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Solicitor seeing proof of funds

(8 Posts)
AhsokaTano Fri 21-Oct-11 14:15:53

Just a quick one as I can't get hold of said solicitor.

She has asked for proof of our deposit which is going to take a couple of days to cash from investments. Is this necessary before exchange or completion?

Our buyers are pushing to complete on the 31st Oct and I just can't see us exchanging on Monday 24th as I don't think the money will be in my personnal account until the 25th so I can't send the statement as proof until then and my mortgage provider needs 5 working days to draw down the funds.

It's only a couple of days adrift but our buyers are threatening to pull out if they can't move on the 31st and I'm not sure what to do about it all.

Lizcat Fri 21-Oct-11 16:01:34

I have always had to lodge the deposit with solicitor prior to exchange. You really need to talk to your solicitor.

minipie Fri 21-Oct-11 16:55:02

Agree with Lizcat. Usually the deposit has to be in the solicitor's account (not just your personal account) for exchange.

You can usually move money quicker using a CHAPS transfer - costs £25 and you need to show your bank ID, but it means you can do instant transfers - in case that helps.

Good luck!

SierraMadre Fri 21-Oct-11 16:57:49

Why can't you show the solicitor the letter from the mortgage provider/statement from where the investments are currently held? The solicitor will need to be able to pay over the deposit to the seller's solicitor on exchange, so you can't exchange until the funds are in the solicitor's account, as previously suggested.

cowboylover Fri 21-Oct-11 17:18:27

Ge intouch with you solicitor ASAP and it may still be possible to exchange a bit later and still complete on the planned day.

GrooveIsInTheFart Fri 21-Oct-11 17:22:19

Some lenders say 5 days for down but it can be fast tracked by paying a small fee and some lenders say 5 days for a cooling off time but you can sign a waver thingie. I'm not an ifa so double check with your lender

GrendelsMum Fri 21-Oct-11 19:27:41

ahem.

not all solicitors, estate agents and so on have realised that you can edit your online statement before printing it out to show them as proof of funds. The fact we happened to have precisely the right amount in our savings account to buy the house and pay stamp duty was a pure coincidence.

This was to show estate agent, though, so we felt no guilt over any discrepancy there might have been.

AhsokaTano Sat 22-Oct-11 10:53:02

Great, thanks all.

The solicitor is happy with a statement from investments showing I have access to the funds before exchange then it to be paid to her account before completion.

The actual deposit will be sort of paid up the line as it were as we're also selling. I think the issue was that we have a smallish mortgage and a hefty deposit so she needs evidence of that we actually have the money.

I was concerned that the buyers might start threatening to pull out but in the last couple of days and having received what looks like bank cards, payslips and insurance information addressed to then here I'm guessing they're fairly commited to the purchase! (I'm just off to take them to the agent so they don't get lost).

Thanks for all your help, I'm juggling too many balls and obvs dropped one of the vital ones!

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