Reasonable request by estate agent??

Robin505

I have made an offer on a house which has had several other offers. The estate agent has now sent a letter requesting a best and final offer together with the following demands:

1. Confirm the basis of my funding and if I require a mortgage what cash deposit I will offer.

2. Exchange of contracts within 4 weeks of the acceptance of the offer with completion to be agreed later.

3. Offer a non-refundable deposit (min £1000) to exchange within this period.

4. Provide supporting evidence of my ability to proceed eg letters from bank/lender, broker or solicitors.


Are these demands usual / reasonable. I feel that the amount of mortgage/cash/savings I have is a confidential matter and I am rather reluctant to disclose this to the estate agent & vendors.

Any advice would be appreciated.

ciano125

They can ask for it, if that is what their client has told them to do.

Personally, I wouldnt be going along with that, but that might be just me. It sounds as if they have quite a bit of interest in the house otherwise they wouldn't be going down this route.

1echidna

They seem to me to be asking whether you have sufficient cash/mortgage not the total/maximum. Up to you if you want to be in with a chance.

chickmug

All looks normal part from the £1000 none returnable deposit request and this below is the section from the NAEA Codeof Practise. Point C is relevant.

7. Clients’ Money

In England, Wales and Northern Ireland
a) You must not hold a deposit or any other money belonging to a client, unless you are covered
by adequate insurance.
b) All clients’ money must be held in a separate client bank or building society account or
accounts, as set out in the Estate Agents (Accounts) Regulations 1981. You must be able to
account immediately for all money you are holding on behalf of a client.
c) You must refund immediately any deposit paid before exchange of contracts, together with
any interest that may be due when you are asked, in writing, to do so. You should ask for a
receipt for all the deposits you refund.
d) You must not deduct any cost or charges from any client’s money you hold, unless your

client has given you written authority to do so.

caljoemor

I don't get the non returnable deposit but the other points are reasonable in my eyes at the end of the day the agent is acting for the seller and trying to get the best price for the house.

If I was selling my house I would want proof that the buyer making an offer, can provide evidence supporting that they can complete on that basis, before I accept rather than several weeks down the line after losing the interest of other potential buyers etc.

Jazzie99

I'm in the same situation at the moment. EA only asked for our best and final offer nothing else. I think your list seems reasonable except for the non-refundable deposit.... chickmug makes a good point - perhaps you ought to go back to the EA and refer him to this clause!

chickmug

Jazzie99 wrote: »

chickmug makes a good point - perhaps you ought to go back to the EA and refer him to this clause!

If anyone wants the full Code emailing as pdf PM me.