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Proof of funds for lease extension....
bellab1
Posts: 3 Newbie
Hi,
We have agreed to extend our lease on a flat we are selling, to the tune of £26k. We were trapped for more than 2 years not being able to sell or have the money to extend. Thankfully a good friend offered to lend us the money with the understanding we will pay him back when the home is sold. He lent us the money and it has been sitting in my account for a year.
I supplied my bank statements to solicitor. Now the solicitor is asking us for proof of where the funds have come from. I’m panicking because our lender is American and lives in USA. Will his passport/bank statement be acceptable? Obviously he won’t be able to present it in person! We have a house sale in progress and just want this resolved ASAP.
Any advice much appreciated.
We have agreed to extend our lease on a flat we are selling, to the tune of £26k. We were trapped for more than 2 years not being able to sell or have the money to extend. Thankfully a good friend offered to lend us the money with the understanding we will pay him back when the home is sold. He lent us the money and it has been sitting in my account for a year.
I supplied my bank statements to solicitor. Now the solicitor is asking us for proof of where the funds have come from. I’m panicking because our lender is American and lives in USA. Will his passport/bank statement be acceptable? Obviously he won’t be able to present it in person! We have a house sale in progress and just want this resolved ASAP.
Any advice much appreciated.
0
Comments
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Just ask your solicitor what they need. Perfectly normal for funds to be coming from someone overseas (think of all the "Bank of EU Mum & Dad" transactions). Possibly they'll need ID to be certified by somebody locally.
Then again, if the funds have been sitting in your account for a year many solicitors wouldn't be looking further back than that.0 -
The US may bring other issues into play, though, with FATCA.0
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