Solicitors are legal experts who can help you with all sorts of things, from sorting out a will to buying a house. They’ll help with reviewing your contracts, dealing with the legalese, and answering any of your burning questions. However, they will also need to check your ID. Don’t worry, it’s nothing personal. Here are the reasons why a solicitor might need to check your identity:
Fraud Protection
In the property market and elsewhere, there are some fraudsters out there. Solicitors are required by law to follow strict anti-money laundering practices and regulations to prevent any fraudsters from causing havoc. Checking your ID helps them make sure you’re a genuine buyer and that the money you’re using comes from a legitimate source.
Protecting Yourself
Similarly, by verifying your identity, the solicitor can ensure you’re entitled to enter into the legal agreement. This, therefore, also protects you from criminals trying to buy the house in your name. Just think of an identity check as an extra lock and key on the whole legal agreement, keeping things safe for all involved.
So what’s the process?
So what does the process look like, exactly? Here’s a rundown:
Documents
First up you’ll need to collect all official documents for the check, such as your passport, driving licence, and any proof of address. These documents will confirm who you are, for example, when organising a deed of assignment with a legal expert such as https://www.parachutelaw.co.uk/deed-of-assignment.
The Double-Check
Merely your word that you are who you say you are isn’t enough! The solicitor will then use an electronic verification system to cross-check your documents.
Source of Funds
Finally, the anti-money laundering check. The solicitor might ask for documents that show your source of funds. These could be in the form of payslips and bank statements.
What if I fail the Check?
If you fail your check, don’t fret. If it’s a simple mistake, such as the incorrect address on a utility bill, you can amend this by providing updated documents. For more complex circumstances, the solicitor might need additional documents or verification steps before they can pass you.
Be Prepared
An identity check may seem daunting at first, but it doesn’t need to be stressful. By being prepared and open with your solicitor from the outset, you can increase your chances of passing with little to no errors.