If you know anything about the UK property market, you should know that you need to provide proof of source of funds when purchasing a UK property. This is because the UK has always had strict controls on money laundering with anti-money laundering regulations in place. This means that all financial institutions, businesses and individuals are bound by the regulations. Property transactions in the UK involve the transfer of large sums of money, so the government requires verification of the identity of the purchaser to prevent unscrupulous individuals from laundering money through property transactions. Therefore, proof of the source of funds must be provided when purchasing a UK property. So, how to prepare these proofs?
1. Personal deposit
To purchase a UK property, the buyer needs to provide proof of the source of funds to the solicitor. If the purchase price has been in the account for 6 months, it will be relatively easy to provide proof of source of funds. However, if the account deposit has not reached the 6-month requirement, you will need to provide pay slips and proof of employment in order to explain what kind of work you are doing, what your annual income is, how much your dividends are, how many years you have accumulated the deposit and other details.
2、Money from the sale of a house
If the money is the proceeds from the sale of a house by yourself or someone else, you need to provide relevant property certificates and property transaction records, and it is better to provide a notary certificate.
3、Gift or will
In the UK, many young people will receive financial support from their parents when they buy a property. At this time, the purchaser needs to provide notarized information documents of the grantor, including the relationship between the grantor and the grantee, proof of identity of the grantor (passport or ID card), affidavit of the grant, the source of the grant funds, proof of the address of the grantor (such as utility bills or bank statements in the name of the purchaser within the last three months, etc.). If the parents have had the gift funds in their own UK account for more than six months, the young purchaser does not need to provide documentation of the grantor's source of funds. However, this also depends largely on the specific policy of the law firm.
In the case of an inheritance, provide a notarized will, a copy of the document or letter sent to you by the executor, bank statements, etc., to show how much you received.
4、Wealth management income
Anyone who buys a UK property needs to provide not only proof of bank account flow, but also records of income from other financial items, such as proof of income from stock and fund investments, certificates issued by financial management companies, bank flow, rental contracts and other documents.
If part of the purchase price comes from the pension, it is necessary to provide a copy of the pension statement and bank flow.
Therefore, the proof of source of funds must be taken seriously and prepared in advance, otherwise the house will fly when it comes to hand.
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