proof of funds closed accounts

Thrugelmir

MarcoM wrote: »

cash buy 400k

Suggest you obtain those statements. Solicitor will undoubtably wish to perform money laundering checks for such a sum.

steven91

Thrugelmir wrote: »

Suggest you obtain those statements. Solicitor will undoubtably wish to perform money laundering checks for such a sum.

How about 90k? I save every month (£1200ish) but move accounts all the time for best rates, I can document the last year easy enough but further back will struggle... This seems crazy, surely common sense shows if I'm saving at such a fast rate, it's reasonable I've saved it all? I've lived at home with parents rent free

Edit: Ok so I've got a premium bond statement for a 1 year ago showing 50k deposited in the couple years prior... but have no idea what account that originates from. Likely multiple ISAs... do I need to find all those?!

CarrieVS

I've just been through this for the first time.

- Six months bank statements (including the two I recently closed)
- A written explanation of where the two recent multi-thousand-pound deposits came from (because the fact that I also gave you the closing statements from two other accounts showing exactly matching withdrawals was a leap too far?)
- Where the money came from (salary - mostly) and supporting evidence (six months payslips.)

Six months doesn't begin to cover all of the money I've saved up. I have literally been saving my entire life, starting with a gift from relatives when I was a tiny tot. My solicitor couldn't and wouldn't go through twenty-seven years of my financial records with a fine toothed comb, even if I had them: it would be ludicrous.

You don't need to account for every penny. They just need to satisfy themselves that it's plausible that you could have saved up as much as you have through the means you claim, and investigate anything unusual or unexplained that comes to their attention.

If you've had a lump sum from somewhere longer ago than six months they might want records of that specific thing, but not every deposit and every transfer.

Thrugelmir

steven91 wrote: »

This seems crazy, surely common sense shows if I'm saving at such a fast rate, it's reasonable I've saved it all? I've lived at home with parents rent free

We've 16 year old kids around here that make more than that a month running drugs. Common sense does indeed need to be applied. Solicitors are the ones that put their livelihoods at stage by being sloppy in performing the correct checks.

MarcoM

CarrieVS wrote: »

I've just been through this for the first time.

- Six months bank statements (including the two I recently closed)
- A written explanation of where the two recent multi-thousand-pound deposits came from (because the fact that I also gave you the closing statements from two other accounts showing exactly matching withdrawals was a leap too far?)
- Where the money came from (salary - mostly) and supporting evidence (six months payslips.)

Six months doesn't begin to cover all of the money I've saved up. I have literally been saving my entire life, starting with a gift from relatives when I was a tiny tot. My solicitor couldn't and wouldn't go through twenty-seven years of my financial records with a fine toothed comb, even if I had them: it would be ludicrous.

You don't need to account for every penny. They just need to satisfy themselves that it's plausible that you could have saved up as much as you have through the means you claim, and investigate anything unusual or unexplained that comes to their attention.

If you've had a lump sum from somewhere longer ago than six months they might want records of that specific thing, but not every deposit and every transfer.

carrie thank you for your reply.

i dont have records from accounts closed three years ago.
some say it is possible to obtain bank statements for closed
accounts but judging by how uncooperative bank call centres are i doubt this is possible.
i would not mind if these regs actually made a difference to money laundering in this country but judging by what the news report it does not look like these intrusive regs actually make a difference....

davidmcn

What has your solicitor actually asked you to provide?

CarrieVS

MarcoM wrote: »

i dont have records from accounts closed three years ago.

Have they actually asked for three years of records? I didn't need to give them anything for accounts I'd closed longer ago than they wanted statements for (six months in my case.)

stator

You really should be keeping statements for 6 years for tax and legal purposes.

jonnygee2

some say it is possible to obtain bank statements for closed
accounts but judging by how uncooperative bank call centres are i doubt this is possible.

It is possible, it's also the only solution to your problem.

Have they actually asked for three years of records? I didn't need to give them anything for accounts I'd closed longer ago than they wanted statements for (six months in my case.)

This is a 400k cash purchase, though. And there are a lot of other factors in assessing the risk of money laundering.

But ultimately it's whats been asked for, so there's a reason they need it, and it has to be provided.

it does not look like these intrusive regs actually make a difference....

They do, I think. Laundering money in this country is hard, and getting much harder. I have seen first hand how effective these regulations are at taking dirty money out of the system, it's quite astounding how much of it is being recovered every day.

I realise AML regs are very annoying for consumers at certain times, and that there are still some loopholes, but broadly I prefer to live in a country with them than without them.

MovingForwards

Have you got solicitors ready for when you buy something? If so ask them what they will want.

If you haven't got solicitors get one ready and ask them what they will want from you when you do find a place.

You then have time to get copy statements etc