Paying for a house?

Adly812

Question, when buying or selling a house. Do you have to pay or be paid into the bank account of the owners name. Or can I pay for a house using a bank account in someone else's name, or visa versa be paid for the house in another persons bank account?

Victor_the_Gink

It all goes to the respective solicitors. Unless you are the 1% of people who are genuinely doing it themselves, which given the basic nature of your question I would hope you aren't!

ognum

Smb3088 wrote: »

Question, when buying or selling a house. Do you have to pay or be paid into the bank account of the owners name. Or can I pay for a house using a bank account in someone else's name, or visa versa be paid for the house in another persons bank account?

I am not sure I fully understand your question but will attempt to answer what I think you are asking!

If you use funds from another persons account as part or full payment for a house then they will be subject to identification and money laundering checks in the same way as you would be.

Money's will be paid into the solicitors client account and from there will forwarded to the vendors solicitor.

If you are selling I guess you can ask for funds to be deposited into any account as long as you have given written notice of this to your solicitor.

Adly812

Thanks ognum, you answered that well and clear. If the solicitor carries out my ID checks etc can then I pay for the property, but note well ; it's not in my name? Just from my bank account, but in someone else's name?

Hoploz

Are you saying your own bank account is not in your name??
Or is it someone else's account with your money in??

The solicitor needs to be satisfied that the money is actually yours.

G_M

I think the OP is paying, but it is someone else (perhaps the pimp or people trafficker?) who is buying, and will own, the property......

Or vice versa.

Adly812

I'll get the solicitor to do the checks on ID etc, thanks for your info and help everyone

davidmcn

Smb3088 wrote: »

Thanks ognum, you answered that well and clear. If the solicitor carries out my ID checks etc can then I pay for the property, but note well ; it's not in my name? Just from my bank account, but in someone else's name?

The solicitor will need to check the ID of both (a) their client i.e. the person who is buying the property, and (b) the person who is providing the money i.e. their client's very generous/gullible friend.