Gifted deposit letters...

Jayjay22

Sorry if this is silly question, Halifax mortgage offer has comd through, but they've not asked for letters from family who are gifting with the deposit.

Is this normal?

Our solicitor however has asked for details of where deposit is coming from so they can write to them. I guess this is to rule out money laundering?
But will they then share info with Halifax? Is this why Halifax didn't need letters as solicitor does it?
Sister had to give alot more info when she got her mortgage with Halifax, all very confusing. It's not issue to me if they share the info with Halifax, but i like to know what info is being shared etc as letters will have names and addresses of several family members on them.

Thanks :-)

GMS

Was the deposit declared as a gift on the application?

Solicitors will need to comply with ML regs and confirm that the lender is happy with the gift.

If all matches then no issue.

Jayjay22

Oh yes my MA said Halifax know that the deposit is made up of gifted from family, part builder incentive 5% and then bit from our savings.

wannabehelpful

Lenders very rarely refer to gifts in their mortgage offers and leave it to the solicitor to investigate these things.

Jayjay22

wannabehelpful wrote: »

Lenders very rarely refer to gifts in their mortgage offers and leave it to the solicitor to investigate these things.

Oh okay thanks. :-)

ACG

When did you receive the money?
Seems strange that the lender isnt requesting it as my understanding is all lenders would be all over this like a rash but i havnt dealt with too many gifted deposits.

GMS

Lenders will ask the source of deposit at application stage.

They can impose a condition on the mortgage for solicitors to check. Solicitors must follow the CML handbook for the particular lender which will have instructions for the convayancer on what to do with certain points, one of which will be if the deposit is gifted.

Jayjay22

I told my MA where money coming from. Part from grandparents and part from parents. Money will be coming to me from grands to give deposit on exchange then money from parents will come for completion.
It's not just sitting in my account but can be sent to my account when needed.