Proof of Funds

Bogbrush9

I’ve been rejected twice by solicitors because I can’t prove the inheritance from my dad’s estate is legitimate because my estranged sister will not provide copies of the relevant paperwork (a retacted bank statement and transfer) to me because of “security concerns” (her words) to my last solicitor. She was the Executor and Administrator and paid the funds to me last May through a bank transfer.  She never used a solicitor in the first place, she did all the work herself, from doing the final accounts to selling the house.

I wanted to buy this house outright using the inherited money without the hassle of getting a mortgage and she is making my life difficult as I feel am going round and round in circles.  I’ve already contacted CAB but they rejected me too.

I fear am going to lose the house and that am having to go through the whole process again and being rejected again because of her refusal and awkwardness to disassociate herself from me.   This has been going on for nearly a decade since my mum died in 2018.

 

user1977

Wait long enough and it will stop being a concern, but no consistency among solicitors about how far back they want to look. Often only a matter of months. And/or find someone willing to fill in the gaps themselves (as I presume you can prove everything about your dad's estate except the paper trail for the funds coming to your account).

Keep_pedalling

What more do you need other than a copy of the will and grant of probate?

Voyager2002

Keep_pedalling said:

What more do you need other than a copy of the will and grant of probate?

Note that Wills are public documents, available on the relevant government website once probate has been granted.

user1977

Keep_pedalling said:

What more do you need other than a copy of the will and grant of probate?

If the solicitors are doing their job properly, the paper trail showing the funds you're using are those from the estate (as opposed to you buying the house with your drug-dealing proceeds and keeping the inheritance for something else). But yes, it at least adds some plausibility if you can show that there was an inheritance due to you, rather than your riches being a complete mystery.

Bogbrush9

I do have a copy of my dad’s will probate.

All I want is the retacted bank statement showing where the funds came from.  A simple snapshot from her mobile phone showing the document isn’t sufficient either.

The bank in question has now closed and I asked another branch if they could provide a copy for me.  

They said they couldn’t, only if she was present.

Mr.Generous

Maybe you need a different solicitor. Like others have said I didn't have to prove where funds came from, I simply said "Savings and investments" and they wrote it down. When buying with my brother to renovate quite often I would transfer my half of the purchase price to him and he would send the funds to the solicitor, I was never asked for any statements or documents to prove where the money came from. We did once sell to a purchaser whose solicitor was really fussy and the sale almost fell through because they had funds coming from Poland where they rented their own house out, and the solicitor didn't like it! I have come across estate agents who demanded more proof of funds to get an offer accepted than the solicitor wanted.

user1977

Mr.Generous said:

Maybe you need a different solicitor. Like others have said I didn't have to prove where funds came from, I simply said "Savings and investments" and they wrote it down. When buying with my brother to renovate quite often I would transfer my half of the purchase price to him and he would send the funds to the solicitor, I was never asked for any statements or documents to prove where the money came from.

That's probably the other extreme though - and if the solicitor is being that sloppy about anti-money-laundering regulations, what other shortcuts are they taking with your transaction?

Tiglet2

Bogbrush9 said:

I do have a copy of my dad’s will probate.

All I want is the retacted bank statement showing where the funds came from.  A simple snapshot from her mobile phone showing the document isn’t sufficient either.

The bank in question has now closed and I asked another branch if they could provide a copy for me.  

They said they couldn’t, only if she was present.

Could you show a copy of YOUR Bank Statement showing the funds credited to your account, together with a copy of the Will evidencing you as a beneficiary and a copy of the Probate showing your sister as the Executor?

AskAsk

solicitors are very pedantic about proof of funds now.  i did an equity transfer recently, where I bought my ex out of our marital home using my savings and proof of funds wasn't even good enough, i had to also provide proof of wealth! (angry emoticon)

it is getting ridiculous to be honest.  my ex had to provide an explanation of any transactions within the last 12 months of £1,000 or more even if it was simply a transfer to and from his savings account to the current account!

you have to provide what they ask for, otherwise it is a no go.  they need to do their due dilligence and until they are satisfied as to the source of the funds, they will not be able to proceed.  you can try another solicitor but you are likely to end up with the same problem.

Bogbrush9

Tiglet2 said:

Bogbrush9 said:

I do have a copy of my dad’s will probate.

All I want is the retacted bank statement showing where the funds came from.  A simple snapshot from her mobile phone showing the document isn’t sufficient either.

The bank in question has now closed and I asked another branch if they could provide a copy for me.  

They said they couldn’t, only if she was present.

Could you show a copy of YOUR Bank Statement showing the funds credited to your account, together with a copy of the Will evidencing you as a beneficiary and a copy of the Probate showing your sister as the Executor?

I have done that already, hence the rejections.  

Solicitors wanted a certified copy of the bank statement and transfer from her but she refused on the grounds of “security concerns” because she used her own account to transfer the money from the estate.   She never thought of opening a separate account for the estate so that it wouldn’t get mixed up with her account.   

I also now have details of the conveyancing solicitor from her estate agents (my sister stated that she did all the work herself in previous correspondence.