Vendors estate agent asking for copy of an AIP

bartman100 Posts: 544
edited July 2018 in The cake stop
Just wondered what people's thoughts are on the following.

I've made an offer on a property. I have an AIP with a broker which shows I can comfortably afford it (and then some). I have a sizeable deposit.

The agent is taking instruction on the offer but in the meantime, their preferred financial advisor (Countrywide) has been in touch to do some 'due diligence' on my ability to afford the property. He's asked for bank statements and a copy of the AIP. When we spoke, I said I would consider passing on this info but that I am guarded about him passing on the info to the agents/vendors who will see my financial strength and use it to hold out for more money. He assures me he will not divulge and would be working 'in my interests'. Of course, he's also after my business - he wants to arrange the mortgage for me. I already have my own broker lined up.

Any thoughts? I have nothing to hide and don't necessarily see it as suspicious but my understanding is that I don't have to divulge my financial info to either the estate agent of their FA. They have to take instruction on the offer and then if accepted and it transpires I can't make good on it then I face the recriminations.

I won't be played off by third parties to squeeze more cash from me - I believe the offer to be fair and the market value.



  • Politely decline . . .
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  • FishFish
    FishFish Posts: 2,152
    I think the reason is based in preventing money laundering. The agents and lawyers are inept at this and so the right questions don't get asked. Why they have a 'financial advisor' I don't know but I suspect that countrywide lent the vendor the mortgage and does not really understand that he is not at risk. I don't think they are in a coluuded conspiricy to get any money from you though. Just ineptitude.

    However - if in one account you are demonstrating your financial strength then time to split in to different accounts even just for your own safety and relative privacy.
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  • rjsterry
    rjsterry Posts: 28,530
    Given the number of time-wasting tyre-kickers around, I assumed it was just assessing whether the OP is serious and has finance in place.
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  • apreading
    apreading Posts: 4,535
    Yes - I dont think its uncommon for an estate agent to refuse to take a house off the market unless you prove you are in a position to proceed. They might accept an offer but keep it on the market in case you hold them up and of course the whole time they might get a better offer.
  • Flâneur
    Flâneur Posts: 3,081
    politely decline and state they can have a mortgage in principal which is available quickly to yourself (does hit credit rating IRC).

    Some of the details such as being removed/no more viewings are all dependant on your negotiation and the market you are in. When we paid asking on a house recently we did so under the condition they didn't hold any more viewings and it was placed as under offer immediately and effectively removed from listings. Flip side, by Monday (offer was Saturday post viewing) we were being asked to provide details of the team and Mort In Prin.

    PS unless you have some solid reasons (self employed, complicated background of money etc) you will probably get as good a deal as the broker, very few these days get deals which are better than what you can find with an hour and compare on a 2 minute spreadsheet with simple formula/calculations. The advantage is, one less person to slow the process down.
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