Has anyone bought a property in Scotland recently?

[moggiek]

I need a bit of advice on paying the deposit.

Ask away. I am a scottish EA working for a scottish solicitors/estate agency. Pm me if you would prefer.

It's been a VERY long time since I bought a property, and this whole anti money laundering thing has got me confused. What proof do I need to provide that the deposit IS my money?

Ok. For money laundering you need to show evidence (bank statement) that the deposit is in your account. If it is for more than six months then great but if for less than 6 you need a full paper trail.

So, for example, your parents give you a loan of say £25k in time for settlement, then the solicitor should be getting their ID and their 6 month paper trail as well.

If less than 6 months you need evidence of exactly where this money came from.

The bank statement must be registered to the same address as your ID.

If the money came from a previous sale of property then providing the state for settlement for that sale should suffice.

If an inheritance then the solicitor dealing with the deceased's estate should help.

If just your own savings, the as above, a bank statement should be fine.

DoeS that help? Can you say wheee the deposit is coming from?

OK. The money is currently held in cash ISAs in one bank, and I plan to transfer the money into my current account in order to pay the deposit. Everything is operated online, so will it be enough to take printouts of my account details? The money has been sitting in the ISAs for more than 6 months.

Sorry, my current account is in a different bank from my current account.

And I don't even drink!! My ISAs are in a different bank from my current account

Yes, you will need to show a 6 month statement for your ISA followed by the statement for your current account showing the transfer in. Printed from online will only be accepted if the print shows your account number, name and address. Usually, they don't so it is easier to go into the bank and ask them to print out and hand over - bank are also able to stamp the statements.

You might be easier just transferring from your IsA direct to your solicitor.

The bank where the ISAs are held doesn't have branches, it's online only. Will I need to get printed statements from them?

Only if what you can print online doesn't have your name, address and bank account details BUT to be safe, is get them to send actually statements out covering the 6 month period.

Will do. Thanks very much for your help.