What to Expect when completing your Source of Funds
This process takes about 5-15 minutes depending on how many sources you are uploading. Your solicitor requires this information for regulatory purposes, so please be as detailed as possible and contact them if you have any questions.
How to add your bank accounts
You will need to add bank account(s) to provide information about your transaction. Where offered, you can either connect your online banking account directly to fetch bank statements, or upload statements manually from your computer or mobile device.
What to do when your bank isn't listed
If you don't see your bank listed you will need to do a manual upload of your bank statements.
How to do a manual upload of your bank statements
Click the "you can upload bank statements manually" on the main page.
When uploading bank statements from your device, please ensure they can be uploaded in the following file types: 'pdf', 'jpeg', 'jpg', 'png', 'gif', 'tiff'.
Follow the on-screen instructions to continue with your chosen method. Once you've provided this information you'll have a chance to review it at the end.
You will now be able to submit all information regarding your source of funds to your Solicitor. The source of funds check confirms where the funds for your transaction are coming from and how they were obtained.
You will be guided through the details you need to enter and the documents you need to upload.
What should you enter for the Transaction Value?
At the start of the journey you will be asked to confirm the value of the property you are purchasing, you should provide the total amount in £, this should not include Stamp duty or any other fees but just the purchase price you have agreed with the seller.
How to declare overseas funds
For every source you declare you will be asked if the origin of your funds are from outside of the UK. If any %, or the total amount of your funds was acquired outside of the UK you must indicate this in your declaration so that your lawyer can ensure they support you through the appropriate due diligence process. If you do not declare funds from overseas you could risk delaying your purchase.
How to know its been submitted
Once you have submitted all relevant documents and source of funds details you will see your final overview and be able to click ‘Submit’.
Once submitted, you will be notified that the process has been completed successfully. Your solicitor will receive a report, and will be in touch to discuss next steps.