Proof of Funds - old savings. Is PoF a system that Martin needs to look at.

jnorth55

silvercar said:

Can you ask around locally for recommendations for property solicitors who have dealt with cash purchases?

I've actually found it quite hard to get that information. I've been told about firms in larger cities down south who tend to deal with a lot of cash purchases but I would prefer to deal with a local firm.

user1977

jnorth55 said:

Grumpy_chap said:

I think the only way we would be able to understand this would be if the OP can advise 

1.  Exactly how the original question is phrased?
2.  Exactly the answer the OP provides.
3.  Exactly the follow up request from the Solicitor.

If the manner in which the OP communicates in this thread is replicated in their dealings with the Solicitors I can see how the response at (2) has been found to be unsatisfactory.

I have had conversation with solicitors (not the ones I have dealt with on this issue)

Can't you instruct (or seek recommendations from) these more helpful solicitors?

sheramber

jnorth55 said:

silvercar said:

Can you ask around locally for recommendations for property solicitors who have dealt with cash purchases?

I've actually found it quite hard to get that information. I've been told about firms in larger cities down south who tend to deal with a lot of cash purchases but I would prefer to deal with a local firm.

But you have said none of the local solicitors are willing to accept what you can give them. 

jnorth55

sheramber said:

jnorth55 said:

silvercar said:

Can you ask around locally for recommendations for property solicitors who have dealt with cash purchases?

I've actually found it quite hard to get that information. I've been told about firms in larger cities down south who tend to deal with a lot of cash purchases but I would prefer to deal with a local firm.

But you have said none of the local solicitors are willing to accept what you can give them. 

I have not said that anywhere. I have said that I this has happened with more than one firm of solicitors. Again, this points towards the 'try another firm' solution. Is it really so hard to understand what effect this happening even once has on ones confidence in the system? When it happens more than once & when it seems like its nothing to do with what you & anyone should be able to supply but something such as records going back decades it does mean you don't know how you can progress. 

jnorth55

user1977 said:

jnorth55 said:

Grumpy_chap said:

I think the only way we would be able to understand this would be if the OP can advise 

1.  Exactly how the original question is phrased?
2.  Exactly the answer the OP provides.
3.  Exactly the follow up request from the Solicitor.

If the manner in which the OP communicates in this thread is replicated in their dealings with the Solicitors I can see how the response at (2) has been found to be unsatisfactory.

I have had conversation with solicitors (not the ones I have dealt with on this issue)

Can't you instruct (or seek recommendations from) these more helpful solicitors?

Only one solicitor involved in this process actually even bothered to talk to me & whilst they seemed to understand they also seemed to say that the system demands proof of source of income for either larger deposits or cash purchase of properties. As such they said that was the system all solicitors use. 

Grumpy_chap

jnorth55 said:

As I have stated a number of times I go through the process as normal with solicitors & when they come back asking for proof of source of funds & that they want more information other than 'savings' etc. I give as much information as I am asked for & if I am asked for proof such as decades old pay slips or savings statements I let them know I don't have these. 

This is what seems very odd - the fact that you are going through a conversation that results in being asked to provide payslips from decades ago.  Solicitors are intelligent people and will not want to be wasting their time asking for or reviewing irrelevant paperwork.

While simply "savings" is a very brief answer, a simple "ISA funds built up over the past 20 years through regular monthly contributions out of income" backed up with the account paperwork for the past year or so would ordinarily be sufficient.

Back to what I asked before:

1.  Exactly how the original question is phrased?
2.  Exactly the answer the OP provides.
3.  Exactly the follow up request from the Solicitor.

Additional steps if appropriate to reach the point of rejection.

I really struggle to see how anyone here will be able to assist if the position continues to remain concealed.  Remember, no-one here knows who you actually are as the forum is anonymous.

sheramber

jnorth55 said:

sheramber said:

jnorth55 said:

silvercar said:

Can you ask around locally for recommendations for property solicitors who have dealt with cash purchases?

I've actually found it quite hard to get that information. I've been told about firms in larger cities down south who tend to deal with a lot of cash purchases but I would prefer to deal with a local firm.

But you have said none of the local solicitors are willing to accept what you can give them. 

I have not said that anywhere. I have said that I this has happened with more than one firm of solicitors. Again, this points towards the 'try another firm' solution. Is it really so hard to understand what effect this happening even once has on ones confidence in the system? When it happens more than once & when it seems like its nothing to do with what you & anyone should be able to supply but something such as records going back decades it does mean you don't know how you can progress. 

You said 
Conveyancers keep telling me that as I can't provide proof of, for example, wage payments decades ago that's a problem.

Since you want to use a local one why would your reference to ‘conveyancers  keep telling me‘  not refer to local ones you would want to use. No point asking one 200 miles away if you don’t want to use them.
.  

silvercar

jnorth55 said:

silvercar said:

Can you ask around locally for recommendations for property solicitors who have dealt with cash purchases?

I've actually found it quite hard to get that information. I've been told about firms in larger cities down south who tend to deal with a lot of cash purchases but I would prefer to deal with a local firm.

This is fine if you can find a local firm who can cope with your cash purchase with the information you have. If you can’t find one, then you need to look further afield. Logically where prices are higher, deposits will be higher. Therefore solicitors in those areas will be more familiar with larger deposits. Fully accepting that large deposits are not the same as buying for cash, they both involve a solicitor being happy with proof of funds. So these solicitors will have more familiarity with what is reasonable to ask and what isn’t.

What you can’t do is  expect solicitors in your area to be familiar with this if they just aren’t. The unfamiliarity will make them nervous and more inquisitive, and possibly decline your business or have more onerous requirements. So your only option will be to find a solicitor elsewhere, even if that isn’t your first preference.

jnorth55

Grumpy_chap said:

jnorth55 said:

As I have stated a number of times I go through the process as normal with solicitors & when they come back asking for proof of source of funds & that they want more information other than 'savings' etc. I give as much information as I am asked for & if I am asked for proof such as decades old pay slips or savings statements I let them know I don't have these. 

This is what seems very odd - the fact that you are going through a conversation that results in being asked to provide payslips from decades ago.  Solicitors are intelligent people and will not want to be wasting their time asking for or reviewing irrelevant paperwork.

While simply "savings" is a very brief answer, a simple "ISA funds built up over the past 20 years through regular monthly contributions out of income" backed up with the account paperwork for the past year or so would ordinarily be sufficient.

Back to what I asked before:

1.  Exactly how the original question is phrased?
2.  Exactly the answer the OP provides.
3.  Exactly the follow up request from the Solicitor.

Additional steps if appropriate to reach the point of rejection.

I really struggle to see how anyone here will be able to assist if the position continues to remain concealed.  Remember, no-one here knows who you actually are as the forum is anonymous.

You keep ignoring that I have already answered this; I go through the process, as standard & when the solicitor comes back & asks for proof of source of funds I give detailed information. They then ask for proof in terms of documents showing the source; the only documents that would do that are wage slips, company accounts & bank statements going back decades. There isn't any further conversation. I am told, as others have been, that they require proof of the source. Apart from in one instance when the solicitor actually spoke to me I have no idea whether the others even bothered to grasp that they were asking for documents going back decades. 

I've said, repeatedly, that the amounts were acquired decades ago, so the example you've given, about ISA's doesn't work. I explained in the initial post where the savings were from. 

jnorth55

sheramber said:

jnorth55 said:

sheramber said:

jnorth55 said:

silvercar said:

Can you ask around locally for recommendations for property solicitors who have dealt with cash purchases?

I've actually found it quite hard to get that information. I've been told about firms in larger cities down south who tend to deal with a lot of cash purchases but I would prefer to deal with a local firm.

But you have said none of the local solicitors are willing to accept what you can give them. 

I have not said that anywhere. I have said that I this has happened with more than one firm of solicitors. Again, this points towards the 'try another firm' solution. Is it really so hard to understand what effect this happening even once has on ones confidence in the system? When it happens more than once & when it seems like its nothing to do with what you & anyone should be able to supply but something such as records going back decades it does mean you don't know how you can progress. 

You said 
Conveyancers keep telling me that as I can't provide proof of, for example, wage payments decades ago that's a problem.

Since you want to use a local one why would your reference to ‘conveyancers  keep telling me‘  not refer to local ones you would want to use. No point asking one 200 miles away if you don’t want to use them.
.  

? I have no idea what you're trying to say, but I was replying to your comment that misunderstood the situation & said 'none of the local...', which I hadn't said anywhere.