Pryor slams estate agents who charge buyers for AML checks

Industry commentator Henry Pryor has joined TV star Kirstie Allsopp to slam a well-known estate agency that has begun charging potential buyers for AML checks.

Allsopp caused a stir earlier this week after heavily criticising West Country firm Bradleys Estate Agents for the practice but also revealing that she was aware that the fee is now becoming more widespread.

The Location, Location, Location star waded into the debate after an unnamed buyer complained to the agency via social media about the charge, which is thought to approximately £40.

“How can you justify charging a purchaser in this way – is this in the best interests of your client, the vendor? Surely you can read a bank statement and mortgage offer letter?” she said.

AML compliance

A Bradleys spokesperson replied, saying: “As you’ll be aware there is more compliance than ever in estate agency and to ensure we check our clients ID and carry out strict AML checks, whilst also carrying out a proof and source of funds check, we charge a small admin fee per purchaser.”

Allsopp countered that anti money laundering checks and source of funds checks were not related – and went on to says that “I am hearing of more and more cases where agents who should be solely taking money from their clients, the vendors, are loading up the buyers with charges”.

Pryor has now joined the fray, saying Allsopp was ‘quite right’ to call this sort of “shady practice out” and that “buyers who are asked by selling agents to pay should firmly decline to do so,” he said.

“[It is] disappointing to find a respectable firm like Bradley trying to justify charging buyers for their AML checks.”

Main image credit: Henry Pryor.