proof of funds closed accounts

hoops120

steven91 wrote: »

3 years?! What size deposit?

It is a cash purchase.

We also had to provide copies of the will/ Estate accounts that provided some of the funds for this purchase, together with details of my retirement lump sum

cherry76

Very interesting thread. Cannot remember my daughter being asked for proof of funds when she bought her house 8 yrs ago as a cash buyer. My son is looking to buy and waiting he will be a cash buyer. He has been saving since he was young and I have given him an annual isas for the past 18 yrs. I also save some money every month for him by standing order and have been doing so for many years for his education and deposit for a house.These savings have been moved from account to account for better interest.Just wondering whether he will be asked where the money comes from as most of the money will come from us and his sister. I have saved statements but am not sure for how long. My husband thinks if the money is from a uk bank account there should be no problem. Reading the thread it might not be so. Thanks

Slinky

We bought a property for a similar price to the OP and paid cash and our solicitor asked for six month's statements. Where money had been moved round between accounts I referenced both entries with lots of use of highlighter pens and a complicated numbering scheme. They wanted to know about every receipt of £1000 or more. How much cross referencing our solicitors did I've no idea but there were no queries raised with us.

MarcoM

Slinky wrote: »

We bought a property for a similar price to the OP and paid cash and our solicitor asked for six month's statements. Where money had been moved round between accounts I referenced both entries with lots of use of highlighter pens and a complicated numbering scheme. They wanted to know about every receipt of £1000 or more. How much cross referencing our solicitors did I've no idea but there were no queries raised with us.

hello slinky,

did they ask you to account for every thousand pounds receipt straight away or was this after you provided the statements?

thanks

MarcoM

https://www.dailymail.co.uk/news/article-6664787/Fugitive-fraudster-fled-Dubai-puts-UK-700-000-luxury-six-bed-home-rent.html


so much for these stupid regulations actually working....

Slinky

MarcoM wrote: »

hello slinky,

did they ask you to account for every thousand pounds receipt straight away or was this after you provided the statements?

thanks

They wanted six months of statements and told us they wanted to know about every £1K and above item, so I made sure all the info was provided when I gave them the statements. It took me ages.



Really annoying thing was I had to do it twice as our original intended purchase fell through, and it was another 7 months before we found the one we actually bought, so I had to do it all again.

MarcoM

Slinky wrote: »

They wanted six months of statements and told us they wanted to know about every £1K and above item, so I made sure all the info was provided when I gave them the statements. It took me ages.



Really annoying thing was I had to do it twice as our original intended purchase fell through, and it was another 7 months before we found the one we actually bought, so I had to do it all again.

How come the first purchase fell through?

Slinky

MarcoM wrote: »

How come the first purchase fell through?

The vendor who was moving to a house he built next door was trying to retain ownership of a path down the side of the garage and create a right of way up 'our' drive. We would not have been able to store our bins on the path which was the only convenient place to store them. We decided even if we could sort these issues out, he was showing signs of being a control freak, and we didn't want to live next door to him. And we didn't like the way he spoke to his wife in front of us.


We pulled out having wasted £1K in expenses.

Adereterial

You need to keep statements etc for anything financial for longer than just a year - 6 years would be standard.

Your previous banks may be able to provide information for you but they may levy a charge.

martin1959

We had to provide proof of funds to the EA before they would take our offer for a cash purchase to show we actually had the funds as cash.

Can’t remember the solicitor asking for anything other than the BACS transfer into their account prior to exchange/completion which took place same day.