what info do solicitors need

MarcoM

Hello,

Hopefully we will have a cash offer accepted on a property we like and will be instructing a solicitor.

Could you tell me what did your solicitors require from yku on instruction? was there anything other than ID?
Thanks

davidmcn

They'll need evidence of the source of your funds, once you get to the stage of transferring money to them.

ashe

ID Documents
Complete a questionnaire about the property you are buying
Details of your source of funding
Bank statements showing where the funding is held and for the accounts that money was transferred from
Rest is all mortgage based I believe

MarcoM

i guess it must be the usual obsession with money laundering.

i have moved isas several times over the years, in and out of shares etc.
Do i need to provide evidence of transfers from years back?
Doesn' it get a bit silly?

I would not mind this infringment of my civil liberties if it helped reduce money laundering but it clearly isn't.

ashe

Having worked in a bank before, it definitely does, and you'd be surprised how many people get reported for clear money laundering. No one is really infringing on your civil liberties, are they?

MarcoM

ashe wrote: »

Having worked in a bank before, it definitely does, and you'd be surprised how many people get reported for clear money laundering. No one is really infringing on your civil liberties, are they?

it is when i am being asked what i am doing with my money.
these checks are based on the presumption of guilty till proven innocent, which is wrong.

people may be reported for ml but does it make a difference?
why are there so many dubious oligarchs funding projects in london for example.

Thrugelmir

MarcoM wrote: »

i have moved isas several times over the years, in and out of shares etc.

Then providing whatever is required shouldn't be an issue. As there's a readily auditable trail. Problems only arise when there isn't the evidence to substantiate transactions.

davidmcn

MarcoM wrote: »

i have moved isas several times over the years, in and out of shares etc.
Do i need to provide evidence of transfers from years back?
.

No, probably only for the last few months. If you want to know exactly what they need, ask them - there aren't standard requirements.

ashe

MarcoM wrote: »

it is when i am being asked what i am doing with my money.
these checks are based on the presumption of guilty till proven innocent, which is wrong.

people may be reported for ml but does it make a difference?
why are there so many dubious oligarchs funding projects in london for example.

Yes you’re right, totally. What we should do is immediately stop all these checks and just let fraud run riot. I wonder why no one has thought of this quality idea before!

MarcoM

ashe wrote: »

Yes you’re right, totally. What we should do is immediately stop all these checks and just let fraud run riot. I wonder why no one has thought of this quality idea before!

I have an even better idea, lets turn the country into a police state. it may even be that jobsworths like you could then have a purpose.

noh

davidmcn wrote: »

No, probably only for the last few months. If you want to know exactly what they need, ask them - there aren't standard requirements.

As you say there are no standard requirements.
When we moved in October 2016 we were asked the source of the funds for the purchase, which were sale of existing property plus savings. We were not subsequently asked to provide any statements at all.