AML check cost

Anthear

I am buying a property and the Estate Agent selling the property wishes to charge £55 for a AML check.

I have challenged this as not all agents charge this - but they are not budging - is there a way I can conduct my own through a provider??

Any advice appreciated.  Thanks :-)

marcia_

 I wouldn't pay for them to carry out the check. Imo thats his cost or his customers. 

Anthear

I have tried that line with zero success.  I've made a complaint and they say they are not willing to do anything.  This is within the context of them typically charging 1.6% commission - I am paying my agent 1% and they do not charge for the check!

I am wondering if there are providers I can use myself?

Voyager2002

Have you mentioned this to the vendor?

ChirpyChicken

Tell them you will walk away from the sale then.....

Anthear

No - I haven't mentioned it to the vendor - as everything is done through the agent.

Walking away seems a bit like 'biting your nose to spite your face'??

user1977

Express shock and surprise as you thought it was normal practice for their client to pay their fees...

Just greedy really. Yes they need to do some perfunctory AML checks but there's no principle that a potential buyer needs to pay for it (in the same way that you don't pay the EA's petrol for coming to a viewing etc).

Anthear

Agree 100% it is greedy - although they make a point of saying that other agents charge more - so they are more greedy ;-)

What to do though??

Voyager2002

Anthear said:

Agree 100% it is greedy - although they make a point of saying that other agents charge more - so they are more greedy ;-)

What to do though??

Explain to them that your solicitor is obliged to carry out AML checks and so can spare them the trouble.

Anthear

Voyager2002 said:

Anthear said:

Agree 100% it is greedy - although they make a point of saying that other agents charge more - so they are more greedy ;-)

What to do though??

Explain to them that your solicitor is obliged to carry out AML checks and so can spare them the trouble.

Apparently the agent is legal obliged to do the checks too.....

BikingBud

Anthear said:

Voyager2002 said:

Anthear said:

Agree 100% it is greedy - although they make a point of saying that other agents charge more - so they are more greedy ;-)

What to do though??

Explain to them that your solicitor is obliged to carry out AML checks and so can spare them the trouble.

Apparently the agent is legal obliged to do the checks too.....

Nope, unless you have the basis of the obligation. I determined they are not obliged to do the checks but to conduct a risk assessment.

See this thread which stalled and no further discussion was provided. It might indicate it was a reasonable position, perhaps you might press to test with the EA and report back:

Without reading the whole 197 page document it would appear that they are not obliged to complete AML checks but to carry out risk assessments, including determining which clients might be lower risk, due diligence only and higher risk, merit closer scrutiny.

Hence, using the information provided by the solicitor is perfectly acceptable, reduces duplication, reduces cost and also reduces risk of differing assessment leading to stalled progress.

Ask to see their AML policy.