Conveyancing in Scotland?

dennishopper

Currently in the process of buying a small property (£45k) in Scotland. First time and cash buyer, having been living over seas travelling on and off the past few years and not really earning in the U.K. other than a little ebay selling and some travel services this year. The solicitor who is taking care of conveyancing is asking for extensive info re. source of funds. Visited an accountant today who said in terms of tax everything is fine, way below thresholds, I should maybe self declare this year but there wouldn’t be a rap if HMRC investigate because of the amounts going through my acc, and nothing there is no anti money laundering flags as cash has never really been paid in etc
In fact the vast majority of the savings come from a number of years ago when I did work in the U.K. Im wondering what should normally satisfy the solicitor (his first year), and what is the outcome if he is unhappy with my source of funds. Currently as I type printing back dates savings accounts from many years ago, having moved my money extensively for interest rates but everything is very much there if required. Just concerned with what they would require re. tax / HMRC and what is the outcome if they are unhappy with my source of funds, which would be baffling if so (£-£50k approx saved over many years) beyond the fact I have not really earned much in the U.K. or paid tax over the past 4 years.

davidmcn

The worst outcome would be that they decline to act for you and you'd need to find a different solicitor. Not much point in worrying about it until you reach that point.

dennishopper

Thanks! I didn’t understand if their was any synergy between conveyancing and HMRC. I can provide everything they need and more re. moving of savings etc. It’s extensive however and they are so slow to request X, Y & Z, worried and wondering what happens if we get to completion date with them still requesting info. Also how far back is it normal to ask for proof of statements?

Thrugelmir

From a legal prospective........

"Scrutinise transactions undertaken throughout the course of the relationship (including, where necessary, the source of funds) to ensure that the transactions are consistent with the relevant person's knowledge of the customer, the customer's business and risk profile."

davidmcn

dennishopper wrote: »

I didn’t understand if their was any synergy between conveyancing and HMRC.

The money-laundering checks are just to verify that it's really your money, the solicitors don't care whether you've paid your taxes (though obviously there might be a correlation between "suspicious source of funds" and "not paying your tax").

what happens if we get to completion date with them still requesting info

They'll also be aware of the deadlines so shouldn't unnecessarily drag things out.

Also how far back is it normal to ask for proof of statements?

It can vary, but three months would be typical.