Proof of Funds

Bogbrush9

AskAsk said:

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.

I totally agree with you, my frustrations have hit sky high and I’ve been very 😫 Until my sister bucks her ideas I be caught up in a vicious circle.

Hoenir

Bogbrush9 said:

AskAsk said:

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.

I totally agree with you, my frustrations have hit sky high and I’ve been very 😫 Until my sister bucks her ideas I be caught up in a vicious circle.

You did receive a full copy of the Estate Accounts ?  

Bogbrush9

I received a full and detailed set of accounts and the money was paid into my account last May.  

All a solicitor wants is the bank statement and transfer where it came from, ie name and address of person, bank sort code and account.   

Sister has “security concerns” despite being reassured that this was a law firm regulated by the Law Society et al.   She could have retacted anything that wasn’t part of the estate either, but she stubbornly has refused to do this.   

What she should have done was open a separate account for the estate and use the same solicitor (who helped her with the selling of the bungalow) with the estate.   She failed to do this.

Bigphil1474

Sounds unusual. We bought our house last August and our solicitor got a bee in their bonnet about my funds as we were buying the house through sale of a property, plus savings and a small mortgage. As my partner and I both had some money from an inheritance each, which was going into the property, the solicitor asked for proof of funds.

My partner just provided 3 years of savings account statements as they'd had their money longer. I provided 2 years of statements for my savings account, and 2 years of my bank accounts showing the money being in there then being transferred to my savings account, copy of the will and grant of probate. They weren't satisfied with that so had to go back another year showing I didn't have the money before then, and also had to provide a very lengthy explanation, but that was maybe them not understanding. 

Although I was one of the executors and we did it all ourselves, the money from the sale of the property was paid into the other executors personal account who then dished it out from there to me, them, and the other beneficiaries.

At no point was I asked to provide copies of their statements to our conveyancer to prove they paid me though, just that when I received it, it all tied up with the will and sale of the property and estate accounts. Could you ask your bank to provide you with confirmation of where the funds were paid from, as opposed to just what is on your statement? Maybe just a simple letter that says the money was transferred from this account with details, to your account etc.?

Bogbrush9

As a beneficiary am having to prove everything from 6 months worth of statements, to wills, grants of probate et al.   The last solicitor contacted her but she refused to budge citing her not having a relationship with me, to not having any involvement with them, etc.

My bank can’t confirm the funds either and their suggestion was to go to HSBC down the street.   HSBC said that I couldn’t get a copy of her statement unless she was present.  It is a simple job but she is stubbornly refusing to prove the funds I received as a beneficiary and is making my life hell.  

It is deeply distressing me and having an adverse affect on my health.

Herzlos

Bogbrush9 said:

She never used a solicitor in the first place, she did all the work herself, from doing the final accounts to selling the house.

Has it been audited and confirmed to be correct and above board?

Given the relationship must already be strained, I'd be asking her if she's unwilling to provide the documentation because it exposes some fraud on her part, and insist she provides it before you pursue that further. That may get her to provide the info you need even if she won't speak to you again.

AskAsk

Herzlos said:

Bogbrush9 said:

She never used a solicitor in the first place, she did all the work herself, from doing the final accounts to selling the house.

Has it been audited and confirmed to be correct and above board?

Given the relationship must already be strained, I'd be asking her if she's unwilling to provide the documentation because it exposes some fraud on her part, and insist she provides it before you pursue that further. That may get her to provide the info you need even if she won't speak to you again.

i think this is the issue.  the sister has done something she does not want to be seen by the law and so she doesn't want to disclose the details.  the OP's solicitors are now alerted to something fishy going on and so they are up in arms.

the OP will need to take legal action against his sister if she won't disclose the source of the funds.  The OP's solicitors has a duty of care to do their due dilligence to make sure the money is legit.  For all they know, it could be money from crime that the sister had paid to the OP or that the inherited money was proceeds from crime or hidden cash so tax evasion.  when these solicitors start thinking, they can think very hard and can make it very difficult for you.

user1977

Herzlos said:

Bogbrush9 said:

She never used a solicitor in the first place, she did all the work herself, from doing the final accounts to selling the house.

Has it been audited and confirmed to be correct and above board?

It would be unusual for executry accounts to be audited. I don't think the OP is suggesting anything is actually amiss with the amount they've received.

Bogbrush9

Can I thank you all who have commented on my thread.   I appreciate this immensely.

The inheritance has been paid directly into my account from May 2024.

This afternoon I politely emailed her requesting certified hard copies of the bank statement (the Executor account is at Peterborough HSBC) and transfer or on PDF if possible to be sent to me either on email or by letter as soon as possible.

She DID use a solicitor to sell the bungalow, (she undersold it by £20,000) however, the money went into her account and she then transferred I believe to the Executor account.

I await her response or her partner as he was the other named Executor on the Will.

It should be so easy for her to do this and not take photos using her mobile phone.

grumpy_codger

I have dozens of smallish amounts spread over regular savings accounts and numerous monthly money transfers to satisfy funding requirements of current accounts offering bonuses for jumping through hoops. In the past (as a cash buyer, no mortgage) I had a very poor experience with a solicitor that wanted to trace everything 2 years(!) back, then settled for 1 year. The purchase fell through (for other reasons).

This time my first question to a solicitor was how many months worth of statements they wanted. And I found one wanting just 3 months. That said, now we are taking a small mortgage (about 20% LTV), but I don't think this had any effect.