The following is a full breakdown of what you need to accept an offer

 

🏡 1. Basic Offer Details

The estate agent must collect the key details of the offer so the seller can make an informed decision:

• Offer amount – the price the buyer is offering.

• Conditions – e.g. subject to survey, chain-free, cash purchase, dependent on sale of another property, etc.

• Proposed timescale – when the buyer hopes to exchange and complete.

• Items included/excluded – fixtures, fittings, appliances, etc.

 

👤 2. Buyer’s Identity and Verification (Anti-Money Laundering Requirements)

Under the Money Laundering Regulations 2017, the agent must verify the buyer’s identity before proceeding:

• Proof of ID (e.g. passport, driving licence).

• Proof of address (e.g. recent utility bill, bank statement).

• For corporate or investment buyers: details of beneficial owners, company registration, and ID for directors/shareholders.

Agents cannot formally progress or recommend acceptance without these AML checks.

 

💰 3. Proof of Funds

The agent must check how the buyer will fund the purchase to confirm that the offer is genuine and financially viable.
This typically includes:

• Cash buyers:

  • Recent bank statement showing funds.

  • Letter from a solicitor or financial advisor confirming funds.

• Mortgage buyers:

  • Mortgage Agreement in Principle (AIP) or Decision in Principle.

  • Evidence of deposit (bank statement or savings proof).

 

🏦 4. Chain Information

The agent needs to understand where the buyer sits in the property chain:

• Are they first-time buyers (no sale below)?

• Are they selling a property (and if so, has that sale been agreed)?

• Details of any other agents or solicitors involved.

This helps the seller judge the reliability and speed of the offer.

 

⚖️ 5. Buyer’s Conveyancer/Solicitor Details

Once the offer is accepted, the estate agent will need:

• Name and contact details of the buyer’s solicitor or conveyancer.

• The same for the seller’s solicitor (to issue the memorandum of sale).

 

📄 6. Memorandum of Sale

When an offer is accepted (subject to contract), the agent issues a Memorandum of Sale, which includes:

• Buyer and seller details.

• Property address.

• Agreed sale price.

• Solicitors’ contact details.

• Any conditions of sale.

This document goes to both parties and their solicitors to start the conveyancing process.

 

🕵️ 7. Compliance & Record-Keeping

Estate agents are legally required to:

• Keep records of ID checks, proof of funds, and correspondence.

• Report suspicious activity (money laundering, fraud, etc.).

• Comply with The Estate Agents Act 1979 and Consumer Protection from Unfair Trading Regulations 2008.