ftb deposit question?

emmalita

Hi I am a first time buyer and have seen a property that im quite interested in. I am going to natwest this week for AIP. My question is this: Half of my deposit is coming from my Father. How do we go about this? Does he just write me a cheque and I put it in my bank or does he have to sign something to say he has no interest in the property? Will he have to give me the money before i ask for AIP so the bank can see that the full deposit is there already> Thanks in advance.

Lindy_Loo_3

Natwest or your solicitor will be able to be more specific but I think your Dad can "gift" you the money and sign something to say he has no interest in the property.

Don't think you need to show you have the deposit for the AIP but Natwest will be able to advise you better.

Good Luck!

Cannon_Fodder

Depends on the arrangement your Father wishes, in respect of the money.

i.e. Is he expecting it back at some point, or giving it to you as a "gift"...

If he just gives you a cheque, he has no rights.

If he does not ask you to sign an agreement on repayment (or % of property he wishes in return), or for inclusion on the papers/deeds/mortgage, then he has no rights.

If he says he expects it back you might feel a moral obligation, but if he wants the agreement to be enforceable he should get it in writing.

emmalita

No hes not expecting it back.Its a gift just wasnt sure how to go about it thats all.Thanks for your replies so i will not need it in time for AIP?

amazelucy

emmalita wrote: »

No hes not expecting it back.Its a gift just wasnt sure how to go about it thats all.Thanks for your replies so i will not need it in time for AIP?

Hi,

No you definately do not need it there for the AIP. I have just had my mortgage offer from Natwest.

My mother was giving us the deposit. My solicitor said it was easiest for my mum to transfer the money into my account - and then when it comes to the time to pay it, it will come from my account - otherwise there is legal stuff about the solicitor having to check my mum out about money laundering etc - so just a bit of advice - see if your dad will transfer it into your bank account ready for when you need it - will make it easier and quicker for you when the time comes.

Good luck

Lucy