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Repossession Proof of Funds

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MysteryM
MysteryM Posts: 22 Forumite
in House buying, renting & selling
We are currently planning on buying a repossession however the EA has asked that we talk to there mortgage adviser to show proof of funds, even though we have a already provisionally arranged a mortgage with a bank that we are happy with.

A lot of our money sits in a sharedealing account, my question is will they be happy with printouts from this account (with account numbers blanked etc), or will they only want to see current account proof, and hence will I have to transfer the money into my current account.
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  • richardw
    richardw Posts: 19,459 Forumite
    Part of the Furniture 10,000 Posts
    Is there a notice period for the share dealing account?
    Posts are not advice and must not be relied upon.
  • MysteryM
    MysteryM Posts: 22 Forumite
    No, there's no notice period. All my shares have been sold so the money is all accessible.

    Its 3 days to transfer via BACS - that's the only real notice period. I'm worried that something may go wrong with the transfer and hence i wondered if i'd be better off trying to transfer the money after i provided proof via my share dealing account.
  • richardw
    richardw Posts: 19,459 Forumite
    Part of the Furniture 10,000 Posts
    You'll be put under pressure to accept a mortgage through their mortgage adviser, depends how much you are bothered about this, do you mind them getting a bit of commission for arranging a mortgage that is no worse than the one you've already arranged?
    Posts are not advice and must not be relied upon.
  • MysteryM
    MysteryM Posts: 22 Forumite
    richardw wrote: »
    You'll be put under pressure to accept a mortgage through their mortgage adviser, depends how much you are bothered about this, do you mind them getting a bit of commission for arranging a mortgage that is no worse than the one you've already arranged?

    If it keeps them happy which in turn means i get a good deal then no i don't have a problem. I'd even be happy to take there choice of solicitor provided they could get the house sale through asap.
  • richardw
    richardw Posts: 19,459 Forumite
    Part of the Furniture 10,000 Posts
    With repos it appears you have to move quickly, so perhaps transfer the money to a current account.
    Posts are not advice and must not be relied upon.
  • MysteryM
    MysteryM Posts: 22 Forumite
    Understood - thanks for the advice.
  • richardw
    richardw Posts: 19,459 Forumite
    Part of the Furniture 10,000 Posts
    Has the EA accepted your offer for the property?
    Posts are not advice and must not be relied upon.
  • MysteryM
    MysteryM Posts: 22 Forumite
    The property has been repossessed but hasn't hit the market yet as the valuations haven't been completed - its going on next week.

    We haven't made any offers at the moment, and won't do until we first see the property.
  • ValHaller
    ValHaller Posts: 5,212 Forumite
    1,000 Posts Combo Breaker
    MysteryM wrote: »
    The property has been repossessed but hasn't hit the market yet as the valuations haven't been completed - its going on next week.
    Ideally, do not show any proof of funds to the agent, let your solicitor be the one to verify that you are good for the money.

    But as it is a repo, this may not be good enough. However, under no circumstances verify funds until you have an offer agreed. If they pressurise you to verify before an offer is agreed, ask them quite firmly if it is their policy to imply that customers are stupid.
    You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'
  • Paully232000
    Paully232000 Posts: 2,108 Forumite
    Just curious as buying a house again in the next few months/end of year after 6 years in current.
    Why would an estate agent want to see proof of funds other than to prove you can afford it.
    Don't have a go if this appears a naive question, genuinely curious.
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