Buying a flat - lawyers questions

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akist

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We are buying a flat and the lawyers we have assigned to do the legal bits are asking for very personal information, for example 6 months bank statements. They have mentioned "money laundering regulations". I am not convinced that the privately assigned lawyers are arbiters of what may constitute money laundering and I believe they have no right, and no business to be poking their noses. Same goes for proof of ID etc, basically anything they ask me I would think "who wants to know" and unless it is the IR or the LR they can go away.

What do you think ?
 
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When you say 'your lawyer' just checking if you are are in USA or in UK as in UK they are normally called Solictors.
(In UK Anyone can call themselves a lawyer, regardless of whether they have any professional legal qualifications or not.)
And in UK for house buying you normally employ a Converyancer.

So presuming you are in the UK - yes you need to show a lot of details to Converyancer before transfer of money to buy/sell a house.
Not sure you need all the ones you stated (do not remebner showing bank statements to Solicator, but I did to Mortgage lender)-

Here are details of requements for you to check against:
https://express-conveyancing.co.uk/money-laundering-and-conveyancing/

SFK
 
To add - last time I employed a Conveyancer I showed
  • Passport
  • Driving Licence
  • Gas Utility Bill
No bank staments.
 
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@blup
I have always paid my solictor/converyancer fees - they know where I live and how to sucessfully sue someone. :>
 
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I have always had to employ a lawyer (in Scotland) to do the conveyancing on any house that I have bought.
 
Our son recently bought his first house with his partner , "Bank of Mum and Dad" had to chip in, Solicitors wanted proof as to where the money was coming from. House purchase is an easy way of money laundering , we had to submit details and Bank Statements to ensure that the money was legitimate .
Money Laundering regulations state that any sum over £10.000 must be accounted for
 
If it is a cash purchase, the conveyancing lawyer/solicitor would need to conduct the money laundering checks.
 
When I was helping my mum and dad buy their current house, it was a repossessed bungalow. We put in an offer and the estate agent wanted proof that they had funds to buy it outright (they had sold their own house and were living with my sister) so I showed it to them and they bought it and moved in less that a week later. They had to take the same proof as well as ID to the conveyancing solicitor as to who they were.
 
My first house needed 6 months of Bank statements from both wife and I.
Money laundering.
We were gifted some money from inlaws, who also had to provide 6 months of statements, from their saving account. To show they'd owned the money that long / not a laundering scam.

Subsequent house purchases just needed to show mortgage Co 6 months of wage slips to prove income
 
As above, things have been tightened up in recent years regarding source of funds for property purchase. Solicitors need to be able to trace the money back to legitimate sources to prove it's earned/acquired legally. Previously lots of funny money was put into property to launder it. If the solicitor/conveyancer fails to do these checks their neck is on the line and they can be prosecuted.
 
Ah - thatll be why the market for expensive properties in London being bought by Russian oligarchs and assorted corrupt kleptoleaders from around the world has collapsed, then.
 
Captain Nemesis said:
Ah - thatll be why the market for expensive properties in London being bought by Russian oligarchs and assorted corrupt kleptoleaders from around the world has collapsed, then.
Click to expand...

I think the rules are really just for us plebs to follow. As per usual. Bit like 250 mile round trips to test eyesight.
 
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