Source of Funds Check

Because of the 2017 (Information on the payer) Regulations, we are required to see evidence of the Source of Funds for your transaction.

Completing your Thirdfort

Source of Funds Questionnaire

Firstly, you will be asked to confirm the transaction details such as Purchase Price, Stamp Duty amount and Property Address.

Next you will be asked where the funds are coming from, this could be multiple sources such as mortgage, savings, loan, gifts, asset/property sales, inheritance, crypto, ISA/LISA etc.

You will need to give details on what portion of your funds are coming from each source.

If you select Gift as an option you will need to provide details of who the gift is coming from and if it is repayable.

We will need to verify the Identity of the gifter and conduct the same banking check as described below with them. When you enter their details it will ask if Thirdfort can send them this check using the mobile number you provide. Please only choose yes where you have spoken to the gifter and they agree to use Thirdfort.

If they do not agree to use Thirdfort they will need to present themselves to our office with their ID and Source of Funds information. Both process are detailed on our website and we suggest you share the link with them so they may learn more before making a choice – www.thurstanhoskin.co.uk/thirdfort/gifter-id-check

Once you have completed the Questionnaire you will  need to supply us with 6 months’ worth of bank statements  for any accounts where we will be receiving funds from.

The easiest way to do this is to allow the Thirdfort app to securely connect to your banking app and extra the statements automatically.

If you deny access, you will need to download 6 months’ worth of statements for each account and upload them to the Thirdfort app.

Information on the security of Open Banking and how it works is provided in the Security and Data at Thirdfort Article.

For example, if you are using savings you would need to connect both your savings account and any account that has transferred funds to your savings account i.e. your current account.

Depending on the options you choose such as mortgage or inheritance new tasks may appear on your home screen asking you to upload proof of these funding sources.

For some funding options we may need to contact you separately to discuss and obtain further documentation