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Timescale for aml checks?
Me & my husband are in the process of buying our first house. We are being gifted the money by my mil so we have had to give all the relevant paperwork in. We are now at the point where we can't do anymore as everything from our end has been handed in & searches can't start because the vendors solicitor hasn't passed on paperwork yet! Anyway I just wanted to get some info as I've no idea on timescales & my solicitor are good at giving me info without giving me info! How long will the anti money laundering checks take & will/should I be informed that this is all OK? & how long should searches take? Sorry but I just want it to go smoothly so any info from someone in the know would be great. My mil doesn't want to transfer any of her savings into her account until we've had the green light incase it flags something up lol so any kind of timescale would be great. Tia
Comments
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If you've given them everything they need, then it takes as long as it takes for your solicitor to look at it all, nod and say "that's fine". Searches will depend on the current timescales for the relevant council.
Not sure what you mean by "incase it flags something up lol" - she'll need to make the transfer at some point (and probably then pass on the paper trail for the transfers until the funds hit whatever account is making the transfer to the solicitors).0 -
Unless there's a significant problem the moneylaunder checks will really not be on the critical path.The searches might be, depending on the local authority.But there are so many other things involved that all one can say is that Exchange of Contracts could be 3 weeks away, 3 months away, or more.Be patient.And get yourself a book on housebuying to explain the process. eg
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