Estate Agents Proceedable Meeting

eccolad

Hi All,

We have had an offer accepted on our first home as of yesterday morning! We are so excited. I just have a quick question...

I have a meeting this morning with the estate agents to make sure we are proceedable before they take the house off the market and cancel later viewings, which is fair enough. They have requested we bring proof of deposit and mortgage offer in principle, which we have.

But... They also want us to bring 3 payslips, 3 bank statements and P60's. Now I know they are going to try and "beat" our mortgage offer, but it's a family friend who is out mortgage broker and looked after my family for many years. I know he has the best deal for us and even if not, I'm more comfortable going through this process for the first time with him. I'm waffling now...

What I want to know is, why do the estate agents want to see our finances, it has nothing to do with them. Surely they only need to see mortgage in principle and proof of deposit. Am I in my right to refuse to show them?

Many thanks... Exciting times!

PasturesNew

eccolad wrote: »

.

I have a meeting this morning with the estate agents to make sure we are proceedable before they take the house off the market and cancel later viewings, which is fair enough.

That's a new wheeze .....

eccolad wrote: »

.

They have requested we bring proof of deposit and mortgage offer in principle, which we have.

But... They also want us to bring 3 payslips, 3 bank statements and P60's. Now I know they are going to try and "beat" our mortgage offer, but it's a family friend who is out mortgage broker and looked after my family for many years. I know he has the best deal for us and even if not, I'm more comfortable going through this process for the first time with him. I'm waffling now...

What I want to know is, why do the estate agents want to see our finances, it has nothing to do with them. Surely they only need to see mortgage in principle and proof of deposit. Am I in my right to refuse to show them?

Many thanks... Exciting times!

It's just a slimey sales tactic to back you into getting a quote for a mortgage through their man.

Nothing more.

Sneaky, underhand, snake oil salesman tactics.

lee111s

Take your AIP and nothing more. This proves to them that you have the means to fund the sale, the payslips are nothig to do with them, as the above post mentions, it's a way for them to get you to speak with their mortgage advisor. If you don't want to and are happy with finding your own mortgage then simply politely tell them you don't wish to see their advisor as you already have a mortgage sorted. Don't get angry just be firm.

They'll probably try to push a conveyencer on you too, again if you have a solicitor lined up, politely refuse and explain you've already got/instructed one.

bluedrop

Refuse to meet them for this crap. Tell them that they have to take the property off the market now. Tell the EA firmly that your solicitor will be able to confirm this. Show your aip and deposit proof to your solicitor and ask him to have a word with the EA.

kingstreet

If your P60 and payslips go anywhere near them, they'll try to hold on to them for some spurious reason. This will prevent you going elsewhere without coming back to them, giving them another chance at "turning" you.

If it's a national firm, chances are;-

- they have a limited panel of lenders only
- they get survey work from their lender panel
- they charge you a fee
- they have only a single insurance tie
- they will push their expensive conveyancing service.

Avoid.

They are obliged to "qualify" your offer under the EA Act, but there is nothing in the Act to say how they do this. When I was an EA advisor, this meant a phone call and four simple questions;-

- your income
- your deposit and mortgage amount
- your credit and other expenses
- your credit history.

That was it. Qualified.

roger196

This is to see what the maximum price you could afford. Then to up your offer by producing phantom other offers. Do not go down this route. The ea is acting for the vendor not for you. He has no more right to see your personal financial details than you have to go through the ea's books and bank account.
Follow bluedrop's advice.

mr-bob_2

Take your AIP and say you have a broker who's a family friend so you won't even consider anyone else and you have everything else in place and ready to proceed.

You're looking to complete within 6 weeks.

That'll put you in a strong position.

robatwork

I'd sooner show my bank statements to the guy who checks my gas meter.

It's not their business, it's not "normal", and....tell them to do one/jog on/politely decline depending on your mood

neverdespairgirl

We got a letter from our solicitor saying she had seen and could therefore confirm that we had a combination of deposit and mortgage offer that allowed us to offer £x for a property.

She actually did us several letters, identical except for the amount (all of which were genuine, we could afford the highest amount she'd written) so that we could show the appropriate one when we made an offer.

When the EA did the whole, "our mortgage advisor can save you.... can't hurt to talk...." OH just fixed him with a very firm stare and said. "No." And then asked about the service charge or something, making it very clear the subject was closed.