically be us falling at the first hurdle?

How can you declare something that hasn't happened?

Lww_2

davidmcn wrote: »

Looking back three months is normal, it shouldn't have to be in the same account as long as there is a paper trail showing any transfers from other accounts in your name. As pointed out, transfers from other people are a problem if you haven't told everyone about it.

Thanks for that. That's what I was asking. As there is a paper trail showing funds going straight out of my current account and into savings, surely that is enough evidence to show that we aren't laundering money? All I was asking was if this was the norm yet I seem to be getting attacked from all angles over everything else, so thanks for taking time to help me out.

Lww_2

marksoton wrote: »

How can you declare something that hasn't happened?

We have been asked if we are going to loan money, to which the answer was yes.

mrginge

Lww wrote: »

We have been asked if we are going to loan money, to which the answer was yes.

Who are you loaning money to?