Proof of deposit???

houseownerwannabe_2

Hi

Our solicitors have asked us for proof of deposit. Does anyone know what evidence will be required for this? I've tried calling but they are closed on weekends.

Will a recent bank statement suffice? Also, they have asked for confirmation of where the funds came from, do I just write a letter saying it's from our savings and help to buy isa's or is there something else I'm supposed to do?

Thanks

dc197

A set of recent bank statements is fine.
If you have recently received a lump sum, e.g. gift or inheritance, they will want that explaining.
Otherwise the simple explanation of "earnings from my job" will satisfy the question of an unusually high balance. It did for us.

houseownerwannabe_2

Thanks

Our recent statement is only from 30th March onwards, will they need us to provide older ones?

AnotherJoe

Only they will know that but the last three months is a common requirement. Do you not have any older ones? Can you order or download Feb ? In your position I'd provide Feb, March and April just to avoid time wasting when they come back and ask for older ones.

houseownerwannabe_2

Ok, I'll go into the branch today and get them, thanks. As for the part about where they came from, do I just call them Monday or write a letter? Should I also provide ISA statements? I'm hoping to get an extra payment into them at the start of June to bump up the government contribution but will this be playing it too close to the completion (which is estimated as mid-end of June)?

Sorry for all the questions, I'm new to all of this and very confused/anxious!

davidmcn

houseownerwannabe wrote: »

Ok, I'll go into the branch today and get them, thanks. As for the part about where they came from, do I just call them Monday or write a letter? Should I also provide ISA statements? I'm hoping to get an extra payment into them at the start of June to bump up the government contribution but will this be playing it too close to the completion (which is estimated as mid-end of June)?

Sorry for all the questions, I'm new to all of this and very confused/anxious!

If you're not completing for another month then I suggest you wait until Monday and ask your solicitors what they need - no point all of us trying to guess, as there aren't any hard and fast rules about it. I would want to see three months of statements (and if those include transfers from savings accounts etc, statements for those accounts too), but your solicitor may have other ideas (pretty useless of them just to ask for "proof of deposit" if that really is all they said!).

pmlindyloo

What they are looking for is a trail of the deposit money so you have to look at what you are providing and see if it shows where you have got the money from (hope that makes sense!)

No use you showing a large amount of money on a bank statement without showing the 'trail'.

So for example if you transferred money from your ISA account to your bank account show both the ISA statement and the bank statement showing it going in.

If some money has come from a savings account then show the regular amounts of savings from the savings account statement and where it goes into the bank account.

It's really a case of working backwards and showing how you arrived at the total sum of the deposit.

Just pretend you are the solicitor and see if you have proof of where the deposit came from.

Reasons behind it:

http://www.samconveyancing.co.uk/news/conveyancing/how-to-prove-source-of-funds-1614

dc197

Yes, get several months.
Certainly I would have statements that show the funds arriving or building up in the account. Otherwise if your balance has been static for months it shows only that you have money but not where it came from.

I advise to turn on paper statements NOW because some people won't accept downloads. Also paper bank statements can be used as a second source of ID and address.

amandaxx1

I would just drop your solicitor an email on Monday asking how many months bank statements they need to show it has been saved up. Having dealt with my solicitor a lot recently I have realised the best way to get him to respond is through email! My partners part of the deposit came from the sale of a car last August and he had to show the bank statement for that month when the money went in, so you may need a fair few statements?

Thrugelmir

houseownerwannabe wrote: »

Hi

Our solicitors have asked us for proof of deposit. Does anyone know what evidence will be required for this?

What's the source of the money?