Wed 08 Feb 2023
Purplebricks has begun charging buyers and sellers a £60 fee for anti-money laundering (AML) checks.
An online message to potential buyers interested in making an offer on a property, seen by Estate Agent Today, shows the fee must be paid to its partner Lifetime Legal so it can complete AML checks before a memorandum of sale is issued.
The note said: “It’s our responsibility to ensure checks are carried out correctly for ongoing monitoring.
“However, our partner Lifetime Legal, will carry out the initial checks on our behalf.
“They will call you once a seller has accepted your offer on their property.”
The message adds that Purplebricks will receive some of the payment taken by Lifetime Legal to “compensate for our role in providing these checks.”
A spokesperson for Purplebricks told Estate Agent Today: "In line with a growing number of other agents we use an external provider for customer AML checks.
"Through our partner Lifetime Legal we charge sellers and buyers a modest administrative fee of £60. For buyers this is just after an offer is accepted.
"Full disclosure is made in advance and all proper procedures are followed. Moving home is one of the biggest decisions a family can make and ensuring a fully compliant purchase with robust AML checks offers a high degree of assurance to our vendors."
THE GOOD NEWS FOR STEPHENSON BROWNE CLIENTS, WHETHER THAT BE SELLERS OR BUYERS, THE COST FOR THE AML WHICH WE CARRY OUT (£3)..... WILL NOT BE PASSED ONTO THE CLIENT!