Proof of funds for estate agent.

ryanm8655

Hi all,

Have tried searching to no avail and asked in my first time buyer thread but easily missed in there and not had a response...so...

As well as my mortgage in principle, the agent has asked for evidence of my deposit. Because I'm using a LISA this is a slightly complicated picture in that most of it is in my LISA and the rest in my current account. Neither my LISA provider or bank allow me to generate statements showing my current balance, hence the statements I have available don't show the full balance required (to make things slightly more complicated I am also waiting on the £1k bonus from the £4k paid in in February).

With the above in mind I have sent both my last statement and screenshots of my account balances (including pending LISA bonus) for cross referencing with my details in the statement (my banking doesn't show my name unless you view a statement, so you have to cross reference with my account details from the statement).

Is this sufficient or do I need to pester my bank for statements? In my mind it should be sufficient (I know of people who haven't even had to send anything, though I think they bought before the new regulations came into place or had houses they were selling for the funds) but the agent is being very slow to respond...

I'm due to pay the solicitor the initial payment to kick things off but don't want to pay this before it's taken off of the market. Currently it shows as under offer.

Thanks!

shinytop

I had the same issue when purchasing a house recently.  In order to prove the source of funds to the solicitor, I did exactly what you said and used a combination of monthly statements and screenshots.  The solicitor was happy with this. 

I suspect the delay is nothing to do with your proof of funding and more just the EA being slow.

ryanm8655

shinytop said:

I had the same issue when purchasing a house recently.  In order to prove the source of funds to the solicitor, I did exactly what you said and used a combination of monthly statements and screenshots.  The solicitor was happy with this. 

I suspect the delay is nothing to do with your proof of funding and more just the EA being slow.

That’s really helpful, thanks. Slow has several
meanings here I think…

AskAsk

proof of funds with EA tends to be a lot less strict than with your solicitors so what you have showed the EA should be sufficient.

ryanm8655

AskAsk said:

proof of funds with EA tends to be a lot less strict than with your solicitors so what you have showed the EA should be sufficient.

Thanks - having sent them an email with all attachments, including references that made it clear which attachment related to which amount, and a detailed description…they still asked for my bank statement (which I’d already attached). I sent it again and didn’t get a response, hence wondering if there were issues with it .

AskAsk

ryanm8655 said:

AskAsk said:

proof of funds with EA tends to be a lot less strict than with your solicitors so what you have showed the EA should be sufficient.

Thanks - having sent them an email with all attachments, including references that made it clear which anttachment related to which number, and a detailed description…they still asked for my bank statement (which I’d already attached). I sent it again and didn’t get a response, hence wondering if there were issues with it .

when did you send this to them?

ryanm8655

AskAsk said:

ryanm8655 said:

AskAsk said:

proof of funds with EA tends to be a lot less strict than with your solicitors so what you have showed the EA should be sufficient.

Thanks - having sent them an email with all attachments, including references that made it clear which anttachment related to which number, and a detailed description…they still asked for my bank statement (which I’d already attached). I sent it again and didn’t get a response, hence wondering if there were issues with it .

when did you send this to them?

The middle of last week.

AskAsk

ryanm8655 said:

AskAsk said:

ryanm8655 said:

AskAsk said:

proof of funds with EA tends to be a lot less strict than with your solicitors so what you have showed the EA should be sufficient.

Thanks - having sent them an email with all attachments, including references that made it clear which anttachment related to which number, and a detailed description…they still asked for my bank statement (which I’d already attached). I sent it again and didn’t get a response, hence wondering if there were issues with it .

when did you send this to them?

The middle of last week.

give them a call on Monday to check if they have everything they need and ask when is the property going to be taken off the market as you don't yet see the STC or Under Offer sign on it on rightmove yet, and you want to instruct your solicitor and get this moving, but you don't want to do so until the property has been taken off the market.

ryanm8655

AskAsk said:

ryanm8655 said:

AskAsk said:

ryanm8655 said:

AskAsk said:

proof of funds with EA tends to be a lot less strict than with your solicitors so what you have showed the EA should be sufficient.

Thanks - having sent them an email with all attachments, including references that made it clear which anttachment related to which number, and a detailed description…they still asked for my bank statement (which I’d already attached). I sent it again and didn’t get a response, hence wondering if there were issues with it .

when did you send this to them?

The middle of last week.

give them a call on Monday to check if they have everything they need and when is the property going to be taken off the market as you don't yet see the STC or Under Offer sign on it on rightmove yet, and you want to instruct your solicitor and get this moving, but you don't want to do so until the property has been taken off the market.

Thanks - will do.

An opportunity to let them know I’m going on holiday and to make sure I have time to get everything moving before I leave.

It has gone from Rightmove now and shows as under offer on their website (still looking just in case things do fall through at any point).

Thanks,
Ryan

m0bov

Your solicitor would be able to confirm funds available. I would and never have disclosed any financial information especially anything that could be used to push for more money.

ryanm8655

m0bov said:

Your solicitor would be able to confirm funds available. I would and never have disclosed any financial information especially anything that could be used to push for more money.

I can understand them wanting to see a deposit to know I'm ready to go, rather than going to stall while I save more, or am not serious. So I do understand it to some extent. The amount I have saved and have evidenced is literally 10% in any case so doesn't really help them push any higher. I do have more funds as I earn a fairly decent wage that will be paid at the end of the month (and have minimal outgoings at the moment) but won't be disclosing that.