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Joshua
Joshua, Lawyer
Category: Property Law
Satisfied Customers: 30014
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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Does solicitors have the right to investigate all my wealth

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JA: Hi. How can I help?
Customer: does solicitors have the right to investigate all my wealth or only the property amount?
JA: What are you located? It matters because laws vary by location.
Customer: UK
JA: Has anything been filed or reported?
Customer: no
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: I want to purchase a property and the solicitor wants to investigate all my wealth, can he?

Hello and thank you for your question. My name is ***** ***** I will be very pleased to assist you. I'm a practising lawyer in England with over 15 years’ experience. Please be aware that although I will endeavour to reply to you promptly, I am also in full time private practice and so I may not be available to respond immediately and it may also take me a few minutes to prepare a reply. The site will notify you as soon as I respond. I look forward to working with you to answer your question fully.

For the avoidance of doubt, may I confirm this is in relation to a conveyance and transaction please?

Customer: replied 18 days ago.
it is
Customer: replied 18 days ago.
My question is , does the solicitor have the right to investigate all my wealth or only property monies? does solicitor have the right to ask for bank statement? is it risky sending bank statement to solicitor?
Customer: replied 18 days ago.
Thank you. Does the solicitor have the right to investigate all my wealth or only property monies?
Customer: replied 18 days ago.
it's related to conveyancing and transaction

thank you. Solicitors along with banks and other institutions which hold client funds have obligations under the proceeds of crime act to ensure that money that they are handling is not being money laundered through their account. There is no set process as regards ***** ***** solicitor may satisfy the provisions of this legislation and so there will be some variation as between institution to institution. The obligations only extend to any money that is being paid to or processed by the firm not in relation to your wider affairs.

Accordingly, it would be proper for the solicitor to ask for evidence in relation to the source of funds. Some solicitors will be satisfied with a declaration by you in this respect whilst others will require evidence in support of your claim. For example, if you say that they are savings, then a solicitor may ask to see several months of bank statements for that particular account so that they can see either the accrual of funds all the fact that the funds have been in your account for some period of time. By contrast, if you say that the funds have been even to you by a family member, the solicitor may ask for evidence of the source of the funds from the family member and so on.

If the enquiries of the solicitor are going beyond simply the source of the funds but seeking to make enquiries as regards ***** ***** generally, this would appear to go beyond the scope of enquiry that is required and therefore appropriate but what is appropriate will depend upon what you have declared to be the source of the funds and it can be necessary such as in the example above where monies have come from a family member to make enquiries beyond the account from which monies were sent to understand how the monies have been sourced.

Customer: replied 18 days ago.
Thank you
Customer: replied 18 days ago.
Is it risky to send bank statement of wider amount than the property monies so solicitor may ask for where all these monies and ask for documentation?

Do you mean if the statement shows more money than that which you use for the property purchase? e.g. you have transfered say £200K but there is £400K in the account?

Customer: replied 18 days ago.
Customer: replied 18 days ago.
Correct this is what I mean
Customer: replied 18 days ago.
I'm new immigrant to the UK. My money is in UK bank. It is from businesses dividends in China and the dividends have been transferred from my clients overseas to my Hong Kong account. I got it from Hong Kong as a cheque. Solicitor is asking me bank statement showing the cheque from Hong Kong but I'm worry after she sees the money in Hong Kong, she comes to ask for more documentation, I already gave her balance sheet from China proving the property monies profit

thank you for the clarification. For the purposes of context, I should explain that the provisions of the proceeds of crime act upon solicitors and others handling client money are onerous. If a solicitor negligently facilitates the money laundering of funds through the solicitors account, they can be personally charged and imprisoned and this has happened. I can understand your reticence in terms of disclosure but I can equally understand the reason the solicitor is requesting the evidence. whilst I do not suggest any impropriety on your part, the transaction from and objective money laundering point of view is higher risk because funds are being sourced from overseas from a country which has lower standards of business compliance regulations than for example the EU. I cannot speak for the solicitor in question but if I were involved, I would be asking for evidence showing the basis of the fund payments - i.e. your shares in the company entitling you to dividends, dividend receipts or certificates and a copy of the bank account into which they were paid as a minimum. I am afraid it is a matter of the nature of the source of funds rather than any reflection on you personally.

In terms of information you disclose, the solicitor owes you a very high duty of confidentiality and will not release any documentation other than by way of a court order without your permission to any other parties

Customer: replied 18 days ago.
Great explanation, thanks, ***** ***** I'm in the hand of the right people. One more question please, does solicitor have the right to investigate all monies in my account or only the monies of property?

The obligation under the proceeds of crime act extends to the monies that are passing through the solicitor's account not your assets generally. Accordingly, enquiries should not go beyond what is necessary to reasonably establish the source of funds that you are sending or have sent to the solicitors account

Customer: replied 18 days ago.
Thank you so much Joshua. Have a good night

I'm glad the above answers all your questions for now. If you have any follow up questions please revert to me. Thank you - and to you.

Thank you again for visiting JustAnswer and see you again in the future I hope.

Joshua and other Property Law Specialists are ready to help you
Customer: replied 15 days ago.
Joshua answered all my enquiries patiently, quickly, and professionally. He's intelligent and helpful. I'm more than happy I got to know him. I can't recommend him enough. Many thanks Joshua