Extended ID and SOF

Extended ID and Source of Funds 

Checks Description Costs
Basic additional checks where funds require investigation OR Any Gifter in UK ID and source of funds for easily discernible £45 but add extra £95 where a gift requires intimation to a lender
Intermediate additional checks where funds require investigation OR Any Gifter in UK ID and source of funds but discerning funds require extended work £95 but add extra £95 where a gift requires intimation to a lender
Extensive additional checks where funds. require investigation Any Gifter in UK ID and source of funds but discerning funds require investigative work £150 but add extra £95 where a gift requires intimation to a lender
International Basic Checks (Gifter or client in EEA, US, Canada, Australia or New Zealand); Add £75
International Intermediate Checks (Gifter not in EEA, US, Canada, Australia or New Zealand and funds easily discernible); Add £125
Where the accounts and/or online file of a Company require to be reviewed Add £95
Where interaction or communication is required with an accountant of a client/gifter or another professional connected with the client; Add £150
Where there is extreme complication we will seek your consent to make any additional charges

If you are purchasing a property and are receiving a gift, we will require to carry out a verification of the identity of the person from whom you are receiving the gift. As this is an additional service an additional fee will be charged to you.


As solicitors, we are heavily regulated and as such we require to review the source of any monies that you send to us. Often this is a straightforward process, but sometimes additional checks are required. An additional fee will be charged in these cases. Where you are purchasing a property and receiving a gift from friends or family towards your deposit extra checks are necessary. Because these are areas which lenders believe to be potentially prejudicial to their lending, extensive communications are necessary to ensure any mortgage is available. If you are borrowing any of your deposit, there are likely to be additional issues and costs which would be discussed with you. You can find out more at our specialist webpage AML Assistance

 

This is a fast expanding part of the obligations imposed upon us by regulators, governments and international bodies. Property transactions have been highlighted as a major source of financial crime and these checks are obligatory. The more you can assist us then the lower that costs can be maintained.


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