Proof of funds... notary/affidavit... are all my bases covered?

[bunnybunny]

Hi everyone! I Want to double check with you kind people if all my bases are covered for POF:

(1) joint account with Father - I am getting Dad to sign an affidavit certifying that part of the money is mine.

(2) I will also provide initial online deposit receipt into Joint, from my bank account, as proof.

(3) also getting Dad to gift deed me from another account. Will notarise this.

(4) my account with UK Bank. Unfortunately I cannot get them to sign bank letter so will have to make do with printing online statement statement myself. Should I notarise this?

Of course I will also include 6 months bank statement for joint account. I'm wondering if I've all my bases covered? It's a lot I know! Haha

 

[bunnybunny]

Bump

 

[bunnybunny]

Bump

 

[ElmTree]

Hi everyone! I Want to double check with you kind people if all my bases are covered for POF:

(1) joint account with Father - I am getting Dad to sign an affidavit certifying that part of the money is mine.

(2) I will also provide initial online deposit receipt into Joint, from my bank account, as proof.

(3) also getting Dad to gift deed me from another account. Will notarise this.

(4) my account with UK Bank. Unfortunately I cannot get them to sign bank letter so will have to make do with printing online statement statement myself. Should I notarise this?

Of course I will also include 6 months bank statement for joint account. I'm wondering if I've all my bases covered? It's a lot I know! Haha

I am no expert but I am pretty sure that you can't use assets/money/accounts jointly owned with your father.

 

[bunnybunny]

I am no expert but I am pretty sure that you can't use assets/money/accounts jointly owned with your father.

Not even if my parent sign an affidavit certifying that part of money in joint (fixed deposit) is mine? Including providing proof of initial deposit from account with my name.

 

[ElmTree]

Not even if my parent sign an affidavit certifying that part of money in joint (fixed deposit) is mine? Including providing proof of initial deposit from account with my name.

Not even then, I believe.

 

[ElmTree]

Not even then, I believe.

The only relative with whom an applicant can show a joint account to meet the POF requirement is an accompanying spouse.

 

[KDRoy]

Hi ,
I have almost the same question. I have joint a/c with Father and one in my single holding. So I am transferring the amount from my joint a/c to my single holding a/c and will get the following to be submitted:

1. Affidavit from father declaring the money transferred to be my own share without any other liabilities
2. LOE explaining the same thing
3. Bank statement for the joint a/c for last 6 months
4. Bank transaction statement for the amount
5. Bank letter stating the equal rights of both of us on the joint account and the transaction was with full consent from both of us.


Do I need to give anything else?Is a gift deed required if the account is joint with me only ??

Any informed reply to this will be highly appreciated.

Thanks in advance.

 

[sam3218]

You can't use your joint account with your father.

 

[hitesh0414]

Hi ,
I have almost the same question. I have joint a/c with Father and one in my single holding. So I am transferring the amount from my joint a/c to my single holding a/c and will get the following to be submitted:

1. Affidavit from father declaring the money transferred to be my own share without any other liabilities
2. LOE explaining the same thing
3. Bank statement for the joint a/c for last 6 months
4. Bank transaction statement for the amount
5. Bank letter stating the equal rights of both of us on the joint account and the transaction was with full consent from both of us.


Do I need to give anything else?Is a gift deed required if the account is joint with me only ??

Any informed reply to this will be highly appreciated.

Thanks in advance.

The best way is to have your father's name removed from the joint account. If you do this, then you do not have to write letter of explanation, gift deed, letter stating equal rights.

 

[KDRoy]

The best way is to have your father's name removed from the joint account. If you do this, then you do not have to write letter of explanation, gift deed, letter stating equal rights.

Hi ,
Thanks for the reply. However, I think i forgot to state properly that I am already transferring the money from my joint a/c to my own single account with no other name with me and shall be giving affidavit, LOE and bank statement explaining the same. This means the money is already in my own account now.
So does that makes it easier now to show POF coz they want liquidity to be shown and the money is already in my account for disposal..?

 

[sam3218]

Hi ,
Thanks for the reply. However, I think i forgot to state properly that I am already transferring the money from my joint a/c to my own single account with no other name with me and shall be giving affidavit, LOE and bank statement explaining the same. This means the money is already in my own account now.
So does that makes it easier now to show POF coz they want liquidity to be shown and the money is already in my account for disposal..?

since this will be a recent transfer, you will have to substantiate where the funds came from with the help of for example, gift deed.

 

[KDRoy]

Yes of course, I shall substantially explain with affidavit and bank letter from appropriate authority, but the original question remains the same i.e. why should I need a gift deed for my own money that I myself transferred to my other account , when I am already giving my father's notarized affidavit saying dat it is my own money that I transferred from the joint account to the single account after coming to know about the pof eligibility rules?

As far as I knew , gift deed is needed when the money is someone else's entirely without any proof of prior claim of mine in it. Isnt it so??

 

[sam3218]

Yes of course, I shall substantially explain with affidavit and bank letter from appropriate authority, but the original question remains the same i.e. why should I need a gift deed for my own money that I myself transferred to my other account , when I am already giving my father's notarized affidavit saying dat it is my own money that I transferred from the joint account to the single account after coming to know about the pof eligibility rules?

As far as I knew , gift deed is needed when the money is someone else's entirely without any proof of prior claim of mine in it. Isnt it so??

Okay it's a bit tricky for me, I think it would be fine without gift deed but you would have to provide the bank statements of the older bank account as well which will show cumulative build up of funds. But let others comment as well that's just my opinion.

 

[hitesh0414]

Yes of course, I shall substantially explain with affidavit and bank letter from appropriate authority, but the original question remains the same i.e. why should I need a gift deed for my own money that I myself transferred to my other account , when I am already giving my father's notarized affidavit saying dat it is my own money that I transferred from the joint account to the single account after coming to know about the pof eligibility rules?

As far as I knew , gift deed is needed when the money is someone else's entirely without any proof of prior claim of mine in it. Isnt it so??

As you said the money came from a joint account with father. Legally your father have 50 percent right on that money. You need gift deed to show that the transfer is done with full consent of your father and he has no right/claim left on that money and you can utilise that money for anything.