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Gift deposit?
gilksneim98
Posts: 19 Forumite
Has anyone done this when selling their house?? My buyer (from hell) has just announced that I said I would do this (um no not at all!) and I'm very suspicious about it - is it legal? 
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Comments
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Im not sure what you mean could you describe this please!0
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Well from what I can work out, I say I'm going to sell at 168K but 'gift' them a deposit for 8K which means I still get an asking price of 160K...I just don't trust my buyers not to ask for an actual deposit!0
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I presume this is because they don't have any money to use as a deposit. so they are going to use that £8k as a deposit to get a mortgage.
I believe that developers sometimes do this for buyers if they can't shift their properties, not sure though. personally I would be very wary about this, at best you risk having a buyer who will fail to get a mortgage (because the bank will discover that the deposit has not been provided by them and indeed does not technically exist until the sale happens), at worst you could be assisting in misleading their mortgage lender.0
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