Proof of funds

G_M

If you can't satisfy the current soliitor, then your ownly remaining options would be to pull out of the purchase, or change solicitors. That IS always an option, however invonvenient, and may be preferable to pulling out.

saajan_12

Third option: you could bite the bullet and exchange the money to GBP now..

If it's all going quick, the difference may not be massive. How close is your total EUR/GBP monies to the deposit you propose to contribute? You expect the fx rate to go up, but it could equally go down, in which case you may not have enough once converted to GBP for the purchase if you're planning on using almost all your funds.

davidmcn

saajan_12 wrote: »

Third option: you could bite the bullet and exchange the money to GBP now..

But the solicitor will still need to trace the funds back to where they came from, so that (apparently) won't get around the current solicitor's problem with accepting Euro balances.

hounsehunterftb

We also had to show the proof of funds from the overseas bank account as half the deposit was coming from there. I asked my solicitors if the original statements would be required at the offset itself. They told it won't be required so long as I could provide the statements showing the proof of funds in the overseas bank account and then transfer showing the receipt of the money in GBP.
So I see your point of getting the best exchange rate, however we thought its best to have the money in GBP and be there rather than transferring later.


We are still waiting for the searches to happen so the solicitors have not started any work on our file. But we hope they abide by their own words and go forward.

G_M

The irony is that London is awash with properties owned by Russian !!!!!-types with money coming from all sorts of dubious sources..........

slightlychilled

UPDATE:
Waiting for the solicitor to phone me back all day I happened upon the Money Laundering act of Parliament 2007 which referred to ALL monetary amounts in Euros with GB Sterling not mentioned even once. When I mentioned this to my solicitor, she was mightily displeased and went off in a huff claiming she had to speak to her boss and will phone me back tomorrow.:(

Changing solicitors is not an option in my case due to looming deadlines.
Got another problem though and will start a separate thread.