Providing ID & bank statement to estate agent when buying property

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    #16
    Solicitors will always ask for ID, whether cash buyer or not, indeed because of money laundering prevention purposes as you are their client and they will have to handle large amount of money of your behalf, and because they will handle land registry, stamp duty, etc. forms.

    Originally posted by Mars Mug View Post
    No, cash buyers are not by default suspicious, the cash buyers who refuse to provide requested ID may well be.
    They should request ID in case of suspicious transactions, not ask for ID in all cases and tell you that you are now suspicious when voicing concerns.
    I've lived in authoritarian countries and they would appreciate the tactic

    Originally posted by Mars Mug View Post
    Royw is welcome to follow your advice
    You did not understand my advice to him:
    If he's a serious buyer he should not spend too much time on the ID issue, and just show one to them. They key for him, imo, is to show that he's got the funds ready without showing his hand. Ie. that he's got the funds to match his offer, not more, and nothing else.

    Seems to me Money Laundering is the financial equivalent of Elf 'n Sefty and we are not supposed to question it.
    If you question it the terrorists win.

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      #17
      Originally posted by jjlandlord View Post
      Solicitors will always ask for ID, whether cash buyer or not…
      I know; I was just making the point that at one or more stages in the transaction ID will be required. If royw had objected to providing ID on principle then this would become a problem again later, it wasn’t until post #15 that royw made it clear that wasn’t the case.

      Originally posted by jjlandlord View Post
      They should request ID in case of suspicious transactions…
      I think it’s perhaps just the Estate Agent going through a formality a little too early in the process, and may also be combined with what you suggested about avoiding time-wasters.

      Originally posted by jjlandlord View Post
      You did not understand my advice to him:
      I did understand, and didn’t disagree, there would be no risk to royw other than possibly delaying the process (but not in this case since he’s bypassed the EA anyway).

      But going back to post #1 which questioned why the EA was requesting ID and if it was a legal requirement, then I still think the answer is the requirements on EAs to follow Money Laundering regulations.
      I also post as Moderator2 when moderating

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