Overview
If your law firm has sent you a Commercial Source of Funds request, you will need to declare where the money for your transaction is coming from and provide supporting evidence. This article explains how to complete each step.
Before you start
You will need the link your law firm sent you, either by email or shared directly.
Have your bank statements or online banking details ready. You will be asked to either upload bank statements or connect your bank account directly.
If any of the funding is coming from a third party, such as an investor or another business, you will have the option to ask them to complete their section separately. See How to delegate a source in a Commercial Source of Funds request.
How to complete a Commercial Source of Funds request
Step 1: Open the request
Open the link your law firm sent you. You will see a summary of the transaction, including the total amount you need to account for.
Step 2: Declare your sources of funding
Select Add source and choose the type of funding you are providing. The available source types are: Asset sale proceeds, Bank or commercial loans, Business profits, External investment, and Shareholder/director funding.
For each source, enter the amount and any required details. If a source involves a third party who needs to provide their own information, you can delegate that source to them. Repeat this step until all your funding sources are declared and the full transaction amount is accounted for.
Step 3: Provide bank statement evidence
Once you have declared your sources, you will be asked to provide bank statement evidence. You have two options:
Option 1: Connect your bank account
Select Connect bank account and follow the steps to link your account securely via open banking. This allows Legl to retrieve your transaction history automatically.
Option 2: Upload bank statements
Select Upload bank statement and upload your statements as PDF files. Make sure the statements cover the period specified by your law firm.
Step 4: Explain any flagged transactions
If Legl identifies any transactions that may need further context, such as large cash deposits or foreign currency payments, you will be asked to provide a brief explanation for each one.
Step 5: Review and submit
Review the summary of your sources and evidence before submitting. Once you are happy everything is correct, select Submit.
What happens next
Your law firm will be notified that you have completed your submission and will review the results on their side. If they need anything further from you, they will be in touch directly.
If you delegated any sources to a third party, those sections will need to be completed before the full application is finished.
Important information
You can save your progress and return to the request later using the same link.
If you are unsure which source type applies to your situation, contact your law firm directly. Do not guess, as the source type affects how your evidence is reviewed.
If you are uploading bank statements manually, make sure they are complete and cover the full period requested. Partial or unclear statements may result in your law firm asking for additional evidence.
Do not close the browser while connecting your bank account via open banking, as this may interrupt the connection.