Buying a property outright [money laundering checks]

t.sies

Hello, :j

Back in 2012, my brother bought house with cash and was required to provide 3 years bank statements to satisfy money laundering checks. He used his savings to buy a house. My situation is different, I'm planning to use money which I've received from stock sale.

so to my question... What documentation will be needed from me to satisfy money laundering checks? Is proof of stock sale enough?

Thanks

Old_Git

t.sies wrote: »

Hello, :j

Back in 2012, my brother bought house with cash and was required to provide 3 years bank statements to satisfy money laundering checks. He used his savings to buy a house. My situation is different, I'm planning to use money which I've received from stock sale.

so to my question... What documentation will be needed from me to satisfy money laundering checks? Is proof of stock sale enough?

Thanks

proof of stock sale and a bank statement with you name and address and some photo ID should be fine .
When I bought last year the solicitor didnt ask where he money came from ,I just told him it was from the sale of a probate house .He hadnt dealt with the sale so wouldnt have known.
Santander asked where the money had come from when I tried to move it out .

t.sies

Hey guys.

I've just received an email from my estate agent and he's requesting source of funds proof. Do I have to provide source of funds proofs if I already done this with my solicitor? I'm quite private person and I'd like to avoid sharing my financials with real estate agents.

By the way, I have provided my identification documents and proof that I have enough money to buy this house right now to the agency.

duchy

I'd refer them to your solicitor who can inform them he has seen the documentation.

rosie383

As above. The EA has no right to see the documentation. If your solicitor has cleared it that should be enough I think.
We stupidly provided our EA with all the documentation they asked for. Didn't even think about it until I started to read posts on these threads. Now I'm cross with myself as I know they have given me quite a lot if confidential info re viewers of our property which is absolutely none of my business and I wonder what they have been saying about us!
And when we were offering on a property a price which we felt was fair, we got sarcastic comments about why the price shouldn't matter that much within a few grand, as we didn't need a mortgage.
Consequently we have tried to avoid viewing any property that they have on the market.

stator

Rosie write to them and ask them to destroy any copies they still retain

rosie383

Good advice stator. I will do that. We are still on the market with them only because they are still bringing us viewers and we really want to sell.So I don't want to rub them up the wrong way at the minute. Do you think I should do it now anyway?

stator

Yes, all they can do is say no and provide a justification. The staff in the branch who do viewings etc won't care.