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Buyers are waiting for money laundering checks

bleat
bleat Posts: 1 Newbie
in House buying, renting & selling
We were due to exchange on our sale this week. We thought this was a no chain purchase as the buyers are first time and we are moving into rented for a while. However, we have just been told that the buyers are waiting for money laundering checks to be completed by their bank as their deposit is coming from the sale of a family business to a non eu company. There seems to be no idea how long this might take and I was wondering if anyone had any idea how long it could be or if anyone had any experience with this?

We are disappointed to say the least that this was never mentioned to us before. Thanks.

Comments

  • princeofpounds
    princeofpounds Posts: 10,396 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Anti-money laundering regulations are really rather strict these days.

    Subjects of such investigations are not legally allowed to know in advance that they are coming.

    Cash buyers are always at a greater risk of being selected due to the large sums involved.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    Exchange is not dependent on the money being immediately available, so I don't see why there should be any hold up at all. Completion is what might be delayed, but that takes place at a date to be agreed.
  • jayencee
    jayencee Posts: 133 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Exchange is dependant on the deposit being available, which it isn't yet due to money laundering, at exchange the date for completion is fixed and if the buyers don't know when the money will be available, they can't commit to a date
This discussion has been closed.
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