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Proof of funding

3 replies

JohnCRaven · 19/11/2019 22:49

My friend's buyer is dragging his feet and he suspects his offer was based on getting a top up mortgage rather than the cash buyer he initially presented as.

Is he able to ask for proof of funding for the sale and what detail would it go into? % mortgage %cash or amount mortgage amount cash? His estate agent is useless now the price has been agreed.

OP posts:
Dinosauraddict · 20/11/2019 09:14

The EA should've checked proof of funds alongside getting the offer details. I am a cash buyer and always provide summary bank statements showing I have the amount of funds for the property and extras (SDLT, solicitor fees etc). This allows the EA to put forward my offer with confidence. If however they didn't want this at offer stage, I would not take kindly to being asked for it later. You could get the vendor's solicitor to ask for clarification that this is a completely cash purchase, but I certainly wouldn't be giving proof of my funds direct to the seller.

JohnCRaven · 20/11/2019 18:32

You're perfectly entitled to your opinion. I am asking if my friend is legally entitled to see proof of funding?

OP posts:
Dinosauraddict · 01/12/2019 07:35

No, they're not legally entitled at all.

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