Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • xdm941
    • By xdm941 11th Oct 17, 3:28 PM
    • 28Posts
    • 12Thanks
    xdm941
    Deposit - Source of funds questions
    • #1
    • 11th Oct 17, 3:28 PM
    Deposit - Source of funds questions 11th Oct 17 at 3:28 PM
    Hi all,

    Quick question if I may. We are currently going through the process of purchasing our first property. I received details from our solicitor today and we have to answer the question regarding 'source of funds'. Other than the mortgage itself, our deposit stands at £50000.00.

    Now the problem I have is that my wife was given £25000.00 about 20-25 years ago by her late grandparents. It was placed into an account in her name when she was young which her parents opened many years ago and had gradually been added to and had interest accumulated etc etc.

    My question is how I need to declare this lump some of money. A couple of people I spoke to said it would just be classed as savings as she was given it so long ago however I'm not totally convinced??????

    Also, as her grandparents are no longer around there is no way (obviously) for them to write letters confirming the gift - if it is to be shown as a gifted payment.

    Any advise/pointers would be highly appreciated!!

    Many thanks
    Chris
Page 1
    • Oakdene
    • By Oakdene 11th Oct 17, 3:30 PM
    • 1,389 Posts
    • 4,153 Thanks
    Oakdene
    • #2
    • 11th Oct 17, 3:30 PM
    • #2
    • 11th Oct 17, 3:30 PM
    I think the fact you will be able to demonstrate the money has been held in an account for so long will be sufficient.
    Hiraeth
    • kingstreet
    • By kingstreet 11th Oct 17, 3:30 PM
    • 32,360 Posts
    • 17,371 Thanks
    kingstreet
    • #3
    • 11th Oct 17, 3:30 PM
    • #3
    • 11th Oct 17, 3:30 PM
    Savings.

    It can't come under any other category.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Thrugelmir
    • By Thrugelmir 11th Oct 17, 6:02 PM
    • 56,183 Posts
    • 49,567 Thanks
    Thrugelmir
    • #4
    • 11th Oct 17, 6:02 PM
    • #4
    • 11th Oct 17, 6:02 PM
    Given the time that's elapsed the source being inheritance has no relevance.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

195Posts Today

1,577Users online

Martin's Twitter
  • I realised I forgot in my links earlier. 1. Help to Buy ISAs, how they work and best buys...? https://t.co/BSCNPeqiVF

  • RT @whatdawndid: Thanks to uncle @MartinSLewis I just received £200 back, just like that from the student loan company! Turns out that the?

  • RT @LaraLewington: Shocked and saddened by Cheggers news. Working with him on It?s A Knockout was my 1st job in telly when I was just 19. H?

  • Follow Martin