Proof Of Funds RE Property Purchase
Proof Of Funds RE Property Purchase
Author
Discussion

DSLiverpool

Original Poster:

16,532 posts

232 months

Monday 29th September 2014
quotequote all
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

2,103 posts

231 months

Monday 29th September 2014
quotequote all
Letter from solicitor saying adequate funds are available for the purchase?

marky1

1,094 posts

226 months

Tuesday 30th September 2014
quotequote all
Why not just show them the statement and black out the account number etc. It's pretty common.....

z4RRSchris99

12,527 posts

209 months

Tuesday 30th September 2014
quotequote all
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

Original Poster:

16,532 posts

232 months

Tuesday 30th September 2014
quotequote all
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

92,956 posts

295 months

Tuesday 30th September 2014
quotequote all
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

8,373 posts

239 months

Tuesday 30th September 2014
quotequote all
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

Original Poster:

16,532 posts

232 months

Tuesday 30th September 2014
quotequote all
Sarnie - can I buy the place (s) and mortgage them later when a tenant is in or doesn't it work like that?

marky1

1,094 posts

226 months

Tuesday 30th September 2014
quotequote all
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

8,373 posts

239 months

Tuesday 30th September 2014
quotequote all
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

Original Poster:

16,532 posts

232 months

Tuesday 30th September 2014
quotequote all
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

92,956 posts

295 months

Tuesday 30th September 2014
quotequote all
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

10,422 posts

187 months

Thursday 2nd October 2014
quotequote all
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.