Proof of funds

slightlychilled

I'm an expat, cash buyer and in the process of buying a house in the UK. The solicitor has asked for proof of funds which I have provided with pdf statements from 3 bank accounts, one held in GB sterling and two held in Euros. All three are internet banks and don't provide paper statements. The grief I'm getting is, the solicitor claims:
1. Prints of pdf bank statements are not acceptable, they have to be on original bank paper which I don't have. .
2. Euro balances are not acceptable.
Considering all banks provide current daily exchange rates of the Euro and UK is still in the EU, I find this extraordinary. I could transfer my Euros to the UK bank account today but as the Euro is continually strengthening against GB sterling, I prefer to wait with the transfer until I actually have to pay for the house to maximise any advantage on the exchange rate. Laughably, when I move my Euro balances to the UK bank I will then find myself in the position of having to explain the sudden appearance of a large amount in respect of money laundering. How can I do that when the pdf statements are not acceptable ?
Anyone in the know or advice on my predicament or can please provide a link to confirm or deny anything my solicitor is telling me. I surely cannot be the only person with accounts with internet banks.
Thank you so much .

davidmcn

slightlychilled wrote: »

1. Prints of pdf bank statements are not acceptable, they have to be on original bank paper which I don't have.

This is a fairly common requirement (after all, putting together a fake pdf is trivially easy). Your solicitor ought to be suggesting solutions rather than just "computer says no". Can you request hard copy statements from the bank? Probably a charge for it. Or if you're local enough to visit your solicitors, log into the account while they watch!

2. Euro balances are not acceptable.

Nonsense, solicitors deal with foreign transactions all the time.

always_sunny

You might have got a lazy solicitor, worth checking and switching.
Bank abroad (EUR) do issue statements that are stamped (to me it official), usually once you request them they will mail to you within days.

davidmcn

Bear in mind that they'll need to follow the money all the way through to their account, so if you've still to transfer from the Euro account then they'll need an updated statement showing the transfer. So you might want to wait until you've done that before bothering to get the statements sorted out, but check what they'll accept.

slightlychilled

Thanks for the replies but I if solicitor says "no", I need to progress. Where can I find the rules and regs regarding Euro accounts as proof of funds ? I need to show her something.

davidmcn

There are no specific "rules and regs" about what anyone must accept, it's up to them. I'm certainly not aware of anything saying they shouldn't accept it, if you want to turn it around. Foreign transactions will normally add an element of caution, but funds in a reputable Euro zone bank should be treated as legitimate as in a UK bank.

If solicitor says no then you'll need to find a more sensible solicitor.

G_M

The solicitor has a duty to take due care and undertake due diligence to avoid money laundering etc.

Unfortunatey there are no specific rules of what that means so it is up the each solicior to decide.

Visit some other firms, explain your situation and what documents you can offer, and ask whether that would meet their needs.

slightlychilled

Thanks but changing solicitors is not an option. We're too far down the line just waiting for a new draught of the sellers contract. Empty house and cash buyer means it's all progressed quickly and as I live abroad, not everything is as easy as it would be locally. Sunday today but I'll phone the solicitor tomorrow to see if there is a way to resolve the issues.

agrinnall

Ask your solicitor the specific reason why they will not accept your Euro balances, then post that reply on here for more help. I suspect that if you put them on the spot they will have no good reason and will suddenly find they are acceptabe after all.

davidmcn

slightlychilled wrote: »

Thanks but changing solicitors is not an option.

Always an option, maybe an inconvenient one. And unavoidable if they don't accept your money! But hopefully you can sort it out.

slightlychilled

Good point agrinnall. I'll ask for specifics tomorrow, a preference certainly cannot preclude acceptability.