Providing Proof of source of conveyancing fees

Blueoctopus

Hi,
My conveyancer wants proof of source of conveyancing fee money, accruing over at least 3 months. I don't have this we are having a genuine bargain price mortgage with my parents as vendors gifting us the equity as the deposit.
Therefore I haven't been saving for three months, it's only £1100 or so, I was planning on just paying the first £500 upfront for disbursements and the balance after completion (and another pay day) straight from my current account. We don't save but have £600 a month fun money we can either spend or not.
Do I really have to delay everything so the can see such a small amount accrue over time does anyone know?

Thanks

Blueoctopus

Don't know what happened there I tried to edit and posted it twice

Owain_Moneysaver

I think your conveyancer means three months of bank statements.

Blueoctopus

I hope so, it's such a small amount in the context of a house purchase I didn't factor it in to "saving for a house" I just knew I'd have the money when the bill came with no hardship.

bowlhead99

The solicitor has to record where the money is coming from to do the transaction, for their various anti-money-laundering procedures etc.

Often that comes from bank statements etc showing it is your money that has built up over time, or from a completion statement on selling a previous property. In your case the money you're 'putting in' to the property is basically a gift from a relative. But getting that reply doesn't cover *all* the money which will be flowing into your solicitor's accounts, because the fees money will be coming from yourself independently and isn't gifted. So they need to document the source of funds.

In your case, the source of funds for the fees is 'savings and current ongoing salary from Myemployer Ltd' which is 'proved' by saying here is my bank statement showing I do get net pay of £x per month from Myemployer Ltd which will easily cover your £1100 fee and there are no massive cash deposits arriving in my accounts from other sources in recent months.

The solicitor is bound by duties of confidentiality etc so when they see that you spend £x per week at tesco.com or dildofactory.com, they are not going to pass that info on to your friends and relatives.

Sea_Shell

What happens if you decide to move, and use savings that you've accrued over 15+ years, which has "moved" between many accounts over the years, to get the best deals?

Thrugelmir

Blueoctopus wrote: »

I was planning on just paying the first £500 upfront for disbursements and the balance after completion (and another pay day) straight from my current account.

Does your solicitor know that you don't have the funds to pay their fees on completion?

Blueoctopus

That's the edit I was trying to make. Should say after payday, on or before completion.
The funds will be there in a fortnight not looking to complete until mid April.

Blueoctopus

We will have exactly what I told the mortgage lender we will have after completion, around £500 in instant access account and several thousand in premium bonds for emergencies.

Lysimache

Show them your premium bonds, pay them with premium bonds and then use the other money to re-buy your premium bonds?