chances of getting a mortgage?

Thrugelmir

Equaliser123 wrote: »

Why would a solicitor see the money appearing in the purchaser's bank account? It is none of his darn business.

Money laundering.

Equaliser123

Thrugelmir wrote: »

Money laundering.

Eh? It's not being paid to the solicitor.

Solicitor would have already done the 'know your client' requirements.

Kimberley82

When we tried last ear to get a mortgage everyone involved wanted to know where the £100,000 came from, They even wanted me to sign to say where it came from.

GMS

Equaliser123 wrote: »

As a solicitor myself, I am entirely confident with the situation here.

If the gift is made, then it IS the OP's own resources and nothing needs to be reported.

Why would a solicitor see the money appearing in the purchaser's bank account? It is none of his darn business.

So your advice as a solicitor would be to lie on the application form to the lender?

Thrugelmir

Equaliser123 wrote: »

Eh? It's not being paid to the solicitor.

Solicitor would have already done the 'know your client' requirements.

As a solicitor yourself I would have thought that you would be conversant with the requirements of money laundering regulations.

DVardysShadow

GMS wrote: »

So your advice as a solicitor would be to lie on the application form to the lender?

I know exactly where Equaliser is coming from. If you don't hold the money at the time you embark on getting a mortgage, the question "Where will you get the money from?" and the answer is "It is a gift". But once you actually hold the money and it is a gift without reservation, the correct answer is "From my own funds". There is no untruth or distortion. It would be the OP's own funds.

To suggest that it is a lie is about as daft as saying in a different case that it would be a lie if a person said it was their own money, when they had earned the money through employment. Comparing the 2 cases, there is absolutely no legal difference in the title to the money. So absolutely no need to answer the question differently.

GMS

A gift cannot be compared to earned income.

If you were to hold up a bank would the cash be yours or the proceeds of a robbery?

A lender is perfectly entitled to enquire as to the source of a deposit. A gift is still a gift even when it has been given.

Why try to hide it when it will probably not cause an issue anyway?

Thrugelmir

DVardysShadow wrote: »

But once you actually hold the money and it is a gift without reservation, the correct answer is "From my own funds". There is no untruth or distortion. It would be the OP's own funds.

Still doesn't resolve the issue of the source.

DVardysShadow

GMS wrote: »

A gift cannot be compared to earned income.

If you were to hold up a bank would the cash be yours or the proceeds of a robbery?

A lender is perfectly entitled to enquire as to the source of a deposit. A gift is still a gift even when it has been given.

Why try to hide it when it will probably not cause an issue anyway?

All that matters is that it comes from your own funds and you have good and exclusive title to it. If 'own funds' is a good enough answer for earned income, it is good enough for all money you own.

The proceeds of robbery issue is an irrelevant red herring. If that is how you got it, you don't have good title to it.

Equaliser123

Thrugelmir wrote: »

Still doesn't resolve the issue of the source.

It's not an issue. Lender is simply told "own funds". Which it would be. Just like an inheritance or savings would be. Do you REALLY think lenders ask "oh so where did your savings come from?"

Happens a heck of a lot where family help out with a house purchase.

Your ideas about what needs to be done to comply with money laundering regulations are way out.