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  • FIRST POST
    • missvp
    • By missvp 8th Apr 16, 8:35 PM
    • 20Posts
    • 0Thanks
    missvp
    Can I use part cash payment towards deposit?
    • #1
    • 8th Apr 16, 8:35 PM
    Can I use part cash payment towards deposit? 8th Apr 16 at 8:35 PM
    I have had my mortgage offer through today, which is 4k short of what I need to borrow.

    My dad is already gifting me some money towards deposit and has provided appropriate paperwork and statements etc.

    He has offered to gift me the additional 4k towards the deposit. However this is from cash savings he has at home and has saved up over many years.

    With money laundering and everything else, would this be seen as acceptable towards the deposit, and how would I go about it? I'm not sure what else I can do at this point
Page 2
    • theartfullodger
    • By theartfullodger 9th Apr 16, 9:09 AM
    • 9,058 Posts
    • 11,992 Thanks
    theartfullodger
    Anyone (the Archbishop of Canterbury, some tramp on a park bench, a Russian oligarch ..) can gift you money,, ...entirely legitimately: It's the use of it to buy property meaning people will want info about it that matters...

    I'd worry if my parents were doing this: But they can't, deceased, and me OaP....

    Cheers!
    • marksoton
    • By marksoton 9th Apr 16, 9:10 AM
    • 16,509 Posts
    • 36,530 Thanks
    marksoton

    Where so I stand RE extended family (uncle) gifting me the additional money?
    Originally posted by missvp
    In exactly the same place as any other gifted money.

    As long as the solicitor and lender can satisfy themselves they're happy with the source all is good.
    • davidmcn
    • By davidmcn 9th Apr 16, 9:41 AM
    • 6,129 Posts
    • 5,878 Thanks
    davidmcn
    How long ago was that? Money laundering requirements are constantly being strengthened - for obvious reasons.
    Originally posted by AdrianC
    Yes, the general view of solicitors used to be that they only had to be worried about clients literally coming in to the office with a bag full of cash, and as long as the clients paid it into their own bank first that was enough. Now we're (meant to be) a bit more savvy about money laundering methods.

    Still, you could be lucky enough to find a solicitor who is sloppy about these things.
    • mleach101
    • By mleach101 9th Apr 16, 11:50 AM
    • 85 Posts
    • 24 Thanks
    mleach101
    Yes, the general view of solicitors used to be that they only had to be worried about clients literally coming in to the office with a bag full of cash, and as long as the clients paid it into their own bank first that was enough. Now we're (meant to be) a bit more savvy about money laundering methods.

    Still, you could be lucky enough to find a solicitor who is sloppy about these things.
    Originally posted by davidmcn
    If they were sloppy about money laundering, you'd question what their other approaches to legal matter might be like wouldn't you?
    • missvp
    • By missvp 9th Apr 16, 2:18 PM
    • 20 Posts
    • 0 Thanks
    missvp
    In exactly the same place as any other gifted money.

    As long as the solicitor and lender can satisfy themselves they're happy with the source all is good.
    Originally posted by marksoton
    So with relevant paperwork and bank statements in place it is likely to be an acceptable gift towards the deposit? I only ask because I read some lenders are unhappy to accept gifts towards deposits aside from immediate family. Clearly I'll clarify with my own solicitor and lender Monday but it's good to have some understanding.

    Thanks all who have posted.
    • theartfullodger
    • By theartfullodger 9th Apr 16, 4:03 PM
    • 9,058 Posts
    • 11,992 Thanks
    theartfullodger
    ....Many elderly people don't view banks the way we do....
    Originally posted by SimpleLife
    What, a bunch of tax-cheating skivers only interested in their bonuses and not caring for their customers or our fair country, as many younger persons opine??
    • xylophone
    • By xylophone 9th Apr 16, 4:12 PM
    • 23,465 Posts
    • 13,643 Thanks
    xylophone
    It is by no means unknown for people (often elderly people) to keep large amounts of cash - possibly this is one reason why they are targeted by "meter readers" who use access to the house to ferret about...

    Your father could explain the situation to his bank?

    Incidentally, if he has been stashing the money away for years, are all the notes still legal tender?
    • seven-day-weekend
    • By seven-day-weekend 9th Apr 16, 4:52 PM
    • 29,699 Posts
    • 55,534 Thanks
    seven-day-weekend
    We had nearly 6 grand in cash savings at one time. This was just saved up over a few years, we just never got round to putting it in the bank. Nothing dodgy about it at all.

    We spent it on home improvements instead of putting it on the credit card.
    Last edited by seven-day-weekend; 09-04-2016 at 4:55 PM.
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