Right to Acquire

[jorainbow]

Hi all - I have applied for the Right to Acquire and have received notification it has been accepted by way of a letter which has the following statement:

1. You will now need to provide proof of how you are going to fund your purchase. We appreciate that you might not have any idea of the value of your property at this stage so we are asking you to prove your potential for borrowing as a principle. We need to know you are able to access funds that will enable you to purchase the property. We cannot progress to instructing our surveyors, until you have provided this evidence. If you will be using a combination of savings and mortgage then you need to provide evidence of both. You have three weeks from the date of this letter to provide this information. If we do not hear from you within this time we will assume you have withdrawn your application. You should provide evidence of funds as a scanned document or an image to: xxxxxxxxxx

Is this normal procedure?

thanks

[echat11]

des8 MIKE770 Can you please take a look. Thanks.

[des8]

Having had a look around, it seems that most HA's only require details of how the purchase is to be funded after they have made the sales offer.
This is basically because of anti money laundering laws.

It just seems in this case they want to be sure you can afford to buy before they have valuations done (altho' I assumed HAs revalued their properties annually anyway