Gifted deposit- how far back do we have to explain deposits?

firsttimeforeverything_2

Hi all,

We've had an offer accepted on a house and have been sent the preliminary papers from our solicitor asking to provide proof of our deposit. My half is coming from my parents, but as most of is locked away for another few months my boyfriend's parents have offered to lend us the difference in the meantime.

According to the papers we have to provide a letter stating that all gifts are just that, and also a copy of their bank statements and ID. Is it possible for my parents to give the money they have now to his parents, so only his parents have to send in the rest of the info, or will the deposit from my parents in turn need ID, letter of intention, etc?

I ask because my parents are about to go on holiday and don't want to give up their passports or driving licences, and so waiting for them might slow us down by a few weeks.

What do you think?

Thanks!

Seabee42

I can only go by my recent experience and basically (I presume for money laundering purposes) I was told I would have to provide 6 months of accounts details for any funds used to purchase the property that was not from the sale of my current home and the agreed mortgage.

I would ask your solicitor.

Yorkie1

What you are proposing - i.e. your parents give some money to his parents, who then sign a gift letter for the whole amount even though not all of it comes from them or is all a gift - is fraught with difficulties and potential fraud.

How long will it take to realise your parents' other money, and when was your offer accepted?

firsttimeforeverything_2

Yes exactly that, and you're right it's not worth it. We'll just have to wait for it to be done properly.

firsttimeforeverything_2

The rest of my parents' money will be available in November- but all this means is that we'll have to wait a few weeks for my parents to get home and send in their ID. Frustrating but it looks like there's no way around it, hopefully there's other stuff the solicitor can be doing in the meantime.

Thanks.

lessonlearned

firsttimeforeverything wrote: »

Hi all,

We've had an offer accepted on a house and have been sent the preliminary papers from our solicitor asking to provide proof of our deposit. My half is coming from my parents, but as most of is locked away for another few months my boyfriend's parents have offered to lend us the difference in the meantime.

According to the papers we have to provide a letter stating that all gifts are just that, and also a copy of their bank statements and ID. Is it possible for my parents to give the money they have now to his parents, so only his parents have to send in the rest of the info, or will the deposit from my parents in turn need ID, letter of intention, etc?

I ask because my parents are about to go on holiday and don't want to give up their passports or driving licences, and so waiting for them might slow us down by a few weeks.

What do you think?

Thanks!

Certified copies of passports, driving licences should be perfectly acceptable.

somethingcorporate

Indeed, the PO used to certify copies if you do not have any solicitor friends.

wannahouse

firsttimeforeverything wrote: »

The rest of my parents' money will be available in November- but all this means is that we'll have to wait a few weeks for my parents to get home and send in their ID. Frustrating but it looks like there's no way around it, hopefully there's other stuff the solicitor can be doing in the meantime.

Thanks.

will your vendors be happy to wait unti november for you to get your deposit together to exchange though???