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conveyancing solicitor asked for bank statements from the last 12 months

10 replies

Lunapuf5 · 08/03/2023 15:19

Is it normal that our conveyancing solicitors asked us for 12 months of bank statements and 6 months of payslips? I'm pretty sure that most lenders require 3-6 months when you apply for a full mortgage application

OP posts:
CatOnTheChair · 08/03/2023 15:31

It's proof of funds/source of funds not affordability that the solicitor is looking at.
We needed 6 months for our recent purchase (big cash element)

zuza96 · 08/03/2023 15:33

CatOnTheChair · 08/03/2023 15:31

It's proof of funds/source of funds not affordability that the solicitor is looking at.
We needed 6 months for our recent purchase (big cash element)

Yes but our deposit is our equity, we're not saving up for a deposit as we're not first time buyers?

MinnieMountain · 09/03/2023 06:16

Presumably you’re putting some savings in? Money Laundering Regulations are very strict.

InFiveMins · 09/03/2023 06:32

Yep completely normal.

AuntieJoyce · 09/03/2023 07:07

Mine did. . It was a second line request to double check on source of funds.

Rocketsmocket · 09/03/2023 07:35

Pretty normal I’d say for money laundering requirements.

Ask them to explain it if you’re still
concerned.

NoSquirrels · 09/03/2023 07:37

It’s for money-laundering checks.

ActDottie · 09/03/2023 08:07

Yes they need to see the account has been open at least 12 months to satisfy money laundering regulations.

mynameiscalypso · 09/03/2023 08:36

It's not always normal but something will have flagged up that they need to do extra checks and verify it for themselves - it could be the way you're purchasing for example.

Lunapuf5 · 09/03/2023 09:33

Thanks everyone! I told him we re using only the proceeds of the sale as the deposit and he said 6 months will suffice

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