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First Time Buyers - More Mortgage/Personal Documentation required by Estate agents?
Comments
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Yes, really. Your link ain't the actual law!ReadingTim wrote: »Really? This guidance from the OFT suggests otherwise - http://www.oft.gov.uk/shared_oft/business_leaflets/general/Money-laundering-summary.pdf
Now, I do apologise for being less than totally clear. It does not apply to buyers of property. Buyers of property are NOT customers of the Estate Agent.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 ForumTeam0 -
DVardysShadow wrote: »Now, I do apologise for being less than totally clear. It does not apply to buyers of property. Buyers of property are NOT customers of the Estate Agent.
We may have to agree to disagree. http://www.oft.gov.uk/shared_oft/business_leaflets/general/estate-agents.pdf
Suggests EAs need to have anti money-laundering procedures in place for both sellers and buyers of property. Estate Agents with inadequate procedures are also vulnerable to prosecution by the OFT for non-compliance with anti-money laundering regulations. If it "ain't the actual law" how can they be prosecuted for it?!? Feel free to trawl "the actual law' if you like (The Money Laundering Regulations 2007 (SI 2007/2157)), although, to go back to the OP, the EA is probably being a little over-zealous in their application of it.0 -
I'd tell them to stick it, really that's outrageous! I can understand them asking for a mortgage in principle but that's as far as it goes.
I did buy ages ago but all the EA did was introduce me to the house, arrange viewings and negotiate the price. Once the price was agreed I never had need to speak to them again, I dealt with the owner direct. I know that is not always possible but once a sale is agreed the solicitors take over everything else bar from the vendor's side.0 -
Linking your pdf again is no more convincing than the first time. 'Agreeing to disagree' is the silliest notion, I only agree that you are wrong on this one.ReadingTim wrote: »We may have to agree to disagree. http://www.oft.gov.uk/shared_oft/business_leaflets/general/estate-agents.pdf
Suggests EAs need to have anti money-laundering procedures in place for both sellers and buyers of property. Estate Agents with inadequate procedures are also vulnerable to prosecution by the OFT for non-compliance with anti-money laundering regulations. If it "ain't the actual law" how can they be prosecuted for it?!? Feel free to trawl "the actual law' if you like (The Money Laundering Regulations 2007 (SI 2007/2157)), although, to go back to the OP, the EA is probably being a little over-zealous in their application of it.
Indeed, EA's may be prosecuted for inadequate procedures which do not comply with the law. But as a buyer does not undertake a significant financial transaction with the EA [except possibly as a mortgage customer], the regs do not apply. And the guidance note may therefore be wrong.
And while the list of questions which the OP is being asked may be necessary for a money laundering check, it shows that it is unacceptable for EA's [who work for the seller] to conduct this sort of inquisition on buyers.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 ForumTeam0 -
Sounds to me like overkill. All we have to do is produce a letter from my OH's father stating that the money is a gift and that he doesn't expect it back along, how it was accumulated (savings from income) and proof of it's existance (savings account statement). All this to the solicitor. I've even got a funny feeling we don't have to provide as much as this now...Trying to remain free of unsecured debt and build up some savings.
Have done CeFA and CeMAP exams but no longer regulated.0 -
DVardysShadow wrote: »Linking your pdf again is no more convincing than the first time. /QUOTE]
Errr...it's a different link and pdf, but you'd know that if you'd opened it, let alone read it or understood it0 -
Apologies, it is another one. Having opened it, I have now understood it.ReadingTim wrote: »DVardysShadow wrote: »Linking your pdf again is no more convincing than the first time.
Errr...it's a different link and pdf, but you'd know that if you'd opened it, let alone read it or understood it
It does not advise EA's to carry out money laundering checks - let alone mandate them - for buyers of property.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 ForumTeam0
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