When buying a property, you will be asked where your money is coming from. This is a normal and essential part of the legal process and something all conveyancers are required to do. Why are we asking? We are legally required to carry out checks under Anti-Money Laundering regulations. This means we must: Confirm where your purchase funds are coming from ( Source of Funds ) Ensure your overall financial position matches the transaction ( Source of Wealth ) This is not about m

Anti Money Laundering (AML) checks refer to the due diligence procedures required by law. The Fourth EU Money Laundering Directive, incorporated into UK law in June 2017 through the Money Laundering, Terrorist Financing and Transfer of Funds Regulations, mandates conveyancers to perform 'Client Due Diligence' (CDD) on every client. This process includes verifying clients' identities, assessing the transaction's circumstances, the client’s financial standing, and the origin of

What is a ‘Gifted Deposit’? The first kind of 'gifted deposit,' known as a 'Seller's gifted deposit,' occurs when the seller offers a portion of the purchase price back to the buyers, either as a discount or a deposit. This can happen when a seller, like a housebuilder, reduces or eliminates the deposit required from the buyers at the contract exchange, or when the seller contributes to or refunds part of the purchase price upon completion. The second kind, termed a 'Family g

Cybercrime & conveyancing In recent years, conveyancing clients and conveyancers have increasingly fallen prey to sophisticated fraudsters. These criminals have recognized that the UK banking system frequently processes transactions involving millions of pounds based solely on emails or phone calls that provide bank details and transfer amounts. They have devised intricate methods to reroute these funds through identity theft, email interception, and by convincing firms and t