Evidence of Savings ? A Guide for Home Buyers
Somewhere near the start of your purchase, your conveyancer will ask you where your money has come from. Many buyers find the question intrusive. Some find it insulting. You have been saving for years, the money is sitting in a perfectly ordinary account at a perfectly ordinary bank, and now a solicitor you have never met wants to see your statements. It is worth understanding why we ask, because the buyers who understand it are the buyers whose purchases complete on time. Why we have to ask Conveyancers are required by law to understand where the money funding a property purchase has come from. This is part of the anti money laundering regime, and it applies to every firm and every buyer. It is not a judgement about you. Property is the way large sums of criminal money are most commonly turned into something respectable. Because of that, conveyancing is treated as a high risk area, and the regulator inspects firms specifically on how well they carry out these checks. When it last ...
