Proof of Deposit

emfaz

My Nan died in February and despite her house completing and new people living in it for 8 weeks the estate has not been finalised. This intrigues me - where is my Nannys money?

More importantly my inheritance combined with my savings and a gift from my mums portion of inheritance will be my deposit. The mortgage company is asking for proof of deposit. What can I do? I'm using the same solicitor as my Nan and they can provide a letter with there bit. Do I also need to show bank statement and letter from mum?

handytips

Its for moneylaundering purposes, they usually want to see the money in some sort of savings/current account, however your case is slightly different, i would ask the acting solicitor for a letter giving an estimation of your inheritance. Good Luck

Wh05apk

Lenders need to see proof of deposit to ensure that you will not be resorting to additional borrowing for the deposit, which would have an impact on affordability.

They will likely need, your bank statement showing your savings, a "gifted deposit" letter from your mum, and I would imagine a letter from your solictor confirming an approximate amount, get your broker to confirm their exact requirements, as they can be quite particular.

kingstreet

The estate will be held in an executor's account awaiting the settlement of the estate's debts and other issues before the proceeds can be distributed among the beneficiaries.

It's not uncommon for the DWP to investigate the benefit situation of the deceased to determine if there were any benefit overpayments. When this takes place, the estate cannot be finalised until the result is known.