Our Conveyancing Solicitors in Lytham Discuss Understanding the ID Requirements When Buying Property
Posted on 13th December 2023
Buying a house is a significant milestone, and a very exciting time, but it comes with a myriad of legal and procedural requirements, some of which can seem excessive from our clients’ perspectives. One of these is the necessity to provide identification to comply with such stringent requirements. In this blog, our Conveyancing Solicitors in Lytham explore why presenting an ID is not just a formality but a crucial step in the home-buying process, and can help protect buyers and sellers alike from the risks of fraud.
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The Importance of Identification in Residential and Commercial Conveyancing Transactions
Preventing Fraud
The primary reason for ID verification is to prevent fraud. Residential and Commercial Conveyancing transactions involve large sums of money, making them common targets for fraudsters. Verifying the identity of all parties ensures that everyone is who they claim to be. To circumvent this issue as far as possible, the Land Registry asks Conveyancing Solicitors to confirm they have verified their client’s identity, to a strict standard, which can help prevent issues from occurring with fraudulent parties.
Compliance with Legal Requirements
In England and Wales, Conveyancing Solicitors- and other professionals- are bound by Money Laundering Regulations. These stipulate that we must verify the source of funds, and ensure that they are genuinely acquired. For example, if you are purchasing a house with cash, we need to know how you have saved this money: have you sold a house, or perhaps you received a lump sum from your pension, or perhaps you are simply money-savvy and saved the money over many years. However, you have saved the funds for your property purchase, we have a duty to verify this, and subsequently, providing ID will be necessary to cross-reference against your bank account statements and any other relevant documentation you have provided.
What ID can I provide to my Conveyancing Solicitor?
It can seem overwhelming to know what ID you can provide, that will be acceptable to your Conveyancing Solicitor. Our Conveyancing Solicitors in Lytham provide a helpfully prepared list of what ID we can accept. We require two forms: one as proof of your identity by way of valid ID showing your photograph, and another as proof of your residence.
The first can be satisfied by providing one of the following:
- Full UK Driving Licence
- British Passport
- Gun Licence/Permit
- Disabled Badge
The second form of ID can be satisfied by providing one of:
- An original bank statement, dated within 3 months
- A Utility Bill, dated within 3 months
- An annual Council Tax statement
Other forms may be acceptable; speak to our team of Conveyancing Solicitors in Lytham to find out what we can accept as ID for your property purchase.
Our team appreciate that it can be difficult to provide proof of your address now-a-days, with so many letters being online. You can always contact your bank and ask them to send you a paper bank statement, or discuss with our Conveyancing Solicitors alternative means of proving your address. We appreciate that it can be frustrating, however, the point of providing a hard-copy letter is to prove that you live at the residence you told us live you at, and that you have received post there, recently. This may seem obvious, especially if you have lived in the same place for years and can provide historic paperwork. Sadly, our Conveyancing Solicitors in Lytham are all too aware of cases that have made Conveyancing-news headlines, where fraudsters have not provided original proof of residence, and have simply provided electronic fake statements which have been made up.
How can I get my ID certified for my Conveyancing Solicitor?
We’re often asked how a person can prove their identity. Well, you can usually pop into our local Conveyancing Solicitors’ office. If our Conveyancing Solicitors in Lytham are acting on your behalf but you live near by one of our other offices- such as our offices in Garstang, Lancaster, or Longridge- simply give us a call and arrange to pop in with your original ID. Our team will be more than happy to assist with verifying your identity.
If you are not able to make it into one of our offices, you can attend upon your local Post Office, who will verify your identity and certify copies of your ID as true copies of the originals. Then, simply pop the copies in the post to us- retaining the original documents yourself- and we’ll conduct our checks against the certified copies.
Consequences of Not Providing ID
The simple fact of the matter is that if you do not provide ID promptly, your Conveyancing Solicitor will be unable to proceed with your matter. The delay will mean that there will be a delay with your transaction, so our Conveyancing Solicitors in Lytham always recommend providing ID promptly, and in the format requested by your Conveyancing Solicitors or, indeed, other professional requesting it.
Tips for Property Buyers before purchasing your Home
Our Conveyancing Solicitors in Lytham recommend ensuring you have valid ID before embarking on your property buying journey. You should update your Driving Licence so your address is up-to-date, and ensure that your full legal name appears correctly on any other photographic ID you intend to provide. Name discrepancies can also cause delays, so should be dealt with as promptly as possible to prevent any delays to your property purchase or sale.
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Providing identification when buying a house is more than just a bureaucratic step; it’s a safeguard for everyone involved. It ensures that the transaction is legitimate, legal, and secure. As a property buyer, being prepared with the proper identification can help make the process smoother and prevent any issues arising during the course of your property transaction.
If you have any questions about providing ID for your property purchase, contact your Conveyancing Solicitors in Lytham who will be able to assist.
Why choose MG Legal, Conveyancing Solicitors in Lytham?
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Tagged as: Conveyancing Solicitors, Solicitors in Lytham
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