Solicitor completion fee payment

Michele1107 · 17 January 2019 at 4:57PM

Hi, please could someone explain simply my problem.

Bank scammed (a different prob) of which was monies for my completion. I was upfront with solicitor as exchange/completion is taking its time (council) I wanted to have a ball park figure of what I would need to pay, so that if my funds didn't come back in time I could borrow money to pay solicitor. They have advised that they will need to do checks on the monies If I have to borrow. I understand about money laundering for paying for house but why do they need to check where money coming from to pay their bill?? The money would be paid direct from my bank, so why does it matter where the money comes from to pay them?? I must be very naive?

RedFraggle · 17 January 2019 at 9:24PM

Sorry but your question isn't clear

eddddy · 17 January 2019 at 9:33PM

Michele1107 wrote: »

...so that if my funds didn't come back in time I could borrow money to pay solicitor.

Are you sure you will get the money back? If you've been scammed, rather than the bank being scammed, you might not. (e.g. If you were tricked by a scammer into transferring money from your bank account to somebody else's bank account.)

Michele1107 wrote: »

They have advised that they will need to do checks on the monies If I have to borrow. I understand about money laundering for paying for house but why do they need to check where money coming from to pay their bill?? The money would be paid direct from my bank, so why does it matter where the money comes from to pay them?? I must be very naive?

I guess that they want to check that the money really comes from a bank loan.

i.e. It isn't money that you've stolen from somewhere, or money you've received without paying any relevant taxes etc.

Thrugelmir · 17 January 2019 at 9:52PM

Not clear as to how much you'll need to borrow to bridge the gap.

davidmcn · 18 January 2019 at 10:13AM

Michele1107 wrote: »

I understand about money laundering for paying for house but why do they need to check where money coming from to pay their bill?? The money would be paid direct from my bank, so why does it matter where the money comes from to pay them?? I must be very naive?

Some firms want to check all funds coming into them, whether it's paying their bill or not - helps to avoid the risk of unchecked funds being used for other purposes.

Is there actually a problem with doing what they're asking? If you're borrowing from a bank then this should be very easy to comply with.

Sibz · 18 January 2019 at 11:00PM

There are relatively new money laundering checks now that are considerably more stringent than previous ones. They will simply be abiding by these, it's standard practice now.

martindow · 19 January 2019 at 12:02PM

Have you lost this money completely or is there a dispute with the bank as you think they are responsible? If there is a chance that you will get some money back I would tell the solicitor that you will pay later rather then taking out a loan.

G_M · 19 January 2019 at 12:20PM

RedFraggle wrote: »

Sorry but your question isn't clear

There are 3 clear questions:

why do they need to check where money coming from to pay their bill?? The money would be paid direct from my bank, so why does it matter where the money comes from to pay them?? I must be very naive?

1)Because the law requires them to do money laundering checks, but the law does not specify how, so they err on the side of caution and check everything.
2) because then they can demonstrate they gave doe checks.
3) no comment.

PLEASE READ BEFORE POSTING

Solicitor completion fee payment

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free