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    • sensation211
    • By sensation211 10th Feb 18, 12:47 PM
    • 419Posts
    • 198Thanks
    sensation211
    Fraud
    • #1
    • 10th Feb 18, 12:47 PM
    Fraud 10th Feb 18 at 12:47 PM
    Hello guys.

    We have a retail/maisonette property which we were about to bring to market (via agent) when we were approached privately about it's potential availability; showed the property and verbally agreed a cash fee (they got wind of it through word of mouth and while we don't know the buyer personally they 'appear' to live locally and have a small, well-run construction company). We are now wondering if it's just a case of instructing a solicitor or if we should still have an estate agent take over (do identification/finance checks)? One agent said they would take it on for £1000 but when we asked what he'd be doing for that money he said "not a right lot to be honest"... went on to say that we couldn't do verification checks ourselves and I casually suggested £500 instead to which he agreed . Told him I would get back to him. Spoke to a conveyancing firm and they said that the buyers solicitor would do the checks.

    Quite confused now to be honest so thought I might tap MSE wisdom, any advice welcome
Page 1
    • Surrey_EA
    • By Surrey_EA 10th Feb 18, 12:54 PM
    • 1,417 Posts
    • 1,744 Thanks
    Surrey_EA
    • #2
    • 10th Feb 18, 12:54 PM
    • #2
    • 10th Feb 18, 12:54 PM
    Can't see why you need the services of an EA in your case.

    What makes you concerned about fraud?

    You appoint your solicitor, they appoint their solicitor, and they will deal with the need to perform anti money laundering checks.

    Don't make things more complicated than they need to be!
    • sensation211
    • By sensation211 10th Feb 18, 1:00 PM
    • 419 Posts
    • 198 Thanks
    sensation211
    • #3
    • 10th Feb 18, 1:00 PM
    • #3
    • 10th Feb 18, 1:00 PM
    Can't see why you need the services of an EA in your case.

    What makes you concerned about fraud?

    You appoint your solicitor, they appoint their solicitor, and they will deal with the need to perform anti money laundering checks.

    Don't make things more complicated than they need to be!
    Originally posted by Surrey_EA
    Purely through a little reading online. One page of advice lists disadvantages for arranging a private sale which includes this:

    "Estate agents check the validity and financial situation of potential buyers and have checks in place to guard against fraud. You may be leaving yourself more exposed to fraudsters by selling directly through a private sale."
    • Surrey_EA
    • By Surrey_EA 10th Feb 18, 1:06 PM
    • 1,417 Posts
    • 1,744 Thanks
    Surrey_EA
    • #4
    • 10th Feb 18, 1:06 PM
    • #4
    • 10th Feb 18, 1:06 PM
    Purely through a little reading online. One page of advice lists disadvantages for arranging a private sale which includes this:

    "Estate agents check the validity and financial situation of potential buyers and have checks in place to guard against fraud. You may be leaving yourself more exposed to fraudsters by selling directly through a private sale."
    Originally posted by sensation211
    I think it's particularly unlikely, I really wouldn't worry.

    There's only so much an EA can do to verify the finances of a prospective buyer, but it's the solicitor who actually deals with the money.
    • agrinnall
    • By agrinnall 10th Feb 18, 1:43 PM
    • 19,419 Posts
    • 15,114 Thanks
    agrinnall
    • #5
    • 10th Feb 18, 1:43 PM
    • #5
    • 10th Feb 18, 1:43 PM

    "Estate agents check the validity and financial situation of potential buyers and have checks in place to guard against fraud. You may be leaving yourself more exposed to fraudsters by selling directly through a private sale."
    Originally posted by sensation211
    Why pay an EA to do this when you'll also be paying a solicitor to do it properly anyway?
    • sensation211
    • By sensation211 10th Feb 18, 2:05 PM
    • 419 Posts
    • 198 Thanks
    sensation211
    • #6
    • 10th Feb 18, 2:05 PM
    • #6
    • 10th Feb 18, 2:05 PM
    Why pay an EA to do this when you'll also be paying a solicitor to do it properly anyway?
    Originally posted by agrinnall
    I agree with you, although technically I won't be paying the purchaser's solicitor anything and they're the ones who will verify the guy.
    • kingstreet
    • By kingstreet 10th Feb 18, 3:28 PM
    • 32,900 Posts
    • 17,728 Thanks
    kingstreet
    • #7
    • 10th Feb 18, 3:28 PM
    • #7
    • 10th Feb 18, 3:28 PM
    I've worked for three and I can't think of a single thing an EA does to reduce fraud. Most of their work is finding a buyer then troubleshooting to get to exchange of contracts ASAP.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • davidmcn
    • By davidmcn 10th Feb 18, 4:21 PM
    • 6,814 Posts
    • 6,758 Thanks
    davidmcn
    • #8
    • 10th Feb 18, 4:21 PM
    • #8
    • 10th Feb 18, 4:21 PM
    What fraud are you hoping to guard against anyway? Either they come up with the money when they're meant to or they don't.
    • fezster
    • By fezster 10th Feb 18, 5:46 PM
    • 239 Posts
    • 124 Thanks
    fezster
    • #9
    • 10th Feb 18, 5:46 PM
    • #9
    • 10th Feb 18, 5:46 PM
    Purely through a little reading online. One page of advice lists disadvantages for arranging a private sale which includes this:

    "Estate agents check the validity and financial situation of potential buyers and have checks in place to guard against fraud. You may be leaving yourself more exposed to fraudsters by selling directly through a private sale."
    Originally posted by sensation211
    This sounds like it was written by an EA! Or perhaps some sponsored advertising
    • Mr.Generous
    • By Mr.Generous 10th Feb 18, 6:01 PM
    • 1,735 Posts
    • 2,617 Thanks
    Mr.Generous
    EA's market property. If you have a sale agreed (and just stick with this buyer) then I will market your property for only £250, think of the saving!
    • Pixie5740
    • By Pixie5740 10th Feb 18, 6:17 PM
    • 11,683 Posts
    • 16,440 Thanks
    Pixie5740
    I agree with you, although technically I won't be paying the purchaser's solicitor anything and they're the ones who will verify the guy.
    Originally posted by sensation211
    It's not a technicality, it's a fact, you will not be paying the buyer's solicitor anything. However, (s)he is a solicitor and has to comply with anti money laundering regulations. As a solicitor (s)he will be a member of The Law Society and will be regulated by the Solicitor's Regulation Authroity.

    Does anyone regulate Estate Agents in England?
    • ACG
    • By ACG 10th Feb 18, 6:52 PM
    • 16,323 Posts
    • 8,436 Thanks
    ACG
    All the agent will do is ask to see the passport, probably do very little to check they are genuine.

    You can ask to see their ID yourself, you can also check it is valid using something like this http://veriphy.com although you may need to a company to use them?

    Plenty of sales are completed without an agent.
    Is their company a limited company? If so you can check them out on companies house register. Save your £500, get a good solicitor and you should be fine.
    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.
    • sensation211
    • By sensation211 10th Feb 18, 9:22 PM
    • 419 Posts
    • 198 Thanks
    sensation211
    What fraud are you hoping to guard against anyway? Either they come up with the money when they're meant to or they don't.
    Originally posted by davidmcn
    I actually do not know; hence my confusion

    All the agent will do is ask to see the passport, probably do very little to check they are genuine.

    You can ask to see their ID yourself, you can also check it is valid using something like this http://veriphy.com although you may need to a company to use them?

    Plenty of sales are completed without an agent.
    Is their company a limited company? If so you can check them out on companies house register. Save your £500, get a good solicitor and you should be fine.
    Originally posted by ACG
    Thank you, yes they are and I have looked at the accounts.
    • konark
    • By konark 11th Feb 18, 12:35 AM
    • 983 Posts
    • 762 Thanks
    konark
    Hello guys.

    One agent said they would take it on for £1000 but when we asked what he'd be doing for that money he said "not a right lot to be honest"...
    Originally posted by sensation211
    Amazing honesty from an EA!
    • dacouch
    • By dacouch 11th Feb 18, 9:38 AM
    • 20,335 Posts
    • 12,590 Thanks
    dacouch

    Does anyone regulate Estate Agents in England?
    Originally posted by Pixie5740
    Satan.........
    • Pixie5740
    • By Pixie5740 11th Feb 18, 10:04 AM
    • 11,683 Posts
    • 16,440 Thanks
    Pixie5740
    Satan.........
    Originally posted by dacouch


    That actually did make my laugh out loud.
    • robatwork
    • By robatwork 11th Feb 18, 10:26 AM
    • 4,096 Posts
    • 4,485 Thanks
    robatwork
    Satan.........
    Originally posted by dacouch
    You misspelled Santa.
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