Deposit/ exchange

vaishmum

Hi All, 

I am hoping this will post as it is my first time on the forum and I’m in need of some advice. 

my and my partner are purchasing a property and have accumulated some money in our joint a/c for the deposit, the solicitor has now asked for proof of funds, which, we have provided however, given that we can not validate some of the deposits (cash) they are saying they can not use the money - my question is can they not use the entirety of the monies in the joint a/c or just the sum we can not validate ? All of our bills also go out of this account so there is no way to segregate the money.

[Deleted User]

Your solicitors will be able to answer that, as it depends entirely on their view.

K_S

vaishmum said:

Hi All, 

I am hoping this will post as it is my first time on the forum and I’m in need of some advice. 

my and my partner are purchasing a property and have accumulated some money in our joint a/c for the deposit, the solicitor has now asked for proof of funds, which, we have provided however, given that we can not validate some of the deposits (cash) they are saying they can not use the money - my question is can they not use the entirety of the monies in the joint a/c or just the sum we can not validate ? All of our bills also go out of this account so there is no way to segregate the money.

@vaishmum Welcome to the forum.

Unfortunately, with cash paid into a bank account, most solicitors will take the approach that they won't go through the process of verifying the source as it's too much work and the risk is too high.

If you have a legitimate reason for the cash deposits in to your bank account (eg: you're a sole trader who runs a market stall, etc.) and have some evidence to tie it up, there are conveyancers who will go through the process of verifying the source of cash deposits. Mind you, it does not mean that they will accept it, just that they will not refuse it outright like most. If it's a no go with this conveyancer, I would recommend calling around and finding one that takes this approach.

If you've used a broker, ideally they should have picked it up during their checks, run it past the lender and flagged the potential issue with verifying the source of deposit.