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pointer7
Posts: 60 Forumite
Hello All,
I have made an offer on a property this morning. I haven't heard whether it has been accepted or not yet but the sellers agents are asking for me to bring ID in.
Obviously I said if the offer isn't accepted then no I wont be (no point) if it is then I will but then I thought why cant they contact my solicitors as they have copies of my ID anyway?
Should they be doing this or would I have to actually pop in to the agents?
I have made an offer on a property this morning. I haven't heard whether it has been accepted or not yet but the sellers agents are asking for me to bring ID in.
Obviously I said if the offer isn't accepted then no I wont be (no point) if it is then I will but then I thought why cant they contact my solicitors as they have copies of my ID anyway?
Should they be doing this or would I have to actually pop in to the agents?
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Comments
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Estate agents have a legal obligation to verify the identity of someone buying property. It's part of the money laundering regulations. Until the offer is accepted though there is no need as there is no contract.
You could probably use your solicitors but I bet they would charge you!0 -
EAs have responsibility to undertake ID checks to comply with money laundering regulations.
Do you really want to pay Solicitors rates for photocopying your ID?0 -
As above, EAs need to comply with anti money laundering regulations.
However, most agents wouldn't start asking for ID until after the offer is accepted.0 -
Solicitors have already taken my ID when we instructed them to act for us as its standard procedure anyway.
I guess I'll pop in if the offer is accepted0 -
Solicitors have already taken my ID when we instructed them to act for us as its standard procedure anyway.
I guess I'll pop in if the offer is accepted
It is now standard procedure for Estate Agents too. If you're arranging a mortgage your broker, or mortgage lender will probably need ID verification as well.0 -
"Money laundering customer due diligence on buyers – is it an obligation?
In general terms, the Money Laundering Regulations require sales agents to carry out customer due diligence (CDD) on their ‘customers’. Customers are defined as the individuals or businesses that enter into contracts with sales agents to market properties.
In the case of acquisition or buying agents, it would be the individuals or businesses they enter into contracts with contracts to acquire properties.
There is a further obligation with regard to beneficial owners ...
Therefore, there is absolutely no obligation on sales agent to carry out CDD on buyers, or acquisition agents to do this on sellers.
The misunderstanding has arisen because HMRC enforcement officers have been indicating that it would be ‘best practice’ to obtain this ID confirmation and this has also been a theme in the ongoing HMRC money laundering webinars."
https://www.estateagenttoday.co.uk/industry-views/2016/4/money-laundering-customer-due-diligence-on-buyers--is-it-an-obligation0 -
You have no contact with the EA, so no need for ID. The solicitor carries out the money checks, not the EA. So, if it causes you an issue, speak to the vendor directly. They might be trying to credit score you or pass your details to in house mortgage sales.0
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"Money laundering customer due diligence on buyers – is it an obligation?
In general terms, the Money Laundering Regulations require sales agents to carry out customer due diligence (CDD) on their ‘customers’. Customers are defined as the individuals or businesses that enter into contracts with sales agents to market properties.
In the case of acquisition or buying agents, it would be the individuals or businesses they enter into contracts with contracts to acquire properties.
There is a further obligation with regard to beneficial owners ...
Therefore, there is absolutely no obligation on sales agent to carry out CDD on buyers, or acquisition agents to do this on sellers.
The misunderstanding has arisen because HMRC enforcement officers have been indicating that it would be ‘best practice’ to obtain this ID confirmation and this has also been a theme in the ongoing HMRC money laundering webinars."
https://www.estateagenttoday.co.uk/industry-views/2016/4/money-laundering-customer-due-diligence-on-buyers--is-it-an-obligation
It is my understanding that it has since been clarified by HMRC that EAs do have to carry out AML checks on both buyers and sellers:
The government sought views on whether the requirement on estate agents to carry out customer due diligence should be clarified. This is because, in the UK, estate agents tend to act only for one of the parties to a transaction, usually the vendor. However, estate agents act as a key facilitator of the transaction and may be the only regulated professional whom the buyer encounters when purchasing a property. The government will clarify that for the purposes of the regulations, an estate agent is to be considered as entering into a business relationship with a purchaser as well with as a seller. This means that estate agency businesses must apply CDD to both contracting parties in a transaction.
https://www.gov.uk/government/consultations/money-laundering-regulations-2017/money-laundering-regulations-2017#estate-agent-businesses0 -
You have no contact with the EA, so no need for ID. The solicitor carries out the money checks, not the EA.
It does not matter that the buyer does not have a contract with the EA, following updates to anti money laundering regulations earlier this year, HMRC now requires estate agents to carry out ID checks, please see my post above. Solicitors carry out AML checks as well as the EA.
Why would it cause an issue, and what do you think the vendor is going to do about it?So, if it causes you an issue, speak to the vendor directly.
Is this seriously what you think?They might be trying to credit score you or pass your details to in house mortgage sales0 -
Here's a way to get answers to both of your questions at once, ie whether the offer's been accepted, and whether you have to bring in ID.
Say you won't be providing any ID. You'll soon hear that your offer hasn't been accepted. Sorted!0
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