Most commonly people have a deposit from savings, the sale of their property or from a gifted deposit from their family. This differs from proof of funds as you’ll need to show further evidence of the deposit and is common for your solicitor and others to check this to eliminate any risk of money laundering. Source of funds is showing evidence of how you came to have the money for the house deposit.
#ICASH PROOF OF TRUST FULL#
Bank statement of deposit if using a mortgage.Providing proof of funds also means the solicitor knows you have the money ready for completion day to pay the solicitor fees, searches and taxes. Whether you’re a cash buyer or buying with a mortgage, you’ll still need to show proof of funds. Rent card or tenancy agreement from your local authority.We’ve broken down the examples that are accepted as proof of identity and address. This will be to confirm you can afford the property and can continue to purchase the property.Īs well as providing proof and source of funds, you’ll have to provide proof of your identity and address to show your solicitor you are who you say you are. Your conveyancing solicitor and other third parties will ask for proof and source of funds at different parts of the conveyancing process. Therefore, anyone buying a property in the UK must comply with Money Laundering Regulations to ensure no property is bought with the proceeds of crime. What Happens If a Conveyancer Does Not Comply?Īs large amounts of money are being transferred daily within the property market, the conveyancing industry can be a target for money launderers.
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