London and Country DIP not accepted by EAs

m0bov

I also used L&C DIPs in the past (two purchases), you can also get a letter from your Sol to say you have sufficient funds and proceed-able.

You can also pop a note into the house you want to offer on and explain you are being pushed into seeing the EA's advise for their kick back and they risk loosing the sale.

You would not apply for a DIP from a lender unless you have had the offer accepted otherwise your credit record would be ravaged.

[Deleted User]

m0bov wrote: »

I also used L&C DIPs in the past (two purchases), you can also get a letter from your Sol to say you have sufficient funds and proceed-able.

You can also pop a note into the house you want to offer on and explain you are being pushed into seeing the EA's advise for their kick back and they risk loosing the sale.

You would not apply for a DIP from a lender unless you have had the offer accepted otherwise your credit record would be ravaged.

The vast majority of lenders do soft searches on Dip. You could do hundreds of Dips and it will have no impact on your credit rating. It's also valid for 3 months at a time.
I'm not sure in what circumstances your credit score would get 'ravaged'

eddddy

NiceDream wrote: »

I've had two estate agents say that my London and Country decision in principle is not sufficient because it's not a "real decision in principle".
Anyone else have this experience? The first time it happened I thought the EA was just trying to get me to use their broker service but now it's happened again I'm wondering if this is a real issue or definitely an EA tactic.

Taking a step back - there are no laws about what you need, in order to make an offer on a property.

And if you make an offer on a property, the law requires the EA to pass that offer on to the seller (unless the seller has said otherwise in writing).

But the EA is also required to a Financial Evaluation of you, and pass those details on to the seller. (Almost all EAs would ask to see a mortgage DIP / AIP / proof of deposit as part of that evaluation.)


So for example some EAs might advise sellers to

• be very wary of L&C DIPs
• reject any offers with L&C DIPs
• accept offers from buyers with L&C DIPs, but leave the property on the market until a mortgage valuation is booked
• etc
• etc

But it would be up to the seller to decide.

FWIW, one particular (lower end of the market) EA I dealt with would check DIPs / AIPs, but not really "trust" any of them. They always advised sellers to leave properties on the market until mortgage valuations were booked.