Seller's estate agent wants payslips and bank statements

tracyn

Hi. We made an offer on a house which was accepted subject to providing a mortgage agreement in principle and proof of deposit, which we have now provided. Now the estate agent is asking for 3 months payslips and 3 months bank statements before he is able to take the property off the market.

I have emailed him this evening to ask why he needs this, but while I wait for his answer (which I suspect is around checking affordability) can I please check if this has become the new norm when buying a home? We have purchased twice in the last 10 years and never even had to provide an AIP let alone payslips.

I don't want to give away too much to the estate agent as I just don't trust him. We earn enough money to be able to buy a house worth twice as much (and have a second AIP for twice the mortgage amount), however we are choosing to live well within our means.

Am I being overly cautious or am I right to be suspicious?

NB This particular EA has a disproportionate market share in the area we want to buy in so if we pull out we will significantly reduce our options.

Thanks in advance!

TrixA

We're currently buying in NE London and had a previous property fall through. In neither case were we asked for this sort of information. We didn't even have to provide AIPs.

Unless you're in an area that is extremely hot with lots of competition for properties, I would politely refuse, saying that you have provided this info to your lender and they need to be patient. Personally I wouldn't even have provided proof of deposit to an agent, so I think you've been more than accommodating.

Ulfar

I wouldn't be giving him this information it is not required.

You have provided an AIP, he will also have to check your ID. I provided passport and a utility bill. On occasion I have been asked to prove I have the deposit with a bank statement, so I opened a second account and put the deposit money in that.

As you have stated giving these other details, gives too much information.

m0bov

Give them the details of your FA there is no reason to provide any personel details to the agent acting for the seller.

honey_badger_3

state the data protection act to them - that they legally cannot hold any irrelevant info about you.

Your bank can worry about your wage slips etc not the EA

Daisymoocow

This happened to us when we bought our first house. The EA refused to put our offer forward until we showed him proof of income and proof of deposit. I can not see any reason why they would need this if you have a valid DIP... the only thing I can think of is if the EA knows this information they then know roughly what the maximum a lender would give you is. You may then offer £5k under the asking price and the EA (Who is acting for the seller - not you) knows you can afford more and will likely 'advise' the vendor to push for more. Afterall, the EA get a % of whatever the house sells for... We refused point blank and provided the DIP.

theartfullodger

honey_badger wrote: »

state the data protection act to them - that they legally cannot hold any irrelevant info about you.
....

Errr.. really?? Come on, they have at the very least purchasers name and address-or-email-or-'phone number..They can hold all they like as long as they are registered with ICO & do it in the correct manner.

I'd simply write (yes, WRITE! - keep copy) to vendor direct stating what was "required" by their agent & whilst you would be happy for your solicitor to pass such info on, if required, to vendor's solicitor, you would not be providing such info to these jumped-up salesmen, but it was a firm offer & would he kindly instruct his agent to remove from market.