Why do I need to explain where my funds are coming from?
As part of your verification, the organisation that requested your Thirdfort check may ask you to complete a Source of Funds task. This is a short questionnaire which will ask you to account for where your money is coming from. By law, when dealing with large amounts of money, solicitors and law firms have to understand where that money comes from.
If you are completing the task as a non-shared owner please see our guide here.
To get started select to 'Start' the task from your to-do list. You will then be given a brief introduction to the task, when you are ready to begin please press 'Next.'
The app will then ask you to confirm the details of the property being purchased. You will be asked to provide:
- The total value of the property being purchased
- The value of any stamp duty being paid
- And the address of the property being purchased.
If you are not paying stamp duty please enter £0. If the address of the property is not accepted please check our guide here.
Once you have entered these details you will be given the opportunity to check these and edit them as needed. Once you confirm these details you will not be able to edit them. When you are ready to continue please select 'Confirm.'
On-screen you will then be the option to 'Add Source' through this, you can then add all of the funds that you are contributing to the purchase such as a mortgage or any savings by selecting them from the list provided.
For example, if the property costs £100,000 and your purchase percentage is worth £50,000, please account for where the £50,000 is coming from.
This screen will also display the funds you have already accounted for, and how much is left to account for.
Once you have added the sources you are contributing you will be left with a remaining amount coming from the Shared Ownership Scheme.
In this example, the remaining amount is £50,000. To account for this please select to "Add Source' and then select the option for 'Other.'
You will then be asked to provide the 'Contribution amount' & 'Where's the money coming from?' When entering where the money is coming from please enter 'Shared Ownership.'
Once all of your sources have been added please press 'Next.' From here you will see a confirmation screen before you submit your details. If you are happy that everything has been provided please select to 'Confirm.' If you need to go back and change anything please select 'I would like to review again.' Once confirmed you will be advised that the task is complete, and you can return to any remaining tasks.