Proof of Funds Issues

Bunny_loux

Hi All,
My Dad is currently in the process of buying a house. He's paid the deposit and the contracts have been exchanged.
It is at THIS point that the solicitors are asking for Proof of Funds and nothing he provides them seems to be good enough.
The money comes from 50+ years of savings, plus a little inheritance. He's sent them 2 years worth of bank statements and proof of inheritance. They now want proof of his mother's house sale, but all that money went directly to her and paid for her care.
They are blaming him for delaying the proceedings.

Does anyone have any tips or advice?

user1977

How recently did the "little inheritance" reach him? Has he explained all of the above to the solicitor? He could try making a complaint in order to escalate it to somebody more senior to review.

DE_612183

who is asking for this?

If it's his solicitors, tell them you have provided all the info you possibly can - if this is not sufficient you have to engage a different frim and complain to the Legal Ombudsman

Bigphil1474

I think there's more to this. I would have thought it extremely unlikely that solicitors would exchange contracts before getting proof of funds. Maybe your dad has the wrong end of the stick? Think I ended up providing 30 months worth of statements to show an inheritance receipt going into the savings account. 

loubel

If he is funding with savings and inheritance, what does his mum's house sale have to do with it? How do they even know his mum has sold a house? What documents have been provided and what has been asked for?

Clearly these checks should have been carried out before he sent any funds to his solicitors and certainly before they exchanged contracts, so something seems to have gone quite wrong procedurally - in which case Dad should be able to raise a complaint afterwards. But he is going to need to find out what is actually needed in order to avoid missing the  completion date.