[Anonymous]

A friend of mine bought an off plan property, has paid the 30% by means of letras. The property has been ready for nearly a year, snagging has been done.

He has a dispute with his Bank ( where he has a current account and the letras were paid out from), not the bank that is grantng him the mortgage.

His solicitor had advised him that she a needs a financial clearance from his bank i.e. (the Bank where he has his current account) whilst one of the developers staff is insisting that they cannot complete without this certificate.

What is this clearance certificate ? Is it got to do with money laundering ?
and why is that the developers staff asking for it, as the developer has received his 30% via the letras. The mortgage is in place for thebalance.

As the bank is not going to issue the clearance certificate until the dispute is not resolved my friend and the bank has locked horns on this issue.

If, this has got to do with money laudrering, can my friend show the copies of the letras/bank statement showing the payments being debited to his account.

I find the situation silly as the developer has received his 30%, the lender has a mortgage in place, the buyer is ready to proceed.

Any comments or views ?

[mariadecastro]

The bank which has been paying the money for the house ( receiving money from abroad and making it available for the developer) just need to certify that has received that amounts into the non-resident account of Mr… and that money is for the purchase of house X.

Why is it being so difficult?

ALso, note that Notary rules are getting very tied after new regulations passed at the beginning of February.

[Anonymous]

Thank you Maria,. good to see you back on the Forum. As my friend is in dispute with the Bank they will not issue such certificate.

Should my solution of showing the copy of the letras and than a copy of the bank statements showing the money received and paid out should satisfy the Notary ?.

Or you have another solution.

[Author]

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