Any mortgage lender will also want to check what you have told them when you applied for your mortgage is correct.This is usually a combination of mortgage, savings, gifts from relatives and the money from selling your previous house. Anti-money laundering legislation requires us to check where you are getting the money from to buy your new home.We have to check how you are going to pay for your house because:. It is important that you tell us about this in plenty of time before we start work, so that we have time to get the confirmation and documents that are needed. For example your lender will need to be told if you are not providing all the money yourself. Your mortgage lender will also expect us to check some details, to make sure that the information you gave them on your mortgage application is accurate. Also, (where appropriate) the position in society or business of you, your associates or any members of your close family, will need to be looked at in detail. the amount of money involved and the value of the property. How much information we need to look at depends on the circumstances i.e. Please do not think that this is an invasion of your privacy, as all conveyancers have to do this. We will ask questions about your salary, request bank statements and ask you to give details of any family inheritances. This is called a “source of wealth” check. We are also required to check that your general income and wealth is consistent with your lifestyle and the value of the property you are buying. This can be from savings, mortgages and gifts from relatives, inheritances etc, and this is called a “source of funds” check. We are required by the anti-money laundering legislation to check where the money is coming from to buy the property.
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