Frequently asked questions on proof of source of funds

signature proof of funds

Buying property is a complicated process with many steps. Proof of source of funds is one of them. 

This is why the vast majority of people who purchase property opt to use a conveyancing solicitor to help them. Proof of funds is not only reserved for those who get a mortgage, it is a necessary step for all of those wishing to buy property.

What is it?

In short, proof of funds shows that you can pay 100% of the property transaction, including the fees and prove where that money came from.

You can download our guide above to explain the three most frequently asked questions on proof of funds:

  1. What is proof of funds?
  2. Why do you need proof of funds?
  3. How can I demonstrate proof of funds?

We find there is confusion around demonstrating your proof of funds. Our guide explains the most common evidence we are provided and how you can showcase that evidence to your conveyancing solicitor. It also goes into detail about gifted deposits and how they legally stand in a property purchase.

When does a solicitor require to see proof of funds?

You will be required to produce proof of funds before you exchange contracts. However, most solicitors will require to see your proof well before that stage, otherwise, the purchase may be delayed. It is a legal requirement for your lawyer to seek proof of funds

Download our guide for more information.

Can the estate agent request proof of funds before a viewing?

The estate agent is within their rights to request proof of funds before you view a property, but as a buyer, you are not obligated to produce any proof to your estate agent.

Most buyers will be aware of whether or not they can afford to buy a house before booking any viewings. 

To learn more about the conveyancing process, read our conveyancing flow chart or our guide to conveyancing.

By Published On: August 11th, 2022Categories: Resources

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