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Michael Holly
Michael Holly, Solicitor
Category: Law
Satisfied Customers: 6812
Experience:  I have 20 years of experience as a solicitor in litigation and other areas
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I'm buying a house in England and my friend lended me some

Customer Question

I'm buying a house in England and my friend lended me some money to help with the purchase. My solicitor is asking for the proof of funds of the loan coming from my friend. I'm not sure I want to involve my friend very much as I appresiate her gesture and I don't want to waste her tme on my case or just ask her for the minimum information she should provide on her behalf. The money she lended me she had from the house she recently sold. Now my solicitor is asking to provide the prooof from her solicior on selling the property. It will inevitably delay my completion date and will involve her much more in my purchase than I intended. My solicitor is a trainee, and I'm not sure he is quite competent enough to proceed my file. I had problems with him every step of the way. I'm getting to the point of complaining or just simply closing the file and finding an advice elsewhere.
Could you please advice me what documents i need to ask my friend to provide.
Submitted: 9 months ago.
Category: Law
Expert:  Michael Holly replied 9 months ago.

The solicitors are asking because they have to, it is not a question of your solicitor being a trainee but due to money laundering regulations.

Buying a property using cash is a very good way of turning "bad" money into "good" money.

Your friend simply needs to explain the source of the funds, savings or whatever is the case.

Best regards

Michael

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Customer: replied 9 months ago.
Thank you for your reply. hats fine, I can ask her to answer just a few simple questions.Does she also need to provide any information from her solicitor who she used to sell her house? That can delay my completion quite a lot. Thank you . Natasha
Customer: replied 9 months ago.
Sorry Michael,My question was maily does my friend need to provide full information of her funds including the proof from her solicitors?Thank you.
Expert:  Michael Holly replied 9 months ago.

Dear Natasha

You can wait and see if they ask or accept the explanation but a completion statement, if your friend has retained one, should be sufficient in any event.

Best regards

Michael