Source of Funds and Source of Wealth: What you need to provide
When buying a property, your solicitor must verify where your money comes from and how your wealth was accumulated. This is a legal requirement under anti-money laundering rules. Getting the right documents together early helps keep your purchase moving.
Source of Funds
This relates to the specific money being used to buy the property and evidence of where it comes from. You may need to provide:
Recent current account bank statements, usually covering a minimum of six months
Proof of savings, such as savings account statements
Evidence of a gifted deposit, such as a signed letter from the person gifting you the money.
Source of Wealth
This relates to how you acquired your overall wealth. Evidence may include:
Payslips or tax returns
Company accounts and dividend records
Inheritance or probate documents
Evidence of sale proceeds from another property, such as a completion statement or letter from your solicitor
Statements showing investment portfolios.
What this means for you
These checks are routine and apply to all buyers. Delays usually arise when documents are provided late or are incomplete.
Next steps
Gathering documents early can help your purchase progress smoothly. If you are unsure what will be needed, your solicitor can guide you through the requirements.
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