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  • FIRST POST
    • Xoxu
    • By Xoxu 11th Mar 17, 9:46 AM
    • 4Posts
    • 0Thanks
    Xoxu
    Agent's requirements before offering
    • #1
    • 11th Mar 17, 9:46 AM
    Agent's requirements before offering 11th Mar 17 at 9:46 AM
    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?
Page 1
    • sparky130a
    • By sparky130a 11th Mar 17, 9:56 AM
    • 478 Posts
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    sparky130a
    • #2
    • 11th Mar 17, 9:56 AM
    • #2
    • 11th Mar 17, 9:56 AM
    Whilst you need to make yourself proceedable to the vendor this agent is clearly taking the p155.
    • ACG
    • By ACG 11th Mar 17, 10:05 AM
    • 14,587 Posts
    • 7,290 Thanks
    ACG
    • #3
    • 11th Mar 17, 10:05 AM
    • #3
    • 11th Mar 17, 10:05 AM
    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.
    • tacticalbanjo
    • By tacticalbanjo 11th Mar 17, 10:52 AM
    • 13 Posts
    • 15 Thanks
    tacticalbanjo
    • #4
    • 11th Mar 17, 10:52 AM
    • #4
    • 11th Mar 17, 10:52 AM
    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.
    • burnsguitarman
    • By burnsguitarman 11th Mar 17, 11:03 AM
    • 701 Posts
    • 410 Thanks
    burnsguitarman
    • #5
    • 11th Mar 17, 11:03 AM
    • #5
    • 11th Mar 17, 11:03 AM
    A large corporate estate agent I presume?
    • sparky130a
    • By sparky130a 11th Mar 17, 11:58 AM
    • 478 Posts
    • 632 Thanks
    sparky130a
    • #6
    • 11th Mar 17, 11:58 AM
    • #6
    • 11th Mar 17, 11:58 AM
    A large corporate estate agent I presume?
    Originally posted by burnsguitarman
    I'll bet my mortgage on it.
    • Xoxu
    • By Xoxu 11th Mar 17, 12:23 PM
    • 4 Posts
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    Xoxu
    • #7
    • 11th Mar 17, 12:23 PM
    • #7
    • 11th Mar 17, 12:23 PM
    A large corporate estate agent I presume?
    Originally posted by burnsguitarman
    Yes, they are a fairly large, multi-region operation!
    • Xoxu
    • By Xoxu 11th Mar 17, 12:24 PM
    • 4 Posts
    • 0 Thanks
    Xoxu
    • #8
    • 11th Mar 17, 12:24 PM
    • #8
    • 11th Mar 17, 12:24 PM
    Thanks to everyone for the advice; we'll definitely get the broker to have a word on our behalf!
    • sparky130a
    • By sparky130a 11th Mar 17, 12:51 PM
    • 478 Posts
    • 632 Thanks
    sparky130a
    • #9
    • 11th Mar 17, 12:51 PM
    • #9
    • 11th Mar 17, 12:51 PM
    Yes, they are a fairly large, multi-region operation!
    Originally posted by Xoxu
    No shock there....

    Thanks to everyone for the advice; we'll definitely get the broker to have a word on our behalf!
    Originally posted by Xoxu
    That's what you're paying them for!
    • kinger101
    • By kinger101 11th Mar 17, 1:21 PM
    • 3,573 Posts
    • 4,897 Thanks
    kinger101
    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.
    • flashg67
    • By flashg67 11th Mar 17, 6:42 PM
    • 2,082 Posts
    • 1,374 Thanks
    flashg67
    If the agent is TPOS registered, read this before your next chat with them - sections 9 & 10
    https://www.tpos.co.uk/images/documents/rules-codes-obligations/residential-estate-agents/TPOE27-6_Code_of_Practice_for_Residential_Estate_Agents_A 4_-_effective_from_1_Oct_2016.pdf
    • robatwork
    • By robatwork 11th Mar 17, 7:48 PM
    • 3,624 Posts
    • 3,942 Thanks
    robatwork
    Remember the vendor has a contract with the agent, not you. The agent is just a go between as far as you are concerned.

    You don't HAVE to show them anything, although obviously if you are proceedable you should show them proof.

    Now the vendor may refuse your offer if you don't play the agent's games, but that's his loss.

    If I had a shirty agent, I would make sure by contacting the vendor directly that my offer had been passed on - the vendor can dictate terms to the agent.
    • Xoxu
    • By Xoxu 12th Mar 17, 10:31 AM
    • 4 Posts
    • 0 Thanks
    Xoxu
    If the agent is TPOS registered, read this before your next chat with them - sections 9 & 10
    Originally posted by flashg67
    That link takes me to a 404 page... I found it through Google though! I particularly like point 9c .
    Last edited by Xoxu; 12-03-2017 at 10:32 AM. Reason: typo
    • davidmcn
    • By davidmcn 12th Mar 17, 10:34 AM
    • 4,970 Posts
    • 4,585 Thanks
    davidmcn
    That link takes me to a 404 page
    Originally posted by Xoxu
    That's because there was a space in the link - this should work.
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