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Information requested by EA

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Comments

  • Ulfar
    Ulfar Posts: 1,309 Forumite
    The answer is no, only your solicitor needs to verify who you are and even then they will ask for Passport plus utility bill,etc.

    There is only one reason an estate agent is asking to see a copy of a bank account statement.
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    Would I mind an EA asking to see my passport, driving licence, utility bills?.............not really.





    Would I show an EA my bank statements?...........................DEFINATELY NOT!
  • westv
    westv Posts: 6,461 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 5 April 2011 at 6:36PM
    Ulfar wrote: »
    The answer is no, only your solicitor needs to verify who you are and even then they will ask for Passport plus utility bill,etc.

    There is only one reason an estate agent is asking to see a copy of a bank account statement.

    This site says that EA do need to see ID - although I'm guessing it's slightly biased!

    http://www.estateagenttoday.co.uk/web_pages/essential_guide_to_money_laundering

    This site also

    http://www.oft.gov.uk/shared_oft/business_leaflets/general/Money-laundering-summary.pdf

    As regards bank statements, tell them to eff off !!
  • suited-aces
    suited-aces Posts: 1,938 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    I would give them a photocopy with eveything except name and address blanked out.
    I'm not bad at golf, I just get better value for money when I take more shots!
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    Would I mind an EA asking to see my passport, driving licence, utility bills?.............not really.


    Would I show an EA my bank statements?...........................DEFINATELY NOT!
    I agree. I think that the big problem with the Seller's agent doing 'ID checks' on the Buyer is that there is too much scope for mission creep into 'can the buyer afford their offer' and beyond to 'how much can we screw them for'.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Ulfar
    Ulfar Posts: 1,309 Forumite
    edited 5 April 2011 at 9:13PM
    Even if it is law verifying someone's identity does not require a bank statement, it doesn't even require a utility bill. A passport verifies your identity, the reason for asking for a utility bill is to verify your address.

    The estate agent is working on behalf of the buyer so giving them a copy of a bank statement is just a bad idea.

    In my case if they wanted a copy of a bank statement I would give them a copy of my cash ISA statement which has 1p in it and has done for over twelve months.

    @westtv if you read the first link you have posted all the way through it actually states "It’s worth noting that while estate agents are required to undertake what the legislation refers to as ‘customer due diligence’ only for vendors when acting as their agents, ‘best practice is to identify the purchaser in addition to the seller once an offer has been accepted’ (see the OFT Guidance, 10.8.)."

    The best practice they have given conflicts with the provision of the data protection act that data is only gathered where necessary.
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    westv wrote: »
    I was under the impression that, when it came to financial transacation like house purchases, each part of the chain (solicitor, EA, mortgage provider etc) had to independently obtain ID from the individual they were dealing with - be that buyer or seller.

    Solicitor and bank, yes. EA, no.
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    Ulfar wrote: »
    ... @westtv if you read the first link you have posted all the way through it actually states "It’s worth noting that while estate agents are required to undertake what the legislation refers to as ‘customer due diligence’ only for vendors when acting as their agents, best practice is to identify the purchaser in addition to the seller once an offer has been accepted’ (see the OFT Guidance, 10.8.)."

    The best practice they have given conflicts with the provision of the data protection act that data is only gathered where necessary.
    Interesting point in the detail of the words - if the EA does expect to see buyers' details, this should only occur after the offer has been accepted. So no ID check before being 'allowed' to offer.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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