Foreign Buyer Cash Payment

[Kaan]

Hi,
I have a friend whose family would like to buy a property in London in cash. ( I mean payment will be paid via bank transfer without mortgage )

They found a solicitor in London and he advised to wire all the money ( 600K GBP ) to his bank account and they felt unconfortable with this.

I searched google approx 1,5 for this information but couldn't find any information.

Could someone please tell me what the procedure is when a buyer would like to pay the full some without mortage.
Is there a regulation covering this particular matter?
How could they make sure the solicitor wouldn't run away with the money (I hope any solicitor would not get offended but please understand their concern. It is lots of money)

Regards,
Kaan

 

[PostBrexitInvestor]

My understanding is that all client funds should be put into an escrow account in these situations to protect the client. Once the deal has been signed, sealed and delivered then the funds can be transferred and the transaction completed. Are you dealing with a well-known solicitor?

 

[Kaan]

My understanding is that all client funds should be put into an escrow account in these situations to protect the client. Once the deal has been signed, sealed and delivered then the funds can be transferred and the transaction completed. Are you dealing with a well-known solicitor?

Thank you for your reply.
It is not me who is dealing with solicitor but my friend's family.

I don't think they are dealing with an established ("big") company with lot's solicitors.

 

[Longterminvestor]

The use of escrow accounts is commonplace in this particular scenario. If you are concerned ask for references from previous customers and search the Internet. You need to show that funds are available before any deal is signed.