If you know something about the British real estate market, you should know that you need to provide proof of source of funds when purchasing British real estate. This is because the UK has always strictly monitored money laundering and implemented anti-money laundering regulations.This means that all financial institutions, businesses and individuals are subject to regulations.Real estate transactions in the UK involve the transfer of large amounts of funds, so the government requires verification of the identity of home buyers to prevent unscrupulous people from laundering money through real estate transactions.Therefore, proof of source of funds must be provided when purchasing UK property.So, how do you prepare these proofs?
1. Personal deposit
To purchase a British property, the buyer needs to provide a lawyer with proof of the source of funds. If the purchase price has been in the account for 6 months, it will be relatively easy to provide proof of the source of funds. However, if the account deposit does not meet the 6-month requirement, you need to provide salary slips and work certificates to explain what kind of job you are engaged in, how much your annual income is, how much dividends are, how many years your savings have been accumulated, and other details.
2. House sale proceeds
If the funds are proceeds from the sale of a house by yourself or others, you need to provide relevant real estate certificates and real estate transaction records. It is better if you can provide a notarized certificate.
3. Gift or will
In the UK, many young people receive financial support from their parents when purchasing real estate.At this time, the home buyer needs to provide notarized information documents of the donor, including the relationship between the donor and the recipient, the donor's identity certificate (passport or ID card), the donation declaration , the source of the donation funds, the donor's Proof of address (such as utility bills or bank statements in the name of the home buyer within the past three months, etc.). If parents have gifted funds in their UK accounts for more than 6 months, young home buyers do not need to provide documentation proving the donor's source of funds. However, this also depends largely on the specific policies of the law firm.
If it is an inheritance, provide a notarized will, a copy of the document or letter sent to you by the executor, bank statements, etc., to explain how much inheritance you received.
4. Financial management income
#{ 18} Anyone who purchases a British property needs to provide not only bank account statement proof, but also income records from other financial management projects, such as stock and fund investments. Proof of income, certificates issued by financial management companies, bank statements, rental contracts and other documents.5. Pensions
If part of the purchase price comes from pensions, you need to provide a copy of the pension statement and bank statements.#{ 23}
Therefore, you must take the matter of proving the source of funds seriously and prepare in advance, otherwise the house you get will be gone.
