buying a house

igy

Is it normal for the seller to request detailed bank statements from you?

L1011

No. The mortgage company will. Dont give the vendor anything more than a proof of funds letter for the agreed purchase price

Homer

By the seller do you meant the home owner or the estate agent? It would be normal for the estate agent to seek proof of funds but most definitely not the home owner!

igy

Homer wrote: »

By the seller do you meant the home owner or the estate agent? It would be normal for the estate agent to seek proof of funds but most definitely not the home owner!

thanks Homer, its a reciever, and they want detailed bank statements going back years and showing exactly where every lodgement came from.

igy

igy wrote: »

thanks Homer, its a reciever, and they want detailed bank statements going back years and showing exactly where every lodgement came from.

they already took 4 weeks to go sale agreed and now they say they need apprasail from charge holder .could go on forever

L1011

Pull out. Receiver sales can take years.

dudara

Moved to Accommodation & Property

dudara

The_Conductor

Talk to your solicitor- if you really want to buy the property.
You are under no obligation whatsoever to provide the documentation that is being requested- indeed, I would state that it would be extremely foolish to do so. The seller needs to know you are in a position to proceed with the purchase- they do *not* need to know your financial history- and it is bizarre that they are seeking the information you've outlined.

Talk to your solicitor- but be prepared to walk.

wordofwarning

L1011 wrote: »

Pull out. Receiver sales can take years.

Plus a lot of receivers are selling dodgy properties. The title is seriously messed up on properties and you will only notice after a few months of time wasted

machalla

Some of these properties specify cash buyers only as the property has some issue that would never allow a bank to loan a mortgage on the property (major subsidence issues for instance).

The_Conductor

machalla wrote: »

Some of these properties specify cash buyers only as the property has some issue that would never allow a bank to loan a mortgage on the property (major subsidence issues for instance).

Fine- but what on earth has that got to do with the OP explaining all the transactions in his/her bank account going back a number of years?

The over-reach here- is staggering.

myshirt

Who the hell is the receiver here?

They sound like they are pulling your leg, or that you are on be cusp of getting your door kicked in by the Garda under AML legislation.

The_Conductor

myshirt wrote: »

Who the hell is the receiver here?

They sound like they are pulling your leg, or that you are on be cusp of getting your door kicked in by the Garda under AML legislation.

Even CAB don't ask for this level of detail- as for a Revenue audit- you'd get off lighter........

machalla

The_Conductor wrote: »

Fine- but what on earth has that got to do with the OP explaining all the transactions in his/her bank account going back a number of years?

The over-reach here- is staggering.

Nothing at all to do with it, its just a bizarre request that should be rightly ignored. It sounds like a hostile seller is involved with the receiver and is trying to drag things out.

Money laundering legislation is about all I can think of that would even approach this being relevant but I can't see why a vendor would need to have anything to do with that.

igy

.This is letter i got back explaining why .



"KYC ‘Know Your Client’ information is required by the charge holder on all sales. This is a mandatory condition of this sale and we will need full KYC approval from the charge holder in order to proceed sales. When the agent is providing a recommendation to proceed with a sale, the following information will be required: (please note, no recommendation will be processed unless the following is provided – There will be no exceptions to this rule)



If you can please arrange to obtain the below as soon as possible:



Certified ID – Identification of all purchasers involved - passport/driving licence. Must be up to date photo identification. Must be certified, i.e. signed and stamped by solicitor.

Certified POA –Proof of address for all purchasers involved - Please arrange a utility bill/bank statement/government issued letter showing purchaser’s name and address and reference to account and is within the last 2 months. Must be certified, i.e. signed and stamped by solicitor.

Confirmation of all purchasers occupations – Confirmed via email will suffice

Proof of funds – we require for all purchasers involved in purchase of the asset. You can arrange either one of the below,



· The AML Letter (attached) to be completed by purchasers solicitor vouching for source of funds. Please ensure that no wording is changed on the AML document or it won’t be accepted. Must be sent in on solicitors headed paper - Where it states ‘servicer’ on the AML form – this should state ‘Grant Thornton’.



OR



· Bank statements/ Mortgage Approval Letter/ Credit union statements showing funds that have been accumulated over time, ( showing a regular savings over 3 months plus) All statements must total up to the purchase price of asset. All statements must be certified.



*For POF - Please note that it is not sufficient for the purchaser to simply provide a bank/credit union statement simply showing the balance. We need to see an accumulation over time. At least 3 months of regular savings. If a lump sum was lodged for example, we will require a statement from the account it came from."

pilly

Ah well that's different. They're looking for one OR the other so you don't have to provide proof if you're getting a mortgage.

The_Conductor

Its to ensure if they invest time, effort and money in chasing title, deeds etc- you're not going to fall out of the sale- because you're not able to get mortgage approval.

Along with ID requirements- a letter from your solicitor- seems the obvious way to go on this.

Obviously- its a receiver sale- you need to ensure you are getting good clean title to the property- however, there is no reason not to proceed on the basis of the information you've supplied here, thus far.

igy

The_Conductor wrote: »

Its to ensure if they invest time, effort and money in chasing title, deeds etc- you're not going to fall out of the sale- because you're not able to get mortgage approval.

Along with ID requirements- a letter from your solicitor- seems the obvious way to go on this.

Obviously- its a receiver sale- you need to ensure you are getting good clean title to the property- however, there is no reason not to proceed on the basis of the information you've supplied here, thus far.

They took 4 weeks to go sale agreed.
Had to go to committee approval and now this again has to go to committee for approval..i feel the whole process could take months if every time a paper is required has to go to a committee for approval.

myshirt

It's not the receivers job to cover AML. You are not the receivers client. Your solicitor should do this, and the receiver is ok to rely on that.

That is the normal​ course of business.

Is your solicitor not an EU solicitor? An inexperienced solicitor? Is this a low level receiver? What do you work as? And in short where did you get the money?


Edit: I see it's the chargeholder that want it. Ok, they are fine to do that, but a bit heavy handed if you ask me. They probably don't rate your solicitor, the receiver, or anyone. Or more likely to be honest it's probably just more of this helmet in the kitchen type stuff. The regulatory environment in this space is very stringent, and obviously a hot topic at the moment. Some banks have been fined. They are operating what's known in the trade as the 'cover your arse' principle. If they are having to sell as Mortgagee in Possession I kind of get it, but still heavy handed in my books.

igy

myshirt wrote: »

It's not the receivers job to cover AML. You are not the receivers client. Your solicitor should do this, and the receiver is ok to rely on that.

That is the normal​ course of business.

Is your solicitor not an EU solicitor? An inexperienced solicitor? Is this a low level receiver? What do you work as? And in short where did you get the money?


Edit: I see it's the chargeholder that want it. Ok, they are fine to do that, but a bit heavy handed if you ask me. They probably don't rate your solicitor, the receiver, or anyone. Or more likely to be honest it's probably just more of this helmet in the kitchen type stuff. The regulatory environment in this space is very stringent, and obviously a hot topic at the moment. Some banks have been fined. They are operating what's known in the trade as the 'cover your arse' principle. If they are having to sell as Mortgagee in Possession I kind of get it, but still heavy handed in my books.

so are you saying i should only have to supply this information to my solicitor.
I got this letter from estate agent just after sale agreed.Before i got a solicitor.