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Agent's requirements before offering

I am a FTB and not having anyone who has bought recently to ask for advice I hope someone can give me some guidance.

My husband and I viewed a property and the agent gave us a "What to do next" sheet in which it states:

"I will need to see proof of how you are funding the purchase. Be this cash or mortgage.
  • Proof of Deposit or Cash, which is accessible
  • Copy of your Agreement in Principle/Mortgage in Promise - which must have been hard credit checked."


It goes on to say that they 'need' us to come in to speak to their financial advisor for "financial qualification and money laundering checks".

To my mind, I thought an AIP was proof enough that you are financially sound enough to offer. We have one but it has been soft checked (by Halifax) - do all agents play it this tough and require a hard-checked AiP?

I am uncomfortable with the idea of "Proof of Deposit" - does that just mean I can print off my savings account statement and redact sensitive information or will they want more? Why should the agent have any right to see this? Surely that is between me, my lender and my solicitor?

Furthermore, I don't see why I should speak to their financial adviser if I'm using my own broker. I wouldn't want them doing further hard checks and damaging my score if my broker/lender is going to be doing checks too.

Is all of this normal to be asked to do before, or at the point of, putting an offer in? Is it worth steering clear of agents who are asking for this much information?

Or, am I just being a nervous FTB who is a little paranoid?
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Comments

  • sparky130a
    sparky130a Posts: 660 Forumite
    Whilst you need to make yourself proceedable to the vendor this agent is clearly taking the p155.
  • ACG
    ACG Posts: 23,715 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    Ask your broker to call them.

    The agent is being OTT. If they refuse to accept what your broker has said, you could always speak to the vendors and just say your broker has obtained you a DIP and assessed you for a Mortgage. The agents do have to check you are good for the money, but a call from your broker should be enough.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • The agent involved in my purchased wanted an AIP before I offered but my broker advised not getting on until after offer. My broker spoke to the agent and magically the need for an AIP disappeared. We got the house above someone offering more with an AIP due to a smaller chain so the broker must have said something which was as reassuring as having an AIP.
  • A large corporate estate agent I presume?
  • sparky130a
    sparky130a Posts: 660 Forumite
    A large corporate estate agent I presume?

    I'll bet my mortgage on it.
  • Xoxu
    Xoxu Posts: 4 Newbie
    A large corporate estate agent I presume?

    Yes, they are a fairly large, multi-region operation!
  • Xoxu
    Xoxu Posts: 4 Newbie
    Thanks to everyone for the advice; we'll definitely get the broker to have a word on our behalf!
  • sparky130a
    sparky130a Posts: 660 Forumite
    Xoxu wrote: »
    Yes, they are a fairly large, multi-region operation!

    No shock there....
    Xoxu wrote: »
    Thanks to everyone for the advice; we'll definitely get the broker to have a word on our behalf!

    That's what you're paying them for!
  • kinger101
    kinger101 Posts: 6,277 Forumite
    First Anniversary Name Dropper First Post
    Don't show them anything until an offer is accepted. They're obliged to pass on all offers unless the vendor has told them something to the contrary.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
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