Why you Need to Prove your Identity and Finances when you are Buying a House in the UK
Buying a house in the UK is a complicated legal process, and many people can get a bit fed up with the amount of time that it can take. However, all the paperwork and checks are important to ensure that the whole process is done correctly, and that it prevents criminal activity.
The UK property market is very attractive to criminal money launderers who are looking to clean the money from their illegal activities. It is a huge market and an easy way for a criminal to hide money, allowing them to have it instead in bricks and mortar that cannot be traced back to their crimes easily.
However, this is where an AML ID check like this www.w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks comes into it. These checks were introduced for this reason, and are done mainly in order to prevent this sort of criminal activity from going on in the UK.
When you go to buy a house, you will need to be able to prove three things in order to pass this check. Your source of income, proof of the funds and also that you are who you say you are. Make sure that you have all the necessary paperwork to be able to do this to hand.
Things that you can use include:
- Driving Licence
- Utility Bills
- Banks Statements
- Proof of a mortgage offer
- Proof of inheritance or money having been gifted to you
Having all of these things ready before you start looking at properties will ensure the process goes smoothly and quickly.