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  • FIRST POST
    • muhandis
    • By muhandis 24th May 19, 9:08 AM
    • 599Posts
    • 242Thanks
    muhandis
    Is this normal?
    • #1
    • 24th May 19, 9:08 AM
    Is this normal? 24th May 19 at 9:08 AM
    Hi,

    We are currently in the process of remortgaging a BTL property A to release funds towards the deposit for a residential purchase B.

    We offered on B, the offer was accepted subject to us providing id, AIP for B and proof of deposit none of which we thought would be a problem.

    We gave the estate agent id. Our broker confirmed to the estate agent that we had an AIP for B and said that the Barclays BTL remortgage for A was our source of deposit and asked that he take the property off the market and issue a memorandum of sale so we could get the legal work going.

    However, the estate agent is insisting that he needs to see the remortgage offer from Barclays as proof of deposit before he will mark the property B 'under-offer' or SSTC on Zoopla and issue a memo of sale. He says that its an AML compliance issue that his system will not allow him to override.

    My broker tells me that's bulls**t and he hasn't seen this with any other estate agents. He thinks they probably have a higher offer being negotiated with another potential buyer or want to see if they get any better offers.

    To the brokers on the site, is this normal for the estate agent to want to see the remortgage offer for proof of deposit?

    Thanks,

    K
Page 1
    • foxy-stoat
    • By foxy-stoat 24th May 19, 1:02 PM
    • 4,483 Posts
    • 2,643 Thanks
    foxy-stoat
    • #2
    • 24th May 19, 1:02 PM
    • #2
    • 24th May 19, 1:02 PM
    Have you actually given the EA proof of the deposit? They probably want something in writing rather than your say so.
    • muhandis
    • By muhandis 24th May 19, 1:09 PM
    • 599 Posts
    • 242 Thanks
    muhandis
    • #3
    • 24th May 19, 1:09 PM
    • #3
    • 24th May 19, 1:09 PM
    The deposit for the purchase is coming from the Barclays remortgage of our BTL property. He wants to see the mortgage offer from Barclays before he will stop marketing the property and issue a memorandum of sale. That is the only thing he will accept as proof of deposit.

    Our broker has submitted the Barclays application but it will take a bit more time.

    Have you actually given the EA proof of the deposit? They probably want something in writing rather than your say so.
    Originally posted by foxy-stoat
    • Thrugelmir
    • By Thrugelmir 24th May 19, 2:18 PM
    • 63,530 Posts
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    Thrugelmir
    • #4
    • 24th May 19, 2:18 PM
    • #4
    • 24th May 19, 2:18 PM
    The deposit for the purchase is coming from the Barclays remortgage of our BTL property. .
    Originally posted by muhandis
    Until there's an offer on the table you effectively have no deposit.

    Might as well leave the property on the market in the meantime from the vendors perspective. As presumably you've then got to get this past you're new residential mortgage lender as well.
    “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
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