At Option Estates, we adhere strictly to the Money Laundering Regulations 2017 (“Regulations”). This requires us by law to obtain satisfactory evidence of the identity of our clients and any third parties involved in a transaction. This information must be provided at the outset: for vendors and landlords, this is required when instructions are received to market your property, and for purchasers and tenants, it is needed when your offer to buy or rent is accepted by the seller or landlord. Failure to provide this information promptly may result in transaction delays.

For individuals, we require two current forms of identification, such as a valid passport or photographic driving licence, and a recent bank statement or utility bill (no more than 3 months old).

The requirements for corporate entities like companies, partnerships, or trusts are more complex, necessitating documentation such as a certificate of incorporation, articles of association, and more.

We need to see all parties involved in the transaction in person with their original documentation for verification purposes. Alternatively, they may be independently verified by a professional, such as a solicitor, accountant, or through the Post Office. In accordance with the Regulations, we will retain copies of your ID, either in paper or electronic form, for up to five years after our business relationship ends. We also reserve the right to use third-party services, including online credit check companies, for identity verification.

We may occasionally request additional documentation beyond what was initially requested to meet our obligations under the Regulations.

Furthermore, we are required to verify the proof and source of any funds used for the property purchase. Any funds received on your behalf from a third party will be subject to the same levels of identification and verification checks as the client.

By adhering to these requirements, we aim to ensure a secure and compliant transaction process for all parties involved.