Proving source of funds

MrCarrot

I am in the process of moving house.  As well as the sale of my current house I also have significant funds saved up from over two and a half decades.

I notice on the solicitor's paperwork it says they will need to see the source of the funds.  It says if they are from savings they'll need to see evidence of them accumilating over time.

To put it into context I've had ISA's and savings accounts which typically are online only.  I've also changed them every year or so, moving them to wherever has the best interest rate.  I've never printed off any statements, and when I move accounts the old account is usually closed and that's the end of that.

I am wondering how on earth I am going to prove the source of funds when I have no historical statements to speak of, and the accounts have changed frequently with the previous accounts being closed.

Thanks

user1977

You'll need to explain to your solicitor and see what they say - there are no universal rules. How far back can you go with statements? Often they'll only be looking back a matter of months. 

MrCarrot

I fear that over the last few months I've saved very little, but have accumalted a rather large amount over many, many years.  To make things worse I also switched my ISA's and savings accounts recently so will only have access to a small number of statements from the recent accounts, with the previous accounts being closed.  I guess in theory I might be able to contact the previous banks and try to obtain statements from the closed accounts with it not being too long ago, but even then it might be 1-2 years worth of statements that don't show a great deal.

In hindsight I would have printed off annual statements if I'd know.

jog

Our solicitors asked for 12 months worth of statements for our ISA’s to prove the source of funds. The solicitor did tell me that different solicitors will have different ideas about what they want, as basically the solicitor has to be satisfied the money is legit, but as user1977 says apparently there are no fixed rules for this, so it’s up to each solicitor to decide what they will accept as proof. Seemed a bit of a crazy system to me. 

Helplesssheep

I also move savings accounts all the time and you should still be able to access statements for old accounts if you sign into each relevant bank. I think at least try gather evidence from the past twelve months 

badger09

Helplesssheep said:

I also move savings accounts all the time and you should still be able to access statements for old accounts if you sign into each relevant bank. I think at least try gather evidence from the past twelve months 

Some online savings accounts are inaccessible once closed so it’s not possible to download statements after closure. 

@MrCarrot I would ask your solicitor exactly what proof of funds they require. Then, if necessary, contact the banks/building socs where your accounts were held and request statements. 

You did keep a record of where your accounts were held, when, and where balance was transferred.. didn’t you?

TripleH

It's always best to keep a copy of the final statement & account closure confirmation letter for all accounts for 7 years to be safe.

You could ask former companies, although you may have to pay for the information. Ask your solicitor ASAP for confirmation of what exactly they need and start pulling it together now.