Why Does My Conveyancer Need to Ask About My Money?
You have found the house, agreed the price, and instructed a solicitor. Then come the questions. Where did the deposit come from? Why is there twenty thousand pounds in your account that was not there three months ago? Who is the person who transferred you money in January? Here is why your conveyancer has to ask, what they are actually looking for, and how to make the process painless. The short answer. Your conveyancer is not being nosy, and they are not making a judgement about you. They are complying with a legal duty that applies to every conveyancer in England and Wales, whether you are buying a studio flat for one hundred and fifty thousand pounds or a country house for five million. Property is one of the most effective ways to convert criminal money into an asset that looks entirely legitimate. Successive government assessments have identified the property market as a significant route for laundering the proceeds of crime, and the professionals who handle property transa...
