Parents paying for deposit for house - NOT A GIFT

Richard_Webster

Regardless of how the solicitor gets the money he still has a duty to ask about the source of funds for money laundering purposes. Solicitor has to be sure that your parents are not getting regular transfers from a bank in Medillin or Bogota!.

The fact that it is in a joint account with your parents still means that he will have ask where the money comes from so it really doesn't matter about whether the parents pay the solicitors direct or via this joint account idea.

poppysarah

tadeora wrote: »

Is that possible without it being classified as a gift as it looks like the money is coming from myself?

Have you saved any money yourself?

If you split up with your OH what happens to the "gifted deposit"?

casper_g

tadeora wrote: »

Parents paying for deposit for a house - NOT A GIFT

The only way your parents can pay the deposit on a house and it not be a gift is if they're buying a home themselves. Surely this is obvious?

If they gave you £500 to buy a new TV, this would buy a gift (of cash). If they gave you a new TV worth £500, this would be a gift (of audiovisual equipment). Just because it's a house doesn't mean there's some special way of going from their money to your house without there being a gift given somewhere along the line!