First Time Buyers - More Mortgage/Personal Documentation required by Estate agents?

KRB2725

It's not a gifted deposit, so nothing to do with parents. The mortgage company may ask to see proof of accumulation, but it is nothing to do with the estate agents.

DVardysShadow

ReadingTim wrote: »

I believe the EAs are under an obligation under anti-money laundering regulations to assure themselves that the funds are legit, but this seems a little excessive.

With regard to the info required of your parents, they've either misunderstood the source of your finances, or cut and pasted too much information from their pro-forma checklist - common or garden incompetance in other words!

No obligation. The EA is not party to a significant financial transaction. No, really they are not. The money laundering checks are done via solicitors.

I too would tell this agent to butt out.

phoebe1989seb

Agree with what other posters have said. In our recent purchase (not FTBs and no mortgage btw) we pulled out of two transactions before finding the right property. The agent of the third property who had not shown us the first two, didn't even ask for proof of ID at all

In fact our solicitor didn't even ask for proof of additional funds (savings) that we would be using to pay their fees and stamp duty etc......we could have been telling porkies all along that we had sufficient funds to complete the transaction but they didn't seem bothered which was most strange!

I would definitely tell them where to get off

dopester

george_g wrote: »

the estate agents however (not the mortgage company) now want:

Don't be so eager to please. It's a bad bad world, full of people ready to take advantage of the naive and trusting.

http://www.youtube.com/watch?v=awK0NrgHUbk

The EA is working for his clients, the sellers.

You're considering eagerly showing EA your maximum affordability and a tool to try and help sellers not have to reduce their asking prices in order to meet you a little way on affordability/value.

george_g_3

dopester wrote: »

Don't be so eager to please. It's a bad bad world, full of people ready to take advantage of the naive and trusting.

The EA is working for his clients, the sellers.

You're considering eagerly showing EA your maximum affordability and a tool to try and help sellers not have to reduce their asking prices in order to meet you a little way on affordability/value.

sorry, no, an offer has already been accepted, this is after the application for the mortgage has been made. we are reluctant to give them the info - hence the post here to see if its normal.

cheers

george

dopester

george_g wrote: »

sorry, no, an offer has already been accepted, this is after the application for the mortgage has been made. we are reluctant to give them the info - hence the post here to see if its normal.

cheers

george

AIP = application in principle?

You've still to get it surveyed yes? What happens if there are issues, or valued below your offer?

Who will think they've got a strong hand knowing the ins-and-outs of your finances? The sellers and the EA, possibly reluctant to lower price if issues arise, knowing what you can stretch to.

I wouldn't allow any estate agent, totally unregulated sector, to look at my financial details. Even the thought of them having my bank details, to copy, freaks me out. And them acting on behalf of the sellers knowing my financial ins-and-outs? No thanks. I can only think they want to try broker you a mortgage?

mrschaucer

"My solicitor will satisfy the vendor's solicitor in all details relating to money laundering legislation". So go away, nasty EA man.

Riq

When I bought I just told them my offer and I had a 30% deposit as a bit of a leverage to say I'm in a good position. They didn't ask for anything, no Id, bank statements or signed docs. They have no money laundering obligations so you can refuse to show them anything.

The only id I showed them was when I picked the keys up and that's the first time I ever met them!

ReadingTim

DVardysShadow wrote: »

No obligation. The EA is not party to a significant financial transaction. No, really they are not. The money laundering checks are done via solicitors.

Really? This guidance from the OFT suggests otherwise - http://www.oft.gov.uk/shared_oft/business_leaflets/general/Money-laundering-summary.pdf

davilown

I'm a FTB and have not given the EA ANY monetary information and refused to see their mortgage advisor although they said I had to.

Don't give them it, they don't need to have it