Proof of funds for solicitors

firsttimebuyer29rp

Hi all

Our solicitors have asked us for proof of funds for our purchase. 

We have the 10% deposit (approx £30k) and they’ve asked separately for the rest. 

Naively I thought we’ll have all that ready for date of completion so no issue. However they obviously want to see it now. 

I get paid more each month than what the additional legal costs are (around £3k). 

Once I’m paid this month can I use that bank balance at that time as proof of funds or will they realise it’s what I’ve just been paid? 

To confirm the system they use requires us to connect our bank account so assume they’ll get full details of current balance (£500) and balance after payday (approx £5k). 

user1977

Just tell the solicitors what you've told us, there aren't any standard approaches to this.

AskAsk

how much funds are you needing to prove?  are you saying that you have 5k less than the funds you need to prove, but that you will have that by completion?

firsttimebuyer29rp

Yes - so my goal was to save £1.5k each month for the next 2 months (so by end of March I’d have the £3k or so for legal fees)

So I can prove I’ve got the funds next week when I get paid, they just won’t stay there as I’ll be using most of it and saving £1.5k - if that makes sense?