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House sale fallen through due to AML concerns - was it avoidable?
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Your lender will have conducted AML checks as they will do with any product be it Mortgages, Savings, Current Accounts etcMaryNB said:
My lender didn't carry out any AML checks before issuing my offer. I asked if I needed to send them a gifted deposit letter and they said no. It was all done by my conveyancer (obviously also acting for my lender) after I had received my offer.SmoggyGoose said:
To me it might suggest they started the mortgage application process fairly late? AML concerns could range from not being able to verify the borrower's identity, address through to being comfortable with the source of funds used for the deposit.mshine said:
I don't truly know because my solicitors couldn't get any further information from theirs nor could I from the estate agents... but they did mention it was from the bank they're borrowing from.SmoggyGoose said:AML concerns from who? The lender the prospective buyer applied through?0 -
What I was implying was that an AML fail late in the game isn't necessarily because of a late mortgage application. My lender didn't ask for any proof of funds before sending me my offer. The checks were done by my conveyancer after I had already received my offer. My conveyancer was acting for my lender and I wouldn't have actually received the funds if I failed the check, but a lack of checks didn't stop my lender from sending me my offer.SmoggyGoose said:
Your lender will have conducted AML checks as they will do with any product be it Mortgages, Savings, Current Accounts etcMaryNB said:
My lender didn't carry out any AML checks before issuing my offer. I asked if I needed to send them a gifted deposit letter and they said no. It was all done by my conveyancer (obviously also acting for my lender) after I had received my offer.SmoggyGoose said:
To me it might suggest they started the mortgage application process fairly late? AML concerns could range from not being able to verify the borrower's identity, address through to being comfortable with the source of funds used for the deposit.mshine said:
I don't truly know because my solicitors couldn't get any further information from theirs nor could I from the estate agents... but they did mention it was from the bank they're borrowing from.SmoggyGoose said:AML concerns from who? The lender the prospective buyer applied through?0
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