Invasive "buyers survey" from Solicitors

davidmcn

audigex wrote: »

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

If they're doing their job properly, they'll be checking the paper trail for the money coming into their account - you wouldn't be able to use the "clean" £20k more than once.

d70cw6

if you want to experience extreme "anti money laundering" checks, try to withdraw winnings from an online bookie as a new customer. Those !!!!!!s wont pay out easily!

Flugelhorn

solicitor asked me about the source of money when buying a property about 8 years. She seemed happy enough when I told her it was drug dealing and gun running .....

theGrinch

unfortunately, all very normal these days as the man behind the man wants to know everything about you

teddysmum

Checks were being discussed at my hairdresser's , yesterday and she said that, for her recent mortgage, they asked even more questions than for her previous one, including how much she spent on hairdressing for herself, how often she dined out (including the type of establishment) and how often she went on holiday.

sniggings

mp3duck wrote: »

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

How does the solicitor know it's not "nothing untoward" unless they ask and you tell them?

mp3duck

sniggings wrote: »

How does the solicitor know it's not "nothing untoward" unless they ask and you tell them?

Not really the point/question.. Was more the reasons for asking in the first place..

sniggings

mp3duck wrote: »

Not really the point/question.. Was more the reasons for asking in the first place..

it clearly was the question, you asking if asking was to prove it's not untoward :rotfl:

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?

silvercar

audigex wrote: »

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

Exactly. Buy 2 properties and use a different solicitor for each, neither will be any the wiser that the proof of funds you showed is being used for the other property.

davidmcn

silvercar wrote: »

Exactly. Buy 2 properties and use a different solicitor for each, neither will be any the wiser that the proof of funds you showed is being used for the other property.

No, as above, they'll ask you for evidence that the money transferred to them actually came from that source - it's not enough just to wave a bank balance at them.