Money Laundering

ernie100

I am curious as to what depth solicitors go into when it comes to money laundering checks,and is it only your appointed solictior that does this check or does the mortgage broker and estate agent (Im buying only) also check?

My parents are giving me the deposit and I dont know where the money is coming from and I dont intend to ask,so will my solicitor (and whoever else) be happy that my bank statement shows this deposit is paid in from another bank account,or will they want to examine my parents bank account to see where its form?

nw_man

I think they will be happy seeing its come from a UK bank account.

After all, the bank should have done due diligence when it received it in the first place.

ernie100

Anyone else any thoughts?

emmalita

just out of interest,has ur solicitor/broker mentioned anything about ur dad signing anything to say he has no interest in the house? im in a similar situation myself

happybroker

it varies from solicitor to solicitor, some will want more information than others so it's a bit difficult to say really.

the solicitor will probably want something from your parents to confirm that the money is a gift raher than a loan and that they are aware that making this gift doesn't entitle them to any financial interest in the property, this will probably be on the bank's instruction.