Cash purchase - Paying solicitor

G_M

They don't care where the cash comes from so long as it is not drugs/people-trafficing money etc.

Just as they'll want some background on the source of your own cash, they'll want the same rom your relative.

Credit-Crunched wrote: »

I think you will care where the money comes from, AML is a practising solicitors primary concern in a cash purchase.

The SRA are really stressing to all that this is a major area of concern.

I know first hand that the some solicitors have requested 3 years bank statements showing excess income to build up the cash reserves.

Perhaps I was unclear. They won't care whether the money comes from the buyer or a relative (or indeed a lending bank!). They will care where it came from before that hence my second paragraph about background checks.

So, no - the buyer does not need to transfer it to the solicitor via his own account, but yes, he (and his friend) must be prepared to answer Qs about its source.

jonathanrolande

It needs to go through the actual buyer who must then show where the funds have come from and potentially the solicitor will check the family member out for Money Laundering Compliance.

Tixy

Thanks for the advice guys.

Her family have no issues in explaining/proving the original source of the funds or any ML identity checks.

They were just hoping to move the money straight to the solicitor's client account, to save an extra day or 2. It was an auction purchase so timing is tight.
But the solicitor seems to be insisting funds need to go through the purchaser's own bank account, so I guess they'll just have to go along with it.

G_M

Tixy wrote: »

...
But the solicitor seems to be insisting funds need to go through the purchaser's own bank account, so I guess they'll just have to go along with it.

I would never follow the advice of a solicitor, especially one you have instructed yourself, where that advice is contrary to the opinions experessed by the good people here......

LateStarter

G_M wrote: »

I would never follow the advice of a solicitor, especially one you have instructed yourself, where that advice is contrary to the opinions experessed by the good people here......

Now you've do it - my Sarcasm Detector overloaded and I've got to buy a new one.

PasturesNew

When I paid cash I must have sounded/looked reasonable as I was just asked "where's it from?" and I said "house sale a few years ago" and they never checked.

I transferred the money in a few chunks from a couple of my accounts where I'd split the money up into.

silvercar

I've just bought through a business, supplied certified accounts and a recent bank statement and that was it. In fact, money has been going in and out of that account like the hokey cokey, all legit but nevertheless, no one asked for any more info.