Proof Of Funds RE Property Purchase

[DSLiverpool]

Seen a shop and flat I want to buy that's under offer but I said to the agent I can pay cash and subject to survey get it done in days do I have a chance? - they asked for proof of funds which is fair enough I suppose, the money is in a quick access Halifax account waiting to be used but I don't want to show them a bank statement is their a way to prove I can pay for it without showing them my undercrackers so to speak?

[Brite spark]

Letter from solicitor saying adequate funds are available for the purchase?

[marky1]

Why not just show them the statement and black out the account number etc. It's pretty common.....

[z4RRSchris99]

we ask for this on some of the property we sell, to stop time wasters looking at £20m flats they cant afford.

solictors letter stating they have it is the most common.

[DSLiverpool]

Lol in Birkenhead you need it for a shop and flat at £55k - looks a no brainer, both done up and flat let on a AST at £3750 a year - my accountant called them as he knew the owner of the agency in the end

[Simpo Two]

I can't see how a Statement would work - you might have taken all the funds out the next day. Even if you showed them online you could do the same and put it all on the 3.30 at Epsom.

[Sarnie]

Simpo Two said:

I can't see how a Statement would work - you might have taken all the funds out the next day. Even if you showed them online you could do the same and put it all on the 3.30 at Epsom.

Box ticking exercise.............

[DSLiverpool]

Sarnie - can I buy the place (s) and mortgage them later when a tenant is in or doesn't it work like that?

[marky1]

Simpo Two said:

I can't see how a Statement would work - you might have taken all the funds out the next day. Even if you showed them online you could do the same and put it all on the 3.30 at Epsom.

Could do the same with a solicitor letter. It's just about providing comfort that's all.

[Sarnie]

DSLiverpool said:

Sarnie - can I buy the place (s) and mortgage them later when a tenant is in or doesn't it work like that?

In theory yes, but might be complex if it's a mix of commercial & residential usage....

[DSLiverpool]

Sarnie said:

In theory yes, but might be complex if it's a mix of commercial & residential usage....

Ok - I have no income for about a year so cannot get a mortgage, buying for cash and may convert later.

[Simpo Two]

Perhaps the answer is in some kind of guarantor/escrow account? - some independent and totally trustworthy third party who holds the funds in transit. There has to be way.

[iphonedyou]

Simpo Two said:

Perhaps the answer is in some kind of guarantor/escrow account? - some independent and totally trustworthy third party who holds the funds in transit. There has to be way.

As said, it's a box ticking exercise. I've shown a trading account with all my details blanked out apart from holdings to the required value before. They don't really care.