9:42 AM, 14th August 2020, About 10 months ago 5
During purchase, it has been my experience that many estate agents ask for financial details from buyers. I remember one particular South West agent int he 90’s tried to give us the mandatory “financial assessment” BS – ie show our tied mortgage agent all your cards.
I have always found this hard to navigate as I understand their need to check buyer validity. However I am loathed to allow an agent to know anything about my finances, and often when we view a property we have not decided how we are going to finance it, as its often property dependant.
My accountant normally assists with a certified letter stating that we have access to the required funds.
We have not purchased for 2 years and now we are a little dismayed to discover that agents are “required by law” (agents words here) to know everything about where we are getting our money.
a) Is this true? The agent is not handling any of our money, in the past, the solicitor has had money laundering requirements, which is fine, but I fail to see the agents involvement other than signposting? (I have bought 22 properties since 1999, so I have a bit of experience, but still by no means an expert).
b) Is there a way around it for example by using solicitor/accountant to verify?
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Next ArticleGreen Homes Grant disappointment?
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|