Help! - Deposit for first time mortgage - gifted or not

lawriejones1

Any quote on the Internet needs to be considered alongside the often massive list of add-on costs! I am in the same situation and the solicitor we used (2 minutes down the road in her office) did this for free and spoke to my parents to explain why. It's just another hoop to jump through, but it must mean you're almost home and dry...

Thrugelmir

Yorkie1 wrote: »

The vast majority of lenders are happy with a simple letter.

The conveyancer acts as the agent for the lender and takes all responsibility for Money Laundering checks etc. So there's more than just a simple letter to a gifted deposit.

kingstreet

I'd expect solicitor's fees of upto £550 + VAT for a typical transaction and that should include completion of stamp duty return and acting for mortgage lender.

Many firms show these items as extra charges, to make their headline rate look cheaper.

As far as the gift is concerned, the solicitor has to abide by its own money laundering requirements and the lender's requirements of the solvency of the donor, during the conveyancing process.

These costs should be made clear at the outset if the solicitor is aware there is a parental gift involved.