Cash buyer and money laundering regulations

ianglass

Hi all

I am really hoping someone could kindly provide me with some advice regarding how money laundering regs effect cash buyers

I accepted an offer on my house almost 8 weeks ago from a supposedly cash buyer. As it turns out they thought they were cash buyers as they were selling their house to their daughter who recently inherited 200k and thought she could simply transfer the funds into their account and proceed with our purchase.

Their solicitor has advised them that it is not so simple due to money laundering regs and they first must complete the sale with their daughter before the funds can be released??

The issue I now have is shortly after we had an offer accepted on us purchasing our dream home, however the sellers have now lost patience and given us a deadline...

To be honest the whole thing stinks to me and I am of the opinion the have been stalling us for almost 2 months so they don't need to pay an additional 3% LBTT if they buy our house without selling theirs first even though it can be claimed back!!

We are really at a loss on what to do to keep the purchase of our new home alive and would greatly appreciate any advise you may have.

anselld

So what is stopping them completing the sale to the daughter at the same time as purchasing yours?

kinger101

How long will the sale of the property to the daughter take? Find out. All that's happened in you've ended up in a chain where you didn't think there was one.

Find out where you are, and give your vendors an update. Explain that you're still interested in buying their property, and feel this will be quicker for them than re-marketing.

ianglass

They say that they can't complete on the same day (7th June) as they can't garentee the sale of their house will be complete with their daughter and it could be as far away as July??

Apparently they are still waiting on some sort of ant-laundering identity checks being done on their daughter which could take weeks...

I don't understand how the bank can not just verify the funds are legit and transfer the money to their account. They can then complete the sale of their house afterwards??

davidmcn

ianglass wrote: »

Apparently they are still waiting on some sort of anti-laundering identity checks being done on their daughter which could take weeks...?

Is this information coming via your solicitor? Do they think it sounds plausible? ID checks can be done in seconds, I can't think why it would take weeks.

ianglass

My thoughts exactly..

883tatty

Sorry to crash your post. I'm a newbie and want ask question on money laundering new rules too, but not mortgage related. How do I ask a question on here??

Basically, tried to pay in money to partners savings book. It was only £60. Was told by counter staff that this was money laundering, BUT as my account is with them too, I should pay money into mine and they transferred it.
I immediately thought that their actions were more of a suspicious nature. Anyone else think they've gone too far?? Can anyone educate me into what I was doing wrong?

HampshireH

Create a new thread

883tatty

Thanks for speedy answer but how is the question.

kinger101

ianglass wrote: »

My thoughts exactly..

Tell them you need them to place all their cards face up on the table or it will be remarketed. I suspect the estate from which the daughter is purchasing the money has not yet been distributed. A real cash sale could be completed in days. Probate on the other hand can drag on for months or years.

I'd also ask your estate agent what proof of funds they saw (it sounds like none).

agrinnall

883tatty wrote: »

Thanks for speedy answer but how is the question.

The correct answer is for you to learn how to use the forum before starting to post.


However, the quick answer is for you to click on the link below so that you can start a new thread in the appropriate board.


https://forums.moneysavingexpert.com/newthread.php?do=newthread&f=20