To keep the buying process secure and compliant with UK law, we are legally required to carry out Anti-Money Laundering (AML) checks. These checks confirm that your funds are legitimate and help ensure a smooth transaction for all everyone involved.
At Wilson Tominey , we may request proof of funds at two key stages for different purposes.
Firstly before you submit an offer, we may conduct an AML check to confirm you’re a serious buyer. This step prevents delays for you and the seller.
After your offer is accepted, we’ll need proof that your funds are legitimate and not linked to criminal activity. This is part of our legal AML obligations.
- Current passport
- Residence permit
- Current UK/EU photo driving license
-
HMRC (Inland Revenue) Tax Notification
– State pension or benefits
– book/notification letter
- Current tax bill from your local authority
- Rent card or tenancy agreement from your local authority.
– Recent mortgage statement
– Bank statement
– Utility bill (not mobile)
Wilson Tominey will ask for proof of funds at two different stages, for two different reasons.
Firstly before you put an offer in, we may carry out an AML check to ensure you are a genuine buyer who is seriously interested in the property. As a result helps us avoid wasting our seller’s time.
Also proof of funds after you put an offer in. This isn’t just to confirm that you have the money to buy the property, but also to ensure the funds haven’t been acquired through criminal means. Due to our AML check obligations. You must provide proof of funds if asked at this stage.
- An agreement in principle/mortgage in principle.
- Bank statements of your deposit amount (for mortgage buyers).
– Bank statements of your cash amount (for cash buyers).
– Evidence of you selling a property (if using the funds to buy the new property).
– Evidence if the money has been gifted.
We may ask you to provide more details of where your money has come from. This is AML check normal practice as all estate agents must conform to the Money Laundering Regulations, and doing thorough AML checks is standard practice.
Depending on where you got the money for your deposit or the property’s price, we may ask for further proof to show that the funds are legitimate as part of our AML check.
– A letter from whoever gifted your money (e.g. your parents, lottery, money from a will)
– Further bank statements from the past months/years
-Evidence or receipts for gambling winnings, sale of shares or other large amounts of money
Of where all the funds going towards your property purchase; this way you can be prepared if your estate agent asks for it.
Estates agents may perform other checks on you. They have a duty in carrying out the right checks and may feel further due diligence is required.
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