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Harris, Law Specialist
Category: Law
Satisfied Customers: 2725
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I am buying a house, The offer has been accepted , we have

Resolved Question:

I am buying a house, The offer has been accepted , we have the 15% deposit the mortgage looks like it is going to survey so it all looks good there. I have had a right fight on my hands getting mortgage being a self employed director. I am concerned that the stick in the mud will be my proof of deposit. I had religiously saved £50.00 a week with my parents for over 15 years and my mum has now transferred my savings for the deposit to me, the issue is This was years ago and my dad kept the payments in small notebooks but he died a few years ago and we do not have the proof. Regards Steve
Submitted: 1 year ago.
Category: Law
Expert:  Harris replied 1 year ago.
Hi, thank you for your question. I do not see what the issue is - has the deposit amount (I have calculated £39,000) been transferred to you? If it has then the proof for your deposit will be a statement showing the amount you have in your account.I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for answering your question without a positive rating. Thank you
Customer: replied 1 year ago.
Hi, This is not an acceptable reply?? The solicitor will want proof for money laundry reasons where the money has originated, So are you saying that just a transfer form my mum to me is proof enough?
Expert:  Harris replied 1 year ago.
If the total deposit money is already in your bank account then this will be all that is required for money laundering purposes. For solicitors to accept deposit money,There is no obligation to obtain proof of the source of funds at all, let alone beyond a reasonable doubt.However, it may be prudent for them to ask for some supporting evidence to confirm the information provided.Where such supporting evidence is provided, it is important that they look at that evidence to see if it is actually consistent with your explanation or whether it throws up more questions.If an explanation is consistent with your risk profile, is consistent with the type of retainer being undertaken (such as a purchase of a property), and they do not have other money laundering concerns about the transaction, they may simply note the explanation on the file and have their accounts staff check that the funds are coming from the bank account you have said they would come from.I hope this further information has provided clarification for you and if you have found it helpful please provide a positive rating using the stars at the top of this page.
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Customer: replied 1 year ago.
thats a much better reply

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