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Gifted Deposit Conveyancing Insurance
amyle3012
Posts: 6 Forumite
I am applying for a mortgage for my first house and I will receive £10,000 from my sister as a 'gifted deposit' (the total deposit is £43,000). Today I received a letter from the conveyancing solicitor requesting an insurance for the gifted deposit and it cost around £115.
It says on the policy:
'Please confirm that an up-to-date clear bankruptcy search will be obtained against the donor of the deposit prior to cover commencing'.
I understand they will check my sister's financial situation to see if she's at bankruptcy risk. However I don't know what information they will check? Is it similar to a credit check? If she fails the credit check, will they refuse the gifted deposit from her?
It says on the policy:
'Please confirm that an up-to-date clear bankruptcy search will be obtained against the donor of the deposit prior to cover commencing'.
I understand they will check my sister's financial situation to see if she's at bankruptcy risk. However I don't know what information they will check? Is it similar to a credit check? If she fails the credit check, will they refuse the gifted deposit from her?
0
Comments
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No. It is a simple check to ensure she is not bankrupt and attempting to hide assets from creditors.0
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