Gifted deposit letter

JamesBeech

My parents will be gifting me some money towards a deposit for a house purchase. They currently live in France so will be transferring money from France to my account here.

The money transferred will not all go towards the deposit, some will go into my savings for a rainy day.

Two questions really:

• Should the entire amount be stated on the letter, even though it's not all going towards the deposit?
• Until the money gets transferred we wont know the exact amount in £ due to the exchange rate, therefore could we just state the amount in euros?

Thanks

kingstreet

Simply state the amount needed for the deposit, in £.

brunettifan

Yes, just specify the amount that is deposit related. What you do with any excess is your business.

JamesBeech

That makes sense.

I assume i'd have to do a seperate letter for the solicitor to help prove where the funds came from, due to money laundering checks etc.

Din85

JamesBeech wrote: »

That makes sense.

I assume i'd have to do a seperate letter for the solicitor to help prove where the funds came from, due to money laundering checks etc.

I believe so, our mortgage adviser drafted a quick letter for my parents to sign and send back in case the lender asked for it.

But in my solicitors letter... they want to know everything about the funds used, including where the deposit has come from and proof of its origin... ID of people gifting it it, weather it is a loan or gift etc etc.