Why Do My Conveyancing Solicitors Need To See Proof Of Funds?

When you buy a house, you need to show your conveyancing solicitor proof of funds. Being British, none of like to talk money – but it’s important. As your property solicitor in Peterborough, we need to see where your overall wealth has come from. We ask you to verify where the money to buy a house or pay the deposit has come from. Whether it’s savings, inheritance or a financial gift – we need to know.

We know it’s an awkward conversation for many people. However, we have a legal duty as conveyancers to ensure the money has not come through illegal channels. We aren’t asking for proof of funds because we think it has. Instead, we are proving it hasn’t. It’s a legal requirement and something we have to do.

When providing your conveyancing solicitors with proof of funds there will be various documents needed. These will include a copy of your current account statement for example. If you have savings or a share sale account, we will need proof of these too. Dependent on what your statements dhow, we may need the last 3 months statements too.

If you are a cash buyer for a home or have cash transfers, we will need proof of this too. This could be a receipt for a car sale for example. Keep this in mind when you are conducting personal transactions. The more proof you have of where your money comes from, the easier the process will be for you, the conveyancers and the mortgage provider.

Sometimes family members are happy to support people in buying a home. If you had money given to you by a family member or friend, for the purchase of the home, we will need proof of their funds too. This will include bank statements that confirm where their source of income comes from too. If the money you are buying a home with has come through inheritance, your conveyancers may need a copy of the Will and estate accounts.

If you are not sure what you can provide to show your proof of funds to the conveyancing solicitor – call us. We can talk about what you have and what you need. Our conveyancers in Peterborough are a friendly team and we want to help you buy your dream home.