By Rosie Close, Compliance Officer
When you’re buying or selling a home, the last thing you want is to feel like your solicitor is putting you through an interrogation. I completely understand how it feels when we ask for “just one more document” or “another statement for your bank account.” It can feel frustrating - even intrusive.
But please let me reassure you: we don’t ask because we’re suspicious of you. We ask because it’s our job to protect you, your money, and your property.
“I’m selling my house, why do you want an old bank statement?”
It’s a fair question. After all, what does a year-old statement have to do with selling your home today?
The truth is that property fraud is more common than most people realise. Criminals do try to sell houses they don’t own, using stolen or fake identities. By seeing that you’ve been using a bank account in your name for some time, we can be confident that the sale proceeds will go to the real owner - you - and not someone pretending to be you.
Fraudsters rarely live the day-to-day life of the people they impersonate, so these checks give us extra reassurance that we’re dealing with the genuine article. In other words, they stop a fraudster from walking away with your money.
“I’ve given you my payslips, why do you want bank statements too?”
Because payslips only tell part of the story. They show what you earn, but not how the money for your purchase is actually being pulled together.
Some people on high salaries might be relying on credit cards and loans. Others on modest wages save carefully over years. Many rely on help from family, or an inheritance. Bank statements let us see the full picture - where the funds are coming from, and that they’re legitimate.
This isn’t about catching you out - it’s about making sure criminals can’t use the property market to launder money from drugs, trafficking, or tax evasion. By asking these questions, we’re protecting not only our clients but our whole community.
Regulation may feel like red tape - but it’s really a safety net
I know it can feel excessive when we keep asking for more, but every request we make is guided by the regulations we must follow as solicitors. They are there to prevent fraud, to stop crime, and to protect you.
So the next time you find yourself thinking “Why do they need this?”, I hope you’ll hear my voice reminding you: we’re not suspicious of you - we’re safeguarding you.
Our job is to make sure your transaction is safe, secure, and successful. And while the questions may seem a little much at times, the peace of mind they bring is worth it.
We’re here to help
If you’re ever unsure why we’re asking for something, please don’t hesitate to ask your solicitor. We’ll always be happy to explain the reasoning, because understanding the why behind these requests can make the process feel a lot less daunting. At Heringtons we’re here to guide you every step of the way.