Conveyancer want extra fees for proof source of funding

[LondonSE2023]

My conveyancer is asking for additional fee for proving source of funding. She has asked for 12 months statement at the start and now it's spiraling out of control as the money have been moved around a lot due to fixed deposits maturing and moving banks. Some of these savings are decades old and she asked for more history on where some of the credit come. Has anyone experienced this and how did you deal with it. I feel like she is charging me for the service I didn't ask for and while this is the first additional charge, I get the sense she will just ask for more later.

It sounds like your conveyancer is being overly stringent on anti money laundering requirements. If your finances are more complex than usual then it’s common to be asked for an additional fee to cover the additional KYC that has to be done, though so long as the funds have been kept in and moved around between traditional accounts and not anything which looks suspicious, being asked to provide a decade’s worth of statements is unusual. Ask for the name of their supervising manager or a partner to escalate your case to: many conveyancers are fairly junior staff and yours may not be used to seeing such scattered funds from a number of sources as deposit.

Thanks, she is not asking for decades of history yet. I don't remember what I did with my bank accounts more than 3 months ago let alone over a year ago. It's just after she got the initial statements of the accounts where I hold the funds she then asked for sources of the opening balances which then subject me digging out more bank accounts i didnt share before (some of which are already closed) .. I just can't see the end of it. Its turning into a substantial job on my side to figure out where the transfers are from too.

That’s not entirely surprising if it’s not clear where the money has come from and it’s been moved around a lot? They’ll be being stringent with their AML investigations.

But I thought there are agencies for AML check, and there is a fee quoted inside the conveyancer's initial quote.

I realise this is an old post but came up in a search. I'm in a similar situation where funds are over 20 years old and have since been moved around. Banks/other financial institutions don't provide historical statements, esp when accounts were closed years ago.

Did you manage to satisfy the conveyancer re source of funds?

@LondonSE2023 << tagging might help

Thank you! @KievLoverTwo