Proof of funds

thaddy

Does anyone have a definitive list of what constitutes the proof of funds needed by a conveyancer for anti-money laundering checks? I have been looking around for answers but it seems to range from just 3-6months of bank statements to needing to prove the exact source and accumulation of the money. Do they actually want a transaction trail including payslips to account for all the deposit funds even if it's built up over a number of years? 

pinkcloud17

For mine it was a trail of bank statements showing where the money has been for the last 90 days.

davidmcn

There are no standard requirements, you'd need to ask your own conveyancer what they need. But it's unlikely they'd be looking years back.

DCFC79

I dont recall needing to print off months or even years of statements, might have been a month or 2 but no more.

parkingadvice1212

For me and my partner and both of our parents (each gave us a gift towards deposit) it was just last months bank statement 

HappyHomeBuyer

We were asked for three months of bank statements (current account and savings account). They can’t possibly ask to see years of bank statements to track the funds from the “beginning”. That’s just not feasible.

Slithery

They can ask for whatever they require to satisfy themselves. There is no 'definitive list'.

Slinky

We had to give 6 month's worth, giving evidence for every receipt of £1K or more which was a right pain as my OH was moving money around rate chasing. Then I had to do it all again as we pulled out of that purchase and it took 6 months to get to that point again with the property we eventually bought.

thaddy

Thank you all! My deposit has been sitting in an ISA for close to a year and I have not paid any money into it in the last 6months so it didn't make any sense to submit any recent bank statements so that's why I wondered if they needed the evidence of how the ISA was funded. I will check with our conveyancer in the morning but wanted to get all the documents ready in advance.

Sotts

My solicitor needed the complete paper trail.  It's a large deposit, over £70k so i had to show initial deposit from my house sale 3 years ago, then the trail moving some to an ISA, some to a savings account, various movements over the 3 years, some accounts closed.  It took me about an hour to do it but she was happy.

MaryNB

For my share of my deposit I provided about 6 months' worth of bank statements showing my salary coming in and then some of it going into my ISA. I also provided the annual statements for my ISA going back three years because they were easily available. I wrote a short explanation saying I have been regularly saving since I started working. My solicitor was happy that I was able to accumulate that much money by putting away a bit each month.

My mother gifted me some money and did the same. Salary goes in, followed by money going into her savings account.

My father got a lump sum payout when he retired 7 years ago and had to get a letter from his employer explaining this. He also provided some account statements.

Make sure you clarify exactly what your solicitor wants and in what format. For some of my father's docs she wanted hard copies by post which was a pain since it was lockdown and post was slow. For the rest pdfs via email were fine.  Helps if you write a small paragraph explaining how the money was accumulated.