First Time Buyers - Deposit from Abroad?

festaiola

Hi there.. I need some advice on the following please!

My partner & I have purchased a house, the money for our deposit has been gifted to us by my partner's mother who lives in Italy. We have provided a gift letter from her, also copies of the accounts to show a paper trail of the money being transferred from her account in Italy to ours in the UK. Our mortgage has been agreed & we are at the stage where we are ready to go in and sign the paperwork with the solicitor, BUT.. the bank who has approved our mortgage is now saying we have to take out indemnity insurance as they are unable to run a bankruptcy check on my partner's mother (since she lives in Italy). My solicitor tried to get a quote for us for this and was told by the company that they 'do not provide this type of cover'. Solicitor has gone back to the bank to see if they can advise where we can get this from, as time is ticking on (we are due to complete on 11th Jan).

My questions are : Does this type of cover exist and is it really necessary? Has anyone else had a similar experience? It seems the main issue is that the money is coming from outside of the UK but surely we cannot be the first people in this position?

Any advice is much appreciated as the whole process is really stressing me out now! Thanks!

Thrugelmir

festaiola wrote: »

It seems the main issue is that the money is coming from outside of the UK but surely we cannot be the first people in this position?

Probably not a common occurence.

Now far easier to recover debt from other countries than was the case in the past.