Deposit gift from parents

JB678

Thank you.

Fingers crossed we will be fine. We actually have the mortgage offer so at least we know everything else was ok. Parents are gifting £18k in total but £9k will pay stamp duty and £9k will go towards the deposit. Not sure if that makes any difference.

Hopefully we will hear something tomorrow. I'm just glad we realised that we needed to let Halifax know as it would have been awful if this had come up later, after exchange for example.

GMS

You may need a re-offer to note the gifted deposit or they may choose to send an amendment letter to the solicitors. Your parents will most likely need to sign a declaration stating that it is a non repayable gift and that they will have no interest in the property.

Don't worry too much about it, should be an administrative issue rather than anything else.

Lbarn

Our deposit is fully gifted, we were transparent about this and showed proof of transfer. All they asked for was my dads name, nothing further.
The very fact you have 50k of your own is admirable.

gaz141

was it not on the special conditions of your mortgage offer?

crusty_toenail

Same situation with us. We had a few sleepless nights waiting to here back from the A&L a few days before completion!

They came back and confirmed they accepted that it was a gift and dad had to write a letter to state it was a gift and in no way wanted any ownership of house etc..... and then the solicitor needed to find out where dad had got the money for anti money laundering purposes!

All sorted in the end for us after a few days.

My dads gift was about 60k, our mortgage applied for was 30k, our deposit was 100k and our house price was 190k. Hope this info helps x

Thrugelmir

crusty_toenail wrote: »

My dads gift was about 60k, our mortgage applied for was 30k, our deposit was 100k and our house price was 190k. Hope this info helps x

There was no risk at all to the lender. As your equity more than covered the "gift".

JB678

Thanks everyone...no there was no mention of it in the special conditions of our mortgage offer.

The only reason we brought it to the attention of Halifax is because we realised that we should have done from the start and we just want to make sure everything is above board before we sign.

Hopefully, it will be sorted quickly. Just for some peace of mind as we are signing contracts any day now but need to be 100% sure the offer is ok.

Thanks again.

Thrugelmir

JB678 wrote: »

The only reason we brought it to the attention of Halifax is because we realised that we should have done from the start and we just want to make sure everything is above board before we sign.

Your solicitor (acting on behalf of the lender) would have enquired anyway as to the source of your deposit.

JB678

Thanks. Yes, just glad it's all being looked into. Hopefully will be ok. Wonder how long it will take Halifax to come back....

The_J

Thrugelmir wrote: »

Not necessarily. I was merely illustrating why lenders are cautious. The size of the gift is often an important factor. Its not as straightforward as some imagine.

Wrong.

Again.

It's tedious having to go around cleaning up your unqualified mess. Actually starting to !!!! me off.