shlomo Posted April 22 Share Posted April 22 I have made an offer for a property and the EA wants an AML check done and wants to charge £40 is this correct Quote Link to comment Share on other sites More sharing options...
Sackboii Posted April 22 Share Posted April 22 Are you buying with mad crypto gainz ? Quote Link to comment Share on other sites More sharing options...
shlomo Posted April 22 Author Share Posted April 22 8 minutes ago, Sackboii said: Are you buying with mad crypto gainz ? I have never purchased crypto Quote Link to comment Share on other sites More sharing options...
Brendan110_0 Posted April 22 Share Posted April 22 4 hours ago, shlomo said: I have made an offer for a property and the EA wants an AML check done and wants to charge £40 is this correct It’s a new make money for nothing scheme. I’d ask if they want your business or not. That may focus them a touch. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted April 22 Share Posted April 22 4 hours ago, shlomo said: I have made an offer for a property and the EA wants an AML check done and wants to charge £40 is this correct Isn't it up to your solicitor to decide whether checks are necessary? Quote Link to comment Share on other sites More sharing options...
shlomo Posted April 23 Author Share Posted April 23 7 hours ago, Bruce Banner said: Isn't it up to your solicitor to decide whether checks are necessary? Can you expand on this Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted April 23 Share Posted April 23 27 minutes ago, shlomo said: Can you expand on this I believe that it's the responsibility of the conveyancing solicitor to sign off the funds being used. If they know you and are satisfied that there is no money laundering then checks may not be necessary. Quote Link to comment Share on other sites More sharing options...
shlomo Posted April 23 Author Share Posted April 23 1 minute ago, Bruce Banner said: I believe that it's the responsibility of the conveyancing solicitor to sign off the funds being used. If they know you and are satisfied that there is no money laundering then checks may not be necessary. So this is not the remit of the EA Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted April 23 Share Posted April 23 2 minutes ago, shlomo said: So this is not the remit of the EA Not necessarily, although they have a duty to report if suspicious. Estate and letting agency business guidance for money laundering supervision - GOV.UK (www.gov.uk) Quote Link to comment Share on other sites More sharing options...
Timm Posted April 23 Share Posted April 23 5 minutes ago, Bruce Banner said: Not necessarily, although they have a duty to report if suspicious. Estate and letting agency business guidance for money laundering supervision - GOV.UK (www.gov.uk) Good luck wading through that. Quote Link to comment Share on other sites More sharing options...
Timm Posted April 23 Share Posted April 23 13 hours ago, shlomo said: I have made an offer for a property and the EA wants an AML check done and wants to charge £40 is this correct Smile and wave, smile and wave. Which is to say - stump up and don't wave a red flag around. Quote Link to comment Share on other sites More sharing options...
shlomo Posted April 23 Author Share Posted April 23 11 minutes ago, Timm said: Smile and wave, smile and wave. Which is to say - stump up and don't wave a red flag around. We are one family buying one house so no red flag, the EA looks dodgy and the company they have recommended have significant red flags in that they sign you up for a £7.99 per month deal that you cannot get out of unless you tell the bank to cancel The Google reviews say even if you say no they still sign you up for a monthly d/d the company is called ‘lifetime legal’ Quote Link to comment Share on other sites More sharing options...
shlomo Posted April 23 Author Share Posted April 23 (edited) 5 hours ago, Bruce Banner said: I believe that it's the responsibility of the conveyancing solicitor to sign off the funds being used. If they know you and are satisfied that there is no money laundering then checks may not be necessary. I said this to the EA he was not flexible I said I did not want to proceed with the sale, and after thinking of the loss of £8400 commission he backed down and said would accept passport pictures with council tax with address on thanks your knowledge helped Edited April 23 by shlomo I cannot work out percentages Quote Link to comment Share on other sites More sharing options...
hurlerontheditch Posted April 23 Share Posted April 23 17 minutes ago, shlomo said: I said this to the EA he was not flexible I said I did not want to proceed with the sale, and after thinking of the loss of £84k commission he backed down and said would accept passport pictures with council tax with address on thanks your knowledge helped haha crazy Quote Link to comment Share on other sites More sharing options...
70PC Posted April 23 Share Posted April 23 16 hours ago, shlomo said: I have made an offer for a property and the EA wants an AML check done and wants to charge £40 is this correct As one responder has noted this looks like another income sceme for agents. Numbers will start low and creep up. Background checks for renting were the same. Before HMG knocked that on the head, I had to pay the agent circa £400 for the pleasure. https://www.estateagenttoday.co.uk/breaking-news/2023/2/reader-poll-do-you-charge-for-aml-checks Quote Link to comment Share on other sites More sharing options...
wighty Posted April 23 Share Posted April 23 (edited) If you use the solicitor recommend by EA he'll have big kick back. Was less than half price using on-line conveyancer and was more flexible and prompt. Ask the EA what commision they get from added services. Edited April 23 by wighty Quote Link to comment Share on other sites More sharing options...
shlomo Posted April 23 Author Share Posted April 23 58 minutes ago, wighty said: If you use the solicitor recommend by EA he'll have big kick back. Was less than half price using on-line conveyancer and was more flexible and prompt. Ask the EA what commision they get from added services. The EA said that in the conversation that they have a solicitor that they can recommend, I am too old to fall for that one Quote Link to comment Share on other sites More sharing options...
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