Source of Funds

The source of funds is a complex issue in conveyancing, which requires a lot of time and effort on the part of the conveyancer. 

We handle complex legal matters daily. This entails undertaking checks against your statements, bank statements, ISA statements, bills, salaries and additional income. All of this creates a picture for us of the matters affecting your purchase. 

We undertake these checks in accordance with the rules of the Money Laundering Act 2017. This states that we, as conveyancers, must comply with their regulations. To do so, we have to exercise due diligence to provide clear and accurate checks on our clients' accounts. It is frustrating for you, we understand that. But primarily, it is a concern for us because without these checks, we put both you and ourselves at risk.

As a firm, we instil a strict no-nonsense rule around the source of funds, which we are required to do under the SRA requirements and regulations. Without it, we could be shut down, and we could endorse money laundering from those seeking to profit from our hard-earned gains. This is a tricky business and something we take seriously and do well. We ask you to kindly ensure your tolerance of this provision, as it helps to better understand you, the working of your hard-earned money and the viability of our business to continue - as such, we don’t plan when it comes to this.