AML checks when DIY conveyancing

masca

Hi. Does anyone know of any third party anti money laundering check options that a private individual can use when DIY conveyancing? I've had a google, but not found anything, and hoping ideally for a personal recommendation. I know that I could pay a solicitor to do all the conveyancing, but that hasn't been budgeted for and time is very stort (normal solicitor can't fit us in and we have DIY'd in the past). This is on a purchase only. It seems crazy that a solicitor isn't deemed mandatory on a house purchase/sale, but DIY conveyancing doesn't actually seem to be possible anymore due to AML regulations! TIA!

DullGreyGuy

Who's requesting that AML is conducted?

On whom are you wanting the checks to be done on? You or the vendor?

masca

DullGreyGuy said:

Who's requesting that AML is conducted?

On whom are you wanting the checks to be done on? You or the vendor?

Thanks for your reply. The auctioneer, and it's my own AML that's required. I've been informed that the vendor's solicitor won't accept payment of funds without an AML check having been carried out.  I'm waiting for the vendor's solicitor to confirm the same directly.

DullGreyGuy

I'd speak to their solicitors, I would have thought in the absence of a solicitor acting for you that they would want to do their own AML on you rather than you choose and pay for an AML check on yourself where clearly there would be a conflict of interests. 

masca

For the benefit of anyone else who finds themselves in a similar position, the vendor's solicitor has just confirmed that we will need to instruct a solicitor in order to comply with money laundering and identity checks. 😠. Why, then, is it not commonly acknowledged, including on Gov websites, that a solicitor is not recommended, but REQUIRED, when purchasing a property?

Olinda99

is the solicitor required to do the whole purchase or just to do aml checks on you and notify the vendor's solicitor of the outcome ?

masca

Olinda99 said:

is the solicitor required to do the whole purchase or just to do aml checks on you and notify the vendor's solicitor of the outcome ?

At the moment, I've been unable to find anyone who will do anything less than the whole purchase, which is especially annoying since we've already exchanged and paid the deposit!

Olinda99

Oh if you have exchanged and paid the deposit and they refuse to complete then I am guessing the normal penalties apply for your financial losses !

Including paying for your solicitor's costs !

The time for them to start requiring checks etc (AML or otherwise) is before exchange

masca

The time for them to start requiring checks etc (AML or otherwise) is before exchange

Not with an auction purchase it would seem, and hence my issue...

TBG01

masca said:

For the benefit of anyone else who finds themselves in a similar position, the vendor's solicitor has just confirmed that we will need to instruct a solicitor in order to comply with money laundering and identity checks. 😠. Why, then, is it not commonly acknowledged, including on Gov websites, that a solicitor is not recommended, but REQUIRED, when purchasing a property?

Please link to the Gov websites, and other websites where its recommended to do DIY conveyancing.

masca

TBG01 said:

masca said:

For the benefit of anyone else who finds themselves in a similar position, the vendor's solicitor has just confirmed that we will need to instruct a solicitor in order to comply with money laundering and identity checks. 😠. Why, then, is it not commonly acknowledged, including on Gov websites, that a solicitor is not recommended, but REQUIRED, when purchasing a property?

Please link to the Gov websites, and other websites where its recommended to do DIY conveyancing.

I didn't say that DIY conveyancing was recommended. I said that instructing a solicitor is recommended, when in actuality it seems to be a necessity.