As part of our AML checks, Wilson Tominey will ask you for proof of your current address and your identity. It is our legal duty to make
sure that you are who you say you are. This is a process of ‘due diligence’, which can form part of these checks. You will be asked for some of the following forms of proof, which you should have on hand to speed up the process.
- 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. We may ask for proof of funds
before you put an offer in because we want to make sure you are a genuine buyer who is interested in the property, so that our time and the seller’s time isn’t wasted.
We will definitely ask for proof of funds after you put an offer in, we are not only checking that you have the money to actually pay for the property, but also that you haven’t acquired the money through criminal means. You must provide proof of funds if asked for it 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 normal practice as all estate agents must conform to the Money Laundering Regulations, and doing thorough checks is standard practice.
Depending on where you got the money for your deposit or the property’s price (if you are a cash buyer), we may ask for further proof to show that
the money has come from where you have claimed.
We may require, for example:
– A letter from whoever gifted your money (e.g. your parents have given money towards your deposit, won the lottery, left money in a will)
– Further bank statements from the past months/years (to show how your money has built up over time)
-Evidence or receipts for gambling winnings, sale of shares or other large amounts of money in your bank account
Best practice is to keep evidence of where all the funds going towards your property purchase have come from; that way you can be prepared if your estate agent asks for it.
Estates agents may perform other checks on you, for example, Google searches. They have a duty in carrying out the right checks and may feel further due diligence is required.
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