Source of Funds - Why Are Conveyancers Obsessed With It!

Why do they want so much much detail and evidence regarding the origin of the monies you invest in your purchase property?

Why do they have to be so intrusive?

Pay slips, P60s, Bank & Savings Statements. All are fair game for their requests.

Evidence of your inheritance, lottery win or property sale demanded.

These are incredibly sensitive, confidential documents!

THE REASON:

The Government has put Conveyancers on the frontline in combatting Property Fraud, Money Laundering and ID Theft!

Regulations require Conveyancers to do this on THREAT of being struck off and even PRISON time.

So along with everything else that we have to do - another time-consuming hurdle is added. One that we don’t want!

We are NOT financial experts. We are not FCA regulated. It is not our area of expertise.

Yes, it is incredibly intrusive.

No, we don’t want to have to ask!

We have NO choice. Our hands are tied.

Compliance, due-diligence, AML and ID checks all add to the time it takes to get you to the finish line.

All part of the Governments regulatory efforts to combat crime and fraud.

It is time consuming for us and unpleasant for you. But we are where we are.

No one wants a Luton Vicar to have his house stolen from under him.

(Google it … if this means nothing to you).

See also my other article on the Luton Vicar situation.