I’ve had my offer accepted,why hasn’t the property been removed from the market?

I’ve had my offer accepted, why hasn’t the property been removed from the market on the property portals?

You’ll receive confirmation of all offers in writing, by law. If you’ve made an acceptable offer, you’ll receive confirmation it’s been accepted, but this is always subject to you completing several, highly important checks to comply with anti-money laundering requirements. The estate agent is legally obliged to comply.

Your proof of funding & source of funds

At this stage the agent is asking you to show you have the funds available to purchase at the agreed price, but also where these funds have come from. You MUST provide proof of funds when requested. You can do so via:

• Bank, investment or share statements. You’ll be asked for further statements to show how the money has built up over time.
• Your mortgage in principle
• The completion statement or notification of sale of your own property. They will also do a chain check with your current agent if applicable.
• If the money was gifted, a letter from whoever gifted it, they’ll need to show where they got the money too and they’ll need to provide ID.
• Evidence of being the beneficiary of a will
• If you were lucky enough to win the money or part of it, you’ll need to show evidence of winnings in receipts or formal confirmation.

Any correspondence will need to link directly to you. It must show your name and address and be dated recently. A screen shot of your online banking app won’t be accepted for this reason.

Your ID

The estate agent is legally obliged to make sure you are who you say you are. You will need to prove your identity and your address. You can do this via:

Proof of name:

Current passport

Residence permit

Current UK/EU photo driving license

HMRC (Inland Revenue) Tax Notification

State pension or benefits book/notification letter

Proof of address:

A current tax bill from your local authority

Rent card or tenancy agreement from your local authority

Recent mortgage statement

Bank statement (not a credit card statement)

Utility bill (not for a mobile phone)

Your solicitors details

This demonstrates you are committing to formally instruct the sale and enables the estate agent to send the notification of sale documentation to you, your solicitor, the homeowner and their solicitor.

The sooner you provide these details to the estate agent the sooner they can remove the property from the market. The vendors will also be asked for their solicitors’ details at the same time, if they haven’t already appointed one and confirmed this to their agent.

TOP TIPS:

Collate this information before viewing properties. That way you have less stress at the point of offer and the property can be removed from the market quickly.

You can’t ask for the property to be removed from the market as a condition of your offer, without providing the information we have just discussed. The law is non-negotiable and it’s out of the estate agents and vendors hands.

If you’d like more information about buying and selling property in York or Tadcaster please don’t hesitate to make contact with us 01904 404558.