Much of law is unchanged, as I said in my last blog post about Chancel Repair Liability, and my even earlier post regarding such historical remnants as manorial rights, but that doesn’t mean that everything to do with conveyancing has stood still. On the contrary, if you bought your house only a few years ago, and now hope to buy another, then you may well be shocked by the extra information that is now being requested of you. Why, for example, do you need to send a copy of your bank statements? Isn’t it enough, as it was a few years ago, just to know that the funds are coming from your account?
A few years ago the answer would have been yes. So long as it was your money, coming from your account, then no one really minded. How the money came into your account, whether it was through savings/kindly Great Uncle Boris/stocks and shares/found in the street was entirely your concern. With increasing (and welcome) concern over Money Laundering, solicitors now need to be satisfied over the provenance of the monies, hence why we not only need to see a copy of your bank statement, but you also need to show how your deposit monies came to be where they are.
This can seem like at best an inconvenience and at worst an invasion of your privacy, but it’s all part of the ongoing fight against Money Laundering and, as such, we’re not being awkward, we’re required by regulations to ask for it. And considering many an older solicitor can tell tales of clients dropping off the purchase funds in used notes in a bin bag, then it goes to show quite how far we’ve come.
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