Buying a property is one of the largest financial transactions most people will ever make, so it's perfectly natural to wonder why your conveyancer asks for so many documents and questions.
You may be asked to provide proof of identity, bank statements, evidence of savings, details of gifted deposits, mortgage information and sometimes additional documents depending on your circumstances.
It can feel intrusive, especially if you've already provided similar information elsewhere.
The good news is that there is a very good reason for every request.
The Short Answer
We ask for this information because the law requires us to verify who you are, understand where the money for your purchase or sale has come from, and ensure that your transaction is legitimate before it can proceed.
These checks are not about making the process more difficult. They are there to protect you, protect us as your conveyancer, and help prevent fraud and money laundering within the property market.
The Explanation
As a regulated law firm, MA Lawyers must comply with strict Anti-Money Laundering (AML) legislation and professional regulations.
Before we can exchange contracts or complete your transaction, we must be satisfied that:
- we know who you are;
- we understand where your purchase funds have come from;
- any mortgage funds are in place;
- any gifted deposits have been properly declared;
- there are no concerns that the transaction involves criminal property or financial crime.
This applies whether you are buying, selling, remortgaging or transferring ownership of a property.
Most clients are honest people buying or selling their home, but the same legal requirements apply to every transaction. We cannot choose which clients to carry out checks on, nor can we skip them simply because someone has owned a property for many years or has been recommended to us.
Although these checks can sometimes feel repetitive, they help ensure that your transaction is safe, secure and fully compliant with the law.
Who May Need to Provide Information?
Depending on your transaction, we may ask for information from:
| Person | Information Required |
| Buyer | Identity, proof of address, Source of Funds, mortgage details |
| Seller | Identity, bank details for sale proceeds, proof of ownership where required |
| Giftor | Identity, Source of Funds, gifted deposit declaration |
| Attorney or Executor | Authority to act together with identity documents |
| Company | Company documentation, directors, beneficial owners and authority to transact |
Every transaction is different, so the documents required will vary depending on your individual circumstances.
Common Questions
Why do you need my passport if I've lived here for years?
Because the law requires us to verify the identity of every client, regardless of how long they have lived at their address or whether they have instructed us before.
Why do you need my bank statements?
Bank statements help us understand where the money for your transaction has come from and allow us to satisfy our legal obligations regarding Source of Funds.
Why am I being asked for documents again?
Sometimes additional information becomes necessary as your transaction progresses or if further questions arise during our checks. This does not necessarily mean there is a problem.
Will my information be kept secure?
Yes. Your information is handled securely and in accordance with data protection legislation and our professional obligations.
Top Tip
The sooner you provide the requested documents, the sooner we can complete our legal checks and move your transaction forward. Delays in receiving information are one of the most common reasons why transactions slow down during the early stages.
Did You Know?
Property transactions are one of the areas most commonly targeted by organised financial crime. The checks carried out by conveyancers play an important role in protecting both clients and the wider property market.
Common Misconception
"They're asking because they don't trust me."
Not at all.
Every client goes through the same verification process. These checks are a legal requirement and are carried out to protect everyone involved in the transaction.
The MA Lawyers Approach
At MA Lawyers, we understand that some of the information we request can feel personal or intrusive.
We will always explain why a document is needed and only ask for information that is necessary for your transaction and our legal obligations.
Our aim is to complete these checks as early as possible so that, once your transaction gathers momentum, there are no unnecessary delays caused by outstanding compliance requirements.
Related Articles
- What Is Source of Funds?
- What's the Difference Between Source of Funds and Source of Wealth?
- What Is a Gifted Deposit?
- When Should I Transfer My Money?
- Why Doesn't MA Lawyers Calculate Stamp Duty?