AN industry expert has advised that new money laundering regulations are set to have a big effect on the property market.
Dean Speer is a partner at property consultancy Myddelton & Major, which covers Hampshire.
Dean believes that the changes will have a big impact on the speed and time of property transactions.
The change in regulations will now see estate agents carrying out additional checks on purchasers.
Previously this only had to be checked with vendors.
Dean said: ‘From June 26, all estate agents have been required to be able to identify the purchaser and carry out money laundering checks on that company or person.’
The agent advised that the new and very strict rulings mean that an estate agent will be unable to confirm a sale until all appropriate information has been provided.
Dean added: ‘Buyers need to be ready to present all relevant documents to prove their details. It is very important to ensure that attempts at using property transactions for criminal activity are prevented, but ordinary buyers and sellers must be aware that this will be another step in an already quite time consuming process.’