private house sale

scrappy2000

I have recently put my house on facebook to sell it. I was on the market with an online agent but decided to sell it myself.....does anyone know the process i have to go through with regard to money laundering rules?....as i am selling my own house, does that mean i am acting as my own agent and therefore have to conform with the same regulations as an estate agent?....can anyone help me out please as this was the advice i was given by a high street agent in Norwich earlier this week. Thanks in advance...

Slithery

It's not the EA that checks this, it's the solicitors.

As you will still be using a solicitor then they will have to do the checks.

G_M

Slithery wrote: »

It's not the EA that checks this, it's the solicitors.

As you will still be using a solicitor then they will have to do the checks.

You cannot assume the OP will be using a solicitor.

DIY marketing. DIY conveyancing.

No, you are not bound by estate agent's obligations.

Similarly,

Under the Proceeds of Crime Act 2002 solicitors, along with other professionals, are under a legal obligation to take reasonable steps to ensure that their firms client accounts are not used by criminals for the purpose of laundering money earned through illegal activities.

http://www.hip-consultant.co.uk/blog/money-laundering-requirements-in-conveyancing-transactions-123/

edit: actually having briefly looked at the Act itself, I'm not sure a DIY conveyancer would not also have an obligation to undertake money-laundering checks.

The Act refers sometimes to 'deposit-taking bodies' and sometimes to 'persons'. A DIY conveyancer would be a 'person'.

teddysmum

It was over 20 years ago, but my sister and I advertised our late father's home (poster in window) and did not use a solicitor. I drafted the documents, with the help of a library book and the buyers' solicitor just asked me to make a few minor amendments, which were just for clarity. We didn't have to do anything else.

G_M

teddysmum wrote: »

It was over 20 years ago, but my sister and I .....

Yes but the Proceeds of Crime Act 2002 came into forcemore recently than that.

You see, 2018, minus 20 years, takes us back to errrr... well... let's see....

Tom99

[FONT=Verdana, sans-serif]If the OP did their own conveyancing I doubt their buyers solicitor would allow them to hold the 10% deposit, like their own solicitor would.[/FONT]
[FONT=Verdana, sans-serif]When I did this I had to agree to the buyer's solicitor holding the deposit but on my behalf.[/FONT]

G_M

Tom99 wrote: »

[FONT=Verdana, sans-serif]If the OP did their own conveyancing I doubt their buyers solicitor would allow them to hold the 10% deposit, like their own solicitor would.[/FONT]
[FONT=Verdana, sans-serif]When I did this I had to agree to the buyer's solicitor holding the deposit but on my behalf.[/FONT]

Simultaneous Exchange and Completion?

I've done that on a sale.