Proof of Deposit

Ec0

Hi All
Looking to buy a house next year with my partner (looking at new builds so won't be applying for mortgage until about March), I already have the deposit due to selling of my house. Question in.. I put the money into an ISA with Oakbrook (via Monzo) as that was the best rate I could find. But I can't get a statement through Monzo for this.
Just wondering:
a) would I have to transfer it back to a main account by then or would that raise questions where it came from with it being moved about 3 or 4 times (from main bank to Monzo to Oakbrook and back etc).
b) how far back will I need to prove it came back from my house sale?

Thanks

[Deleted User]

a) Most conveyancers in my experience want the deposit+fees to be in one account when it comes to proving source of funds. They then work backwards to see where the money came from. It would obviously raise questions which is fine. The only questions to worry about are the ones you dont have an explanation for

b) If they are being extreme you would expect to provide:

Completion Statement for sale
Statement showing it going in to your bank account
Statement showing it leaving your bank account to where you sent it next
Statement showing it in the savings account
Statement showing it leave the savings account
Statement showing it back in the current account

With online banking it shouldnt be hard to generate statements with no notice but if anything is an issue with the savings you just need to give yourself more time to request one manually from the provider

Ec0

Thanks for your reply.

I'm not worried about them asking questions as I know it is all above board and no dodgy dealings! The money for fees and deposit are all within the same account. Just X amount was transferred by solicitor on house completion so I then transferred this (in two separate transactions over two days due to size) into the Monzo savings account.

I'll probably leave it there until the time comes to buy a house but I didn't know whether they would prefer it in one main, high street savings account and wonder where this has come from.

As you say, I can easily show statements for my bank and Monzo to show it being deposited and moved around but just seems a bit of a hassle, especially if I move it again due to interest rates!

[Deleted User]

Ec0 wrote: »

Thanks for your reply.

I'm not worried about them asking questions as I know it is all above board and no dodgy dealings! The money for fees and deposit are all within the same account. Just X amount was transferred by solicitor on house completion so I then transferred this (in two separate transactions over two days due to size) into the Monzo savings account.

I'll probably leave it there until the time comes to buy a house but I didn't know whether they would prefer it in one main, high street savings account and wonder where this has come from.

As you say, I can easily show statements for my bank and Monzo to show it being deposited and moved around but just seems a bit of a hassle, especially if I move it again due to interest rates!

There will be a point eventually where its classed as savings and the requirements would be lesser but it really depends on the solicitor you use. I've said on here before that I had a case recently that went back 3 years and multiple accounts to find source of funds.
Its a nuisance certainly but if you've got a decent solicitor he/she should just send you a list of whats needed rather than leaving you guessing on what to send.

Ec0

Thanks for this.
I assume I shouldn't worry then as I can prove the house sale etc.