Solicitor asking for excessive proof of savings

SuzieSue

Cakeguts wrote: »

If you move house to a different area in order to send your child to the local school that you think is better you are still buying a school place. The only difference is that the money goes into the house and not the school. Someone who buys a more expensive house in a "better" area to send their child to a local school that is also "better" is buying education. There is no difference between them and the person who buys private education. A low income family will not get to have either of these options except that a private school might offer a scholarship.

Well, what choice do parents have since they got rid of grammar schools? There are so few decent schools that parents have to pay a premium to buy a house in the right area just to get a basic education.

I was on free school meals and my parents could never have afforded to buy a house in the catchment area of a good school if there hadn't been enough grammar schools when I was moving to secondary schools in the 1970s.

Well done to the OP for scrimping and saving to buy their children a decent education, but my parents scrimped and saved but would never have been able to save £35k a year.

I feel so sorry for the last few generations whose parents can't afford to move near to a decent school.

Knicknack

As long as you haven't been dealing crack cocaine on the side I don't see the issue.

Katgrit

Stop fretting. Likelihood is that some doris in an office somewhere has lost the original statements you sent in so is asking again. Happened to me, (with significantly less money mind you!) but I'd had the foresight to guess this might happened and had a second set of statements in an envelope at the ready.

silvercar

Cakeguts wrote: »

If you move house to a different area in order to send your child to the local school that you think is better you are still buying a school place. The only difference is that the money goes into the house and not the school. Someone who buys a more expensive house in a "better" area to send their child to a local school that is also "better" is buying education. There is no difference between them and the person who buys private education. A low income family will not get to have either of these options except that a private school might offer a scholarship.

I broadly agree. Though buying in a decent area should mean that you get the money back eventually.

There are exceptions, there is one grammar school a few miles from us that kids travel a long way to get to, sometimes from some from very cheaper areas. I would think that there had to be some investment to get their offspring through the entrance exams.

silvercar

Thrugelmir wrote: »

From a different direction. They might be questions as to where the cash originated from.

I would have thought any questions would have come from the lender looking at overpayments or possibly an hmrc investigation. I can't see a solicitor looking at anything other than the lender's statement and noting the amount required to pay off the mortgage.

harryandedwardsmum

I realised I didn't update this thread with what happened, so thought I'd do this now in case it helps others in the future. Over the weekend, I also sent the solicitors the purchase and completion statements for our original two properties which justified a huge amount of the equity. On the Monday it was all approved, and we went on to exchange contracts later that day. Been in the house 6 months and loving it!

Amanda_Cm

We wanted to avoid that and asked our bank for annual statements from our saving account. For all 5 years we are saving. Got the letter for 5 working days. No more question from the solicitor related to savings.

Amanda_Cm

Just saw your last post and how it end up.

nomorekids

I do sympathise, when we bought the current house, we had lots of our deposit money in regular savers. Day before exchange, we were asked to prove, instead of the last 3 months statements of all the accounts (there were like a dozen) the entire year:eek: I can only assume to check we hadn't exceeded our one withdrawal limit. :eek: we delayed exchange to gather the evidence and the first time buyer at the bottom of the chain dropped out :mad: Luckily they found another buyer who was cash buyer and the chain went through in the end but I still blame the excessive proof of funds.