Selling BTL solicitor wants my bank statements

AskAsk

BB. said:

Thanks AskAsk. That makes more sense. Happy to provide printouts but didn’t think they would accept that. Will ask.

thanks all. 

I find that solicitors are being used as the police now to catch criminals.  The ones I have instructed have been quite upfront and have stated clearly that they are looking for illegal and fraudulent activities and will be obligated to report such to the appropriate authorities.

I am helping my friend sell his flat at the moment and his solicitor wanted 12 months of bank statements to verify the bank account that he wants the sale proceeds to be paid into.

They will accept transaction print outs.  They are more concerned about the transactions, so as long as it looks like it is from your bank account, it should be fine.

Solicitors are trained to pick up on illegal activities and that was why she asked you if you were receiving instructions when you were continually referring to your phone to ask questions about the LPE1, which I found that comment quite funny, lol.  It is to prevent a possible scenario where criminal gangs use someone else to buy and sell properties for them so that it doesn't lead back to them.  A stooge.

BB.

I would rather they were upfront about it at the start so I could have requested my statements in preparation without causing delays to crucial dates. 

The fact I got married over 2 years ago but have my property, passport and bank account in maiden name might have arose suspicions too. She pointed out the bank account name is miss rather than mrs. I didn’t think to change it?
She also said she cannot return my correspondence which I gave her to help progress the sale asap, with the solicitor from the time I was buying it all the years ago, because the property will no longer belong to me. This as well as all the invoices from the managing agent for insurance and other work on the flat. Only after i left the office I realise I will need these back at least the last 5 years for tax return purposes and any potential checks. 

All of this is very unexpected and bizarre to certain extent.

user1977

BB. said:

She also said she cannot return my correspondence which I gave her to help progress the sale asap, with the solicitor from the time I was buying it all year ago, because the property will no longer belong to me. This as well as all the invoices from the managing agent for insurance and other work on the flat. Only after i left the office I realise I will need these back at least the last 5 years for tax return purposes and any potential checks.

That's a load of nonsense - the paperwork doesn't "belong" to the flat and I'm pretty sure you won't have sold it as part of the contract! Besides, either party can use copies for tax etc purposes.

BB.

thanks User1977

Except I gave her originals. I’m pretty sure she has said she would return it…

Hoenir

BB. said:

The fact I got married over 2 years ago but have my property, passport and bank account in maiden name might have arose suspicions too. She pointed out the bank account name is miss rather than mrs. I didn’t think to change it?

Solicitors have a regulatory duty to satisfy themselves fully befoe proceeding. If you've been inefficient in your adminstration then you can hardly complain when you are in a rush and it causes delays. Likewise agitated people tend to draw suspicions on themselves. 

AskAsk

BB. said:

I would rather they were upfront about it at the start so I could have requested my statements in preparation without causing delays to crucial dates. 

The fact I got married over 2 years ago but have my property, passport and bank account in maiden name might have arose suspicions too. She pointed out the bank account name is miss rather than mrs. I didn’t think to change it?
She also said she cannot return my correspondence which I gave her to help progress the sale asap, with the solicitor from the time I was buying it all year ago, because the property will no longer belong to me. This as well as all the invoices from the managing agent for insurance and other work on the flat. Only after i left the office I realise I will need these back at least the last 5 years for tax return purposes and any potential checks. 

All of this is very unexpected and bizarre to certain extent.

In a way, they are not meant to tell you that they are checking for fraud as they are not supposed to let on what they are investigating as that will alert criminals to hide their activities.  If they report you, they won't tell you either as again that is confidential information and the criminal should not be informed that he has been found out.

A lot of the solicitors will just say that it is for compliance and due dilligence but they won't spell out that they are checking if you are a fraud and that they will report you if they think you are a fraud.

It sounds like you have raised her suspicions, hence the complication.  The fact that she has asked to see your passport twice, even asked you to attend a face to face meeting.

Names not matching, rents received in cash, selling only after a year of ownership, does sound like red flags.  And you continually referring to your phone during the meeting.  Then you were probably feeling nervous and behaving like you have something to hide because you were confused as to why the questions.

Just provide what she needs and answer her questions and if you are legit then you will be fine.  It may delay the sale until she is fully satisfied that you are legit.

BB.

Sorry there was a mistake above. I have had this property for over a decade. Was meant to say “all the years ago”. The passport on the second occasion was required to make sure the signatures match. Two meetings were in person to sign documents which sped the process up. This was one of the reasons I decided to go with them. She didn’t ask me if I received any rents in cash. 

AskAsk

BB. said:

Sorry there was a mistake above. I have had this property for over a decade. Was meant to say “all the years ago”. The passport on the second occasion was required to make sure the signatures match. Two meetings were in person to sign documents which sped the process up. This was one of the reasons I decided to go with them. She didn’t ask me if I received any rents in cash. 

Then it sounds like you will be fine.  So don't fret and just get the bank to print out all the transactions to date and pass that on to your solicitor.

BB.

Hoenir said:

BB. said:

The fact I got married over 2 years ago but have my property, passport and bank account in maiden name might have arose suspicions too. She pointed out the bank account name is miss rather than mrs. I didn’t think to change it?

Solicitors have a regulatory duty to satisfy themselves fully befoe proceeding. If you've been inefficient in your adminstration then you can hardly complain when you are in a rush and it causes delays. Likewise agitated people tend to draw suspicions on themselves. 

The law doesn’t require the bank details to be changed after getting married if you are still using the name, as far as I know. 

Hoenir

BB. said:

Hoenir said:

BB. said:

The fact I got married over 2 years ago but have my property, passport and bank account in maiden name might have arose suspicions too. She pointed out the bank account name is miss rather than mrs. I didn’t think to change it?

Solicitors have a regulatory duty to satisfy themselves fully befoe proceeding. If you've been inefficient in your adminstration then you can hardly complain when you are in a rush and it causes delays. Likewise agitated people tend to draw suspicions on themselves. 

The law doesn’t require the bank details to be changed after getting married if you are still using the name, as far as I know. 

The law makes the solicitor accountable for their actions. People who wish to commit fraud go to great lengths in their attempt to deceive. Cutting corners isn't an option.