top of page

Securing swift alternative banking solutions for a £100m London property sale

Client:

Ultra-high-net-worth individual

Asset Value:

£100m

Challenge: 

Securing a non-resident UK account to complete the sale

Background

Interpolitan advised and provided alternative banking solutions to an ultra-high-net-worth individual (UHNWI) in the sale of a prime real estate property in central London. Valued at over £100m, the sale was conducted through a special purpose vehicle (SPV). The client's challenge lay in securing a UK non-resident account to receive the sale proceeds, as several UK banks were unable to provide a solution, delaying the transaction.

Challenge

The UHNWI client, a non-resident, needed a UK current account to facilitate the sale of their London property, held within an SPV. Under the Solicitors Accounts Rules 2019 (SAR 19), the proceeds from the property sale could only be sent to the beneficial owner, so the client had to open a UK-based account. Several UK banks were unable to accommodate the request, stalling the release of the funds and putting the transaction at risk.

Solution

The client identified Interpolitan based on our ability to manage complex structured deals. After assessing the urgency of the transaction, we swiftly onboarded the client and opened a UK-based current account for the SPV within just five days, completing all compliance checks promptly. This expedited process meant the client could receive the settlement from the sale.

Outcome

In partnership with the client's tier one law firm, Interpolitan opened the account in record time, significantly faster than traditional high-street banks. After the property sale successfully concluded, proceeds were transferred to the client’s new current account at Interpolitan. The client then carried out a series of further domestic and international transactions, ensuring smooth financial operations post-sale.

LONDON
5th Floor, 33 Cavendish Square, London, W1G 0PW
+44 (0)20 8187 5001
info@interpolitanmoney.com

 

DUBAI 

Office 109, Level 1, Tower A,

Damac Park Towers, DIFC, Dubai, UAE

MUMBAI 

2905 Marathon Futurex, NM Joshi Marg, 

Lower Parel, Mumbai, India 400013

Follow us on

  • LinkedIn
  • Instagram
  • X
  • YouTube
Download the Interpolitan app via the Google Store
Download the Interpolitan app via the App Store.
Interpolitan logotype.

Interpolitan Money PLC is authorised and regulated by the Financial Conduct Authority (“FCA”) to issue electronic money under the Electronic Money Regulations 2011. FRN 900413. Forward contracts and associated credit facilities are not regulated by the FCA.

 

An Interpolitan Money account is not covered by the Financial Services Compensation Scheme (“FSCS”). We hold your funds in specially designated, safeguarded bank accounts, with our tier 1 banking partners, which keep your funds separated from our other assets. This means your funds are protected. Please see our FAQs for more information.

 

Interpolitan Money Plc registered office address 2 Leman Street, London, England, E1W 9US, a company incorporated under the laws of England and Wales, registration number 07666629. Interpolitan Money Canada Inc is registered as a Money Business Service (“MSB”) with the Financial Transactions and Reports Analysis Centre (“FINTRAC”). Our registration number is C100000165.

 

Use of this Website is subject to our Terms and Conditions and Privacy Policy including our use of cookies. By clicking any link on this page, you consent to the use of cookies.

bottom of page