Family gifted deposit - how should I prove the fund source?

Deisler

Hi All,

I have prepared 100K as the deposit, in which ~80K was from my parents (they are living overseas).

I told this to my solicitor and she insists that I should provide the proof of funds source.

Apart from the proof of ID, address of my parents, how can I prove the 'source' of the funds?

Currently I have the transaction records of ~80K from overseas bank (into my bank account). Will this be sufficient? Do my parents need to provide their pay-slips to prove how they saved ~80K?

I've talked to the lender and they only require a letter from my parents indicating they are not expecting pay-back from me. Any other documents need to be prepared to the solicitor??

Thanks a lot.

Regards
D

ACG

Have you asked the solicitor?

dotdash79

the solicitor is looking at money laundering aspect of the deposit, the bank is looking to make sure they aren't competing with other creditors if they need to take back the house.

Do your parents have a UK based solicitor they dealt with in the past? Or an overseas one that can be checked on a regisiter.

kingstreet

If the solicitor is requesting such information, she should be explaining exactly what she wants to satisfy this requirement.

Frankly, there is no "hard and fast" answer to this, so you are going to have to ask her, I'm afraid.

Thrugelmir

Deisler wrote: »

Apart from the proof of ID, address of my parents, how can I prove the 'source' of the funds?

Documentary evidence of any kind. Bank statements, contract notes for sale of investments, completion statements for sale of property.

Deisler

Thanks, guys. My solicitor said it should be alright without my parents' payslips, which I worried most... Problem solved!