Proof of deposit - help!

Anna_Flix

I have applied for a mortgage, using a deposit which I gained through a sale of an inherited property abroad.
I have been asked to show proof of sale for which I sent them transfer of title deeds document, then asked to see the money entering my account for which I showed them a bank statement but they are not wanting proof of the money leaving the buyers account as they apparently need an audit trail.
I am baffled that I am asked for bank statement for a third party I would never be in reasonable possession of.
Anyone had this happen to them or any advice please?
I think it is utterly unreasonable to ask for this but I am not sure what more I can do! The buyers are of course abroad and I have no idea if they’d have any such paperwork or if they’d want to share their bank details with me anyway! I am also not in contact with them.
Any help would be greatly appreciated.

davidmcn

Anna_Flix wrote: »

I am baffled that I am asked for bank statement for a third party I would never be in reasonable possession of.

Me too. Who is it you're dealing with? Given this was a property abroad, how did the funds reach you - via a lawyer? Or directly from the buyer?

AdrianC

Who is asking? Your solicitor? They need to satisfy themselves for money-laundering regs. There is no specific requirement as to how they do that.

Anna_Flix

It came from the buyers but they had a mortgage, I think it’s just how it works over there. Mortgage—> buyers —> me.
The mortgage application is through Platform (co-op) and they’re the ones asking for it.

Alter_ego

You have confused things a bit saying they are not wanting proof in post 1

davidmcn

All I can suggest is that you explain to them that's how it's normally done in [whichever jurisdiction we're talking about].

When did you receive the funds? I see you had a thread from last October about tax - if the money has been in your account since then I would have thought to be persuasive evidence that it's really your money, rather than some slow-moving money-laundering scheme.

The fact it's from abroad will make people more cautious though.

MovingForwards

Did you have solicitors or some other legal person dealing with the sale? If so who?

Anna_Flix

The money has indeed been in my account since October which is another reason I am confused why it has become such a problem.
I had a lawyer representing me for the sale as I was not in the country at the time and she attended the exchange of title deeds etc on my behalf. I can supply them with her details but this isn’t something they have yet asked for.
All they’ve said that their policy states they need to see the money leaving the foreign account.

davidmcn

Anna_Flix wrote: »

The money has indeed been in my account since October which is another reason I am confused why it has become such a problem.
I had a lawyer representing me for the sale as I was not in the country at the time and she attended the exchange of title deeds etc on my behalf. I can supply them with her details but this isn’t something they have yet asked for.
All they’ve said that their policy states they need to see the money leaving the foreign account.

See if they'd be happy enough with confirmation from the lawyer that you sold the property and that the date and amount of the payment correspond with the price.

If it were a sale in the UK, I'm sure their policy wouldn't require them to see a bank statement from your solicitor of them sending funds to you.

eddddy

Anna_Flix wrote: »

All they’ve said that their policy states they need to see the money leaving the foreign account.

Could there have been a misunderstanding?

Do they think you transferred the money from a foreign account owned by you, to your UK account?

If so, it might be a reasonable request.

Does your bank statement show the name of the sender of the funds, and does it match the name on the transfer deed? If so, it might be worth pointing that out.

Anna_Flix

I agree and I don’t think they’d be asking for that if the sale was in the U.K. which is a bit annoying. I have all the necessary documentation to show this isn’t money laundering but in my opinion they’re asking for unreasonable things.
I have provided them with the SWIFT transaction receipt from the buyers account from the day the money was transferred to me which basically has their account number and by IBAN on it and the date and amount etc so will see if that is sufficient but somehow I doubt their “policy” is very flexible.