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.