The
checks help to prevent money laundering and other financial crimes by ensuring
that funds used in property transactions are legitimate.
Buyer
and Seller Protection:
These
procedures offer reassurance to both the agent and the seller that the buyer is
a genuine and reliable purchaser.
Identity
and Address Verification: -
Official
Documents:
You
will need to provide a valid form of identification, like a passport or driving
licence, to confirm your identity.
Proof
of Address:
You'll
also need to show proof of your current address, such as a recent utility bill
or bank statement.
Proof
of Funds: -
Mortgage
Buyers:
You'll
need to show a mortgage agreement in principle or decision in principle, which
indicates that a lender has assessed your affordability.
Cash
Buyers:
You'll
need to provide bank statements to prove you have the full amount of cash
required for the purchase.
Source
of Funds:
We must check that the money you are using comes from a legitimate
source. This could include savings, an inheritance, a gift, or the sale of
another asset. We may ask for bank statements, letters from donors, or
documentation of a sale to verify the funds.