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getting money to solicitor from gifted deposit

drummer_666
drummer_666 Posts: 984 Forumite
in House buying, renting & selling
Hi,

I am getting close to exchange on my house.

My parents are gifting the deposit.

My parents have moved the money all into the same place and it is easily accessible now.

I was presuming/planning for them to pay the money directly to my solicitor.

Now I'm suddenly thinking, is that ok, or do they need to transfer the money to me so that I can pay it to my solicitor?

Just waiting for queries back from other side and then can exchange :j
«1

Comments

  • GDB2222
    GDB2222 Posts: 27,140 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    It could cause money laundering queries if it comes from a third party. These days with 2 hour faster transfers in the banking system, I'd just ask them to send it to you, and you pass it on.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • drummer_666
    drummer_666 Posts: 984 Forumite
    well it is a gifed deposit and there is a letter to say that and my parents had to show their bank statements to my solicitors to prove that it is all legit

    hmmm. I think I should give my solicitor a ring later on
  • Jellybean_Jo
    Jellybean_Jo Posts: 122 Forumite
    I purchased my property in March with a gifted deposit from my parents. They made the payments directly to the solicitor and this was not an issue.
  • HapPea
    HapPea Posts: 65 Forumite
    If it comes directly from your parents' account the solicitor will need ID from your parents due to money laundering regulations
  • drummer_666
    drummer_666 Posts: 984 Forumite
    HapPea wrote: »
    If it comes directly from your parents' account the solicitor will need ID from your parents due to money laundering regulations

    they already have their certified ID

    and thanks Jellybean

    I will double check with solicitors, but seems like my parents will send it straight to my solicitors.
  • xylophone
    xylophone Posts: 46,019 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    A family member's parents gifted the deposit - they sent their cheque (special delivery) direct to the solicitor.
  • poppy_f1
    poppy_f1 Posts: 2,637 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    my mum gifted my deposit, cash went from her bank account to my solicitors, never went near my account at any point
  • drummer_666
    drummer_666 Posts: 984 Forumite
    Hi, i just asked my solicitors. They say the money needs to come from my account.

    Slightly odd, but I'll get my parents to transfer it to me Mon. It will be in my bank the same day, ready for sending on to my solicitors

    Thanks all. I have the most massive, tightest fingers crossed that I'll be able to exchange and complete next Friday!!!!
  • inmypocketnottheirs
    inmypocketnottheirs Posts: 4,745 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    There are limits for faster payments, I think £10k. Otherwise you may have to use and pay for a BACS transfer.
    Don't lie, thieve, cheat or steal. The Government do not like the competition.
     The Lord Giveth and the Government Taketh Away.
     I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
  • drummer_666
    drummer_666 Posts: 984 Forumite
    inmypocketnottheirs wrote: »
    There are limits for faster payments, I think £10k. Otherwise you may have to use and pay for a BACS transfer.

    hmm if that's the case then can't they just do two transfers?
This discussion has been closed.
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