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Estate Agent charging £42 AML fee to buyer of house?

2

Comments

  • Surrey_EA
    Surrey_EA Posts: 2,051 Forumite
    Tenth Anniversary 1,000 Posts
    LXGB wrote: »
    charging for it is sharp practice?

    Unusual, not heard of it myself.

    I'd tell the EA to jog on.
  • victoriavictorious
    victoriavictorious Posts: 358 Forumite
    Normal for an EA to ask for AML docs once a buyer has made an offer, but not to charge for this service.
    They're just chancers - supply the documents, but as for payment, tell them to Foxtrot Oscar.
  • ACG
    ACG Posts: 24,991 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    £42!!! That is a mark up of about 1000%!
    It costs me around £4 + VAT and we do not even use a cheap company, there are some who charge around half that.
    Show them this link https://veriphy.com/people-checks/aml-checks/ - they can sign up for free and use it as a one off. Maybe ask them for a thank you for helping to find them a company who charges 10% of what their current company does :)
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • LXGB
    LXGB Posts: 88 Forumite
    Part of the Furniture Combo Breaker
    Thanks ACG, I'll do exactly that! :-)
  • Surrey_EA
    Surrey_EA Posts: 2,051 Forumite
    Tenth Anniversary 1,000 Posts
    ACG wrote: »
    Show them this link https://veriphy.com/people-checks/aml-checks/)

    That's who we use too.
  • ACG
    ACG Posts: 24,991 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    It would not surprise me if that is who they use.
    This is just a money spinner.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    LXGB wrote: »
    .... the estate agent has asked me to sign an Anti Money Laundering (AML) form. The small print at the bottom says I consent to AML checks, which I have no objection to. However, the bit that is causing me concern is the small print also says I agree to be charged £35 plus VAT for AML checks.
    Just [STRIKE]cross out the small print referring to the fee,[/STRIKE] and then sign.
  • LXGB
    LXGB Posts: 88 Forumite
    Part of the Furniture Combo Breaker
    G_M,

    Funny you should say that. I did that at th time, but didn't sign. Told them I'd come back next week to discuss further. !!!128077;
  • buggy_boy
    buggy_boy Posts: 658 Forumite
    Part of the Furniture Name Dropper Combo Breaker
    Surrey_EA wrote: »
    They both have to.

    It is a legal requirement!!!

    Surely the solicitor would pass on the anti laundering information to the estate agent or surely it will be just duplication, made a few offers recently through different estate agents, Ive told I need to show ID and a trail of where the money has come from which is fair enough but never heard of charging for this... Seems a bit petty considering the thousands they get from the seller.
  • Gwendo40
    Gwendo40 Posts: 349 Forumite
    Agent's obviously worried about the upcoming Lettings Fees ban so are seeking alternative money for nothing scams.
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