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buying a house
melie2505
Posts: 3 Newbie
Hi,
Me and my partner are buying a house.. Offer been accepted, mortgage is in place but solicitor keeps asking for proof of deposit (which is fine). .We have sent the statement of the account where the funds are held.. Unfortunately one of the transactions is from my aunt who has kindly given me money towards it.. The solicitors has picked up on that and is asking for a copy of her passport but also of her bank statement from where the money was transfered.. I think myself that this is a bit too much, why is it so important 1st of all that they know where money is coming from but mainly why should he get private details of one of my family members which has nothing to do with the buying of the house!!!
Can anyone advise whether he is entitled to those details or am I allowed to quer it??
Thanks.
Mel
Me and my partner are buying a house.. Offer been accepted, mortgage is in place but solicitor keeps asking for proof of deposit (which is fine). .We have sent the statement of the account where the funds are held.. Unfortunately one of the transactions is from my aunt who has kindly given me money towards it.. The solicitors has picked up on that and is asking for a copy of her passport but also of her bank statement from where the money was transfered.. I think myself that this is a bit too much, why is it so important 1st of all that they know where money is coming from but mainly why should he get private details of one of my family members which has nothing to do with the buying of the house!!!
Can anyone advise whether he is entitled to those details or am I allowed to quer it??
Thanks.
Mel
0
Comments
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The reason behind it is to avoid fraud. Essentially you need to prove that it is a gifted deposit and that your auntie has no vested interest in the property (not going to live their/ recieve rent etc) This is because people have in the past borrowed their mortgage lets say 90% and the other 10% has been borrowed again so essentially that persons owns nothing. the bank like people to invest a bit of their own money to try and prevent negative equity. You should probably do this as it will only prevent you from getting the mortgage approved0
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The solicitor wants to confirm that the money is not being laundered. They are just being dilligent.0
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Sorry, but solicitors are bound by the anti-money laundering regulations to check the source of funds.
We can get into serious trouble if we do not do this so you have no choice.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
It's because of money laundering laws. For all he knows your aunt could be a drug dealer or a member of the !!!!! :-)
That !!!!!!! did actually say M afia and wasn't swearing. Not sure why it has been blanked out???0 -
How will having sight of the relative's bank statement show that they didn't get the money from drug dealing? Are they then going to ask for statements from anyone she got money from? And so on. Seems pointless to me.0
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Those who handle financial transactions are expected to create an audit trail which could be followed by the Police should a transaction later appear to be suspect.
If the aunt is supplying funds for the transaction she needs to supply the details which will continue the trail.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks everyone, I just wanted to check wether solicitor was entitled to asking which obviously he is.. Still seems a bit of a silly law but I will forward him the details., Good job didn't the deposit from 10 different family members.0
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