Invasive "buyers survey" from Solicitors

mp3duck

I am currently purchasing my first home with my Mother (BTL initially).
I'm a FTB, but my Mother has owned her own home for 40+ years.

We've been asked to complete a fairly long "Buyers Survey" by our solicitors (who wasn't going to be our first choice, but we had to choose one from a "Panel"). It's seems very invasive, asking as to say where all the deposit money is coming from, and providing bank statements etc. It's all from my Mother savings, and the sale of her business a few years back, so nothing untoward. It's not like the Solicitors are lending us the money..

Are "Buyers Surveys" perfectly normal, along with the invasive questions they contain? My Mother never had to do this when she purchased her existing home (30+ years ago), and also not when she bought her other BTL property (although, the deposit for that was funded from a re-mortgage on her existing property).

Is it all just for anti money laundering purposes, and simply a case that they needed to "ask the question" in case issues arise further down the line with regards to the source of the money?

Thanks in advanced,
Danny

cloo

I have heard of these; we didn't get one for the place we're about to move into, but when my sister bought about 4 years back they were asked for bank statements, providence of deposit etc, so they do happen.

Hoploz

Yes it is normal these days? Is there a mortgage? Lenders want to know millions of details to assess their risk so could the survey have come from the lender?

mp3duck

Hoploz wrote: »

Yes it is normal these days

And for the reasons I stated ? i.e. anti money laundering

Pixie5740

Yes, solicitors need to satisfy themselves that the money isn't from ill-gotten gains to comply with anti money laundering regulations.

Gordon_Hose

All for anti-money laundering.

mp3duck

Thanks, as I thought..
Nothing to worry about then

audigex

They may also be combining their affordability checks at the same time, if they're asking for proof of salary etc. But yeah it's mostly for anti-money laundering purposes: nobody is allowed to accept large chunks of cash anymore without checking where it's from

It still seems like nonsense, as surely you get £20k from the sale of your business, then buy 3 houses using 3x£20k deposits, telling each that it was from the sale of the business, then using £40k of money you made from selling drugs to politicians or something

mp3duck

audigex wrote: »

They may also be combining their affordability checks at the same time, if they're asking for proof of salary etc. But yeah it's mostly for anti-money laundering purposes: nobody is allowed to accept large chunks of cash anymore without checking where it's from

It still seems like nonsense, as surely you get £20k from the sale of your business, then buy 3 houses using 3x£20k deposits, telling each that it was from the sale of the business, then using £40k of money you made from selling drugs to politicians or something

haha, true, but I guess it covers their backs as they did their "checks"..

Regarding affordability: Why would the solicitors care/check this? The Mortgage has been approved subject to survey, and we provided all relevant documents to our mortgage adviser. Anyway, all formality I'm sure.. Just new to the process..

audigex

Ah sorry, I got my wires crossed somewhere there: No, it won't be for affordability then at this stage, just anti money laundering.

Annie1960

I had to provide this type of information, and I've just bought without a mortgage. Therefore, it's nothing to do with the mortgage, it anti money-laundering checks.