Solicitor Mortgage money laundering

mrpaul84

Hello

I would really appreciate some advice about a mortgage I'm currently in the process of getting. I have got to the stage of nearly exchanging contracts but prior to this the solicitor needs to make sure the money laundering bit is covered. They initially needed to see how I was funding the deposit and I had that covered and could show savings to meet the deposit. I then received a letter saying I hadn't covered the full amount as I also needed to show how I was paying the stamp duty and I needed to provide evidence of this. The problem being is I thought I was covered and needed to buy a car which meant I would use my overdraft to pay some of the stamp duty. I'm now worried that if I show I'm using my overdraft to pay part of the stamp duty the solicitor will say this isn't acceptable.

My question is will this stop the mortgage from going through? Do I now need to sell the car to finance the stamp duty or is using an overdraft fine.

Thank you

kingstreet

Not a question we can answer here, sorry.

All you can do is ask the solicitor.

mrpaul84

Is this a question the site isn't allowed to answer?

Dave_Ham

No, but it is a judgement call on the Solicitors part.

If you say its from an overdraft, they may flag to the lender that your situation has changed and then you may be reassessed.

They may do nothing and say ok thanks. It is not prescribed necessarily how they will treat such new information.

Ask the Solicitor is he happy, or would you be better to sell the car?

In reality, I suspect you will then use your overdraft to buy another car post completion but neither here nor there.

Good luck

kingstreet

mrpaul84 wrote: »

Is this a question the site isn't allowed to answer?

I didn't mean we aren't permitted to answer, simply that we would be unable to give an answer on which you could realistically rely.

As Dave said, we can speculate on what the solicitor might do, but that's all it would be, speculation.

Thrugelmir

mrpaul84 wrote: »

I'm now worried that if I show I'm using my overdraft to pay part of the stamp duty the solicitor will say this isn't acceptable.

Your solicitor will forward the information onto your lender.

There's no breach of money laundering for your solicitor to be concerned with.