15 Mar Providing the Correct Documents When You Buy a Property
When you buy a house, you will need a solicitor in order to do many of the legal parts of the property purchase. Something that your solicitor will ask for from you is documentation that proves not only who you are and where you currently live, but also how you will be buying the property and where you are getting your funding for it from.
This is not only to ensure that you have the funding available to go ahead with your house purchase, but also to clamp down on money laundering. Buying property is something that criminals have often done in the past in order to launder their ‘dirty’ money, and putting it into bricks and mortar is seen as a good investment.
In order to prevent this sort of thing from going on in the UK, kit is now required by law that you provide documentation for a solicitor to be able to do an AML identity check like this https://www.w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks/ on you and ensure that you are not money laundering.
In order to prove this, you will be asked to provide photo ID documents such as driving licence and passport, as well as documents that prove your address – for example, correspondence with HMRC, council tax documents or gas and electricity bills can be provided.
It is also necessary for them to check where the funding is coming from, so you will also need to provide proof of this.