Has your solicitor/conveyancer asked you to prove your ‘source of funds’ in relation to a property transaction?
⚠️We are often contacted by clients who are upset that they need to pay a translator in order to demonstrate their money and where it came from! ⚠️
Buying a property is an expensive business, and nobody wants extra costs! We fully understand this worry, which is why we do our very best to make the translation process as simple and effective as possible.
Why must you demonstrate the source of funds?
The law imposes a duty upon solicitors and conveyancers to perform anti-money laundering (AML) checks.
When you are purchasing a property, one of the first requests your solicitor will ask of you is to demonstrate your ‘source of funds’. This applies to both cash buyers and those with help from a mortgage (as the solicitor will need to see where the deposit money originated from). To comply with anti-money laundering regulations, solicitors must carry out mandatory checks to establish the source of funds being used.
Providing the necessary documentation is an essential part of the conveyancing process. If sufficient proof of funds cannot be given, then it is likely that the transaction cannot proceed.
Is the paperwork that you intend to use in a foreign language? Naturally, law firms will ask for a translation of the original documents attesting to the source of funds. The firm will also likely ask for a ‘certified’ translation produced by a professional translator. Translation & Secretarial Services helps individuals to accurately translate their documents into UK English, enabling them to demonstrate the origin of their funds. In turn, this helps conveyancers to easily check the paperwork, while complying with AML regulations, leading to the completion of the transaction.
The conveyancer probably isn’t multi-lingual and can’t understand the original versions of your documents. How do they know if you have significant direct debits or other financial responsibilities? Financial sums are often set out differently in other countries. Bank statements are usually stuffed full with abbreviations that can be hard to decipher – one line can be a mixture of banking abbreviations and the name of the town/restaurant of where you ate lunch earlier in the month. You are paying the law firm based on time and we charge less!
How can Translation & Secretarial Services help you to prove your source of funds?
- We are familiar with bank statements, inheritance tax forms, and variations in the formatting of financial sums.
- Translation & Secretarial Services is a professional and independent business. We stamp translations and provide a letter of certification, giving extra credibility to your ability to demonstrate the source of funds.
- Translation & Secretarial Services can potentially offer a reduced fee for repetitious documents, where big chunks of text are repeated.
- We produce well-laid-out PDF packs that are easy to read and easy to forward to your solicitor. When time = money, making the process as easy as possible truly does matter!
This summer, we helped a client to complete a property transaction by translating a French inheritance tax form (déclaration de succession) into English. We recreated most of the original format, which enables the reader to easily compare the two versions and enhances trust. The translation was stamped as a true copy of the original by an independent and chartered translator, adding to the credibility of the proof of funds.
Finally, we produced a professional and smart-looking PDF pack which was super easy for the client to forward to their solicitor (you will never receive a half-legible scanned document from us!)
The client kindly provided us with feedback after their solicitor promptly accepted the translation, enabling the completion of the property transaction. The client said: “I thought you’d be pleased to know the translated document got the seal of approval. Well done and thanks again”.
Do you need translation help to complete a property transaction? Contact us today using the form below or on +44 (0)7954 693 561. We will be happy to discuss your translation project and provide a free quote.