Proof of Funds

AskAsk

grumpy_codger said:

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.

the issue with asking up front is that may be their standard practice but it doesn't stop them asking for more or further questions as they see fit when they have had a chance to look through the bank statements and may have further questions.

we had asked our conveyancer on what was needed for proof of ID for my in-laws and she said that so and so would be acceptable.  however, when it came to the actual purchase, she needed more documents as questions were raised and she had to get approval from the partner.  so what they say at the beginning without yet seeing the documents can be meaningless.

grumpy_codger

AskAsk said:

grumpy_codger said:

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.

the issue with asking up front is that may be their standard practice but it doesn't stop them asking for more or further questions as they see fit when they have had a chance to look through the bank statements and may have further questions.

Yes, this can happen even if they start with, say, 2 years. However, 3 months as a starting point is still better than 6 or 12.
If their standard practice is 3 months, the money was in some savings account 3 months ago and remained there it's quite likely that they will be satisfied, but of course you can't be sure.

Bogbrush9

Am afraid the laws governing “proof of funds” have been tightened in recent years and all I need is that copy of the bank statement or transfer to guarantee me buying the house. 

Someone needs to tell her explicitly that is all her sister needs but she is citing “security concerns” and that she “isn’t in a relationship with her sister”.

My mental health is deteriorating because of non cooperation.

silvercar

Sounds like it will be less hassle to take a mortgage with no redemption penalties and then repay it from the inheritance you have received. 

AskAsk

grumpy_codger said:

AskAsk said:

grumpy_codger said:

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.

the issue with asking up front is that may be their standard practice but it doesn't stop them asking for more or further questions as they see fit when they have had a chance to look through the bank statements and may have further questions.

Yes, this can happen even if they start with, say, 2 years. However, 3 months as a starting point is still better than 6 or 12.
If their standard practice is 3 months, the money was in some savings account 3 months ago and remained there it's quite likely that they will be satisfied, but of course you can't be sure.

providing 12 months of bank statements is not a problem.  so the number of months aren't important.  it is how pendantic they are with asking questions about the transactions that take place on the statements and how pendantic they are in general about examinining your finance.

with my last solicitor, they asked to get access to my bank account so they could see the transactions themselves.  it was through their thirdfort app.  i agreed to do this even i did feel uncomfortable logging into my bank account through the thirdfort app as i am concerned they may steal the log in details from that!  so they could actually see all the transactions to as far back as the bank stores on my online account!

they said that if you don't do this, then you would need to send in 6 months of statements and i coulnd't be bothered with this.

and even then, they still had lots of other questions as to how i got that much money in my account!  so it doesn't end with the number of bank statements.

Bogbrush9

silvercar said:

Sounds like it will be less hassle to take a mortgage with no redemption penalties and then repay it from the inheritance you have received. 

One of my friends has already suggested this.

The bank or building society would still want to know how I got the funds to pay off the mortgage.  Am in my mid 50s so my age may be also a hindrance as well.

user1977

Bogbrush9 said:

silvercar said:

Sounds like it will be less hassle to take a mortgage with no redemption penalties and then repay it from the inheritance you have received. 

The bank or building society would still want to know how I got the funds to pay off the mortgage.

In practice I have never encountered banks asking that sort of question, it certainly isn't routine in the same way as paying your solicitor would be.

Bogbrush9

All I want is the Executor bank statement showing the transfer of money from that account to mine.   

I have been paid from the estate since last May and the money is earning a fair amount of interest while it is sitting in a savings account.

She can easily do this (even a child could do this) and send it to me on a PDF document and that will mean the end of it.   It has nothing to with her “personal finances”, “security concerns”or “personal relationships” she is simply abusing me and doesn’t want me to own a house where I can call my own.  

What more can I do, except bring her to court and demand this via a judge?

user1977

I can’t see that you have any right to it.

AskAsk

Bogbrush9 said:

silvercar said:

Sounds like it will be less hassle to take a mortgage with no redemption penalties and then repay it from the inheritance you have received. 

One of friends has already suggested this.

The bank or building society would still want to know how I got the funds to pay off the mortgage.  Am in my mid 50s so my age may be also a hindrance as well.

the banks don't ask when you pay off your mortgage as to where the funds come from.