CONVEYANCING SOURCE OF FUNDING
What is ‘source of funds?’
Source of funds is simply proving where your money came from for your deposit and ongoing purchase.
Solicitors have a legal duty to ensure that any, and all, funds used within a property transaction have come from a legitimate source and they are looking to establish the original source of the funds, not just the mere availability of funds in a bank account.
Why is it important for us to check source of funds?
If the source of funds is not checked properly by a Solicitor and a money laundering issue were to arise, there can be criminal sanctions for the Solicitor for not checking correctly. Individuals actually can be held liable.
Between 2004 and 2015 £180 million of UK property was subject to criminal investigation as suspected proceeds of corruption, and in 2017, 160 properties worth over £4 billion were identified as being purchased by high corruption-risk individuals.
What would a Solicitor need for proof of funds?
In order to complete their money laundering and due diligence requirements, Your Solicitor will ask you to provide evidence of your source of funds. This can include the following:
- Bank statements
Your solicitor will need full PDF statements which have been downloaded from your account, they must show your full name and address. The statements should be from the latest 6 months, but you may be asked to provide anything up to 12 months of statements to establish the source if it is not clear enough - Gifted Money
If you are being gifted money from your parents/ family, your solicitor will need to run some ID checks and will also need bank statements from the person gifting the money, showing where the money is coming from - Inheritance
If you have inherited money, your solicitor will need a copy of the estate accounts as well as a bank statement showing the monies being transferred into your account - Sale of property
Your solicitor will need proof of sale evidence, such as correspondence from the Solicitor who acted on your behalf on the sale and a bank statement showing the monies being transferred into your account - Pension withdrawal
Your solicitor will need a letter showing your pension withdrawal and a bank statement showing the monies being transferred into your account - Divorce settlement
Your solicitor will need the original/ certified copy of court order or settlement
What is not acceptable to prove source of funds?
The requirements for providing source of funds documentation are relatively straight forward, however, it is important to note that not all formats are accepted.
Some of the formats that will not be accepted are:
- Screenshots/ photos of bank account statements from a phone
- Statements from savings accounts only showing internal transfers being made, as this does not show where the original source of the funds have come from
PROPERTY CONVEYANCING
For a buyer the stages of conveyancing are as follows:
Stage 1: Instructing a conveyancer
Once you have found your property and your offer has been accepted the vendor’s estate agent will request your conveyancer’s details to pass on to the sellers’ solicitors. It is best to do your research and select who you would like to act on your behalf so that you can act quickly once your offer has been accepted.
The conveyancer acting for the seller will prepare a legal information pack which will include a draft contract, a fixtures, fittings and contents form, a property information form and the legal title to the property.
(more…)Sussex Law Diversity
Diversity Data Statement – July 2025
At Sussex Law Solicitors, we are committed to promoting equality, diversity and inclusion within our firm and the wider legal profession. As part of our regulatory obligations, we collect diversity data in accordance with the Solicitors Regulation Authority (SRA) requirements.
In June 2025, we gathered updated diversity data from our team and reported this data to the SRA. However, due to the size and structure of our firm, publishing detailed data could risk identifying individual staff members. In line with SRA guidance, we have therefore chosen not to publish a full breakdown in order to maintain confidentiality and protect anonymity.
We remain proud of the diversity policy within our firm and continue to foster an inclusive and supportive working environment. For more information on the SRA’s diversity requirements, please visit:
https://www.sra.org.uk/solicitors/resources/equality-diversity/your-data/
Diversity makes for a broader, richer environment that produces more creative thinking and solutions. We believe that promoting diversity is essential to the success of our firm. It is also the right thing to do.
(more…)Lasting Powers of Attorney (LPAs)
What is a Lasting Power of Attorney (LPA)?
Lasting Powers of Attorney, are legal documents registered with the Court of Protection enabling you to appoint representatives to act on your behalf. (more…)
Sussex Law Best Rated Property Lawyers in Brighton
We are proud to be rated Top 3 Property Solicitors for the city of Brighton.
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ThreeBestRated’s goal is to find the top 3 local businesses per category in each town/city across the UK. Its employees handpick 3 top local businesses per category and check reviews, history, complaints, ratings, satisfaction, trust, cost and general excellence. Only businesses verified by ThreeBestRated employees are included.
Let us know if you need any property related advice or have a requirement for our conveyancing service.
We also have an excellent Private Client department for all of your Wills, Probate and Power of attorney and Estate Planning needs. Contact Sally or Linda.
info@sussexlawsolicitors.co.uk or 01273 561312
Protect your money when buying and selling.
Conveyancing fraud and payment diversion. If you are buying or selling your home please pay attention to this flyer.
(more…)PROBATE
Executing a will
Are you administrator or executor of a will? It’s not easy dealing with your grief over a loved one, making funeral arrangements and starting the administrative duties of an executor all at the same time. Sussex Law solicitors can help.
Call us now for wills and probate support
Sussex Law have experts in wills and probate ready to help you. Contact us online today or call us on freephone 01273561312 to speak to Sally or Linda
Wills, trusts, tax and probate solicitors
How to execute a will
(more…)Probate and Estate Administration
What is Probate
Probate (or administration if the person died without a Will) is the process of obtaining the legal right to manage a deceased person’s estate. The executor must apply for a Grant of Probate, a legal document giving them the authority to deal with the deceased’s finances, assets and possessions. The probate process ends once the estate has been identified, all taxes and debts have been paid, and the inheritance has been distributed.
(more…)Making a Will
Who should make a Will?
If you want to make sure your wishes are followed on your death, you should make a Will. If you die without one, the rules of intestacy will decide; who looks after your children, who inherits your assets, and who administers your estate. This may mean (more…)
WILLS
COVID-19 WILLS UPDATE
Just because of the restrictions bought about by Covid-19, it does not mean it is now too late to draw up a Will.
In order to protect our clients and staff we are now conducting our Will appointments by telephone or via skype, rather than undertaking a face to face meeting.
Once you have approved your Will, we will arrange for the finalised copy to be delivered to your door and we will witness you signing your Will on your doorstep. This will ensure we can observe “social distancing” This is for your safety and the safety of our staff.
Do not let Covid-19 restrict you from having a Will. It is probably more important now than ever.
Please call to speak to either Sally or Linda today to discuss further on 01273 561312 or email sally.taylor@sussexlawsolicitors.co.uk