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Gift from parents to help buy - Declaration of Solvency & Insurance Policy required??
lellyd123
Posts: 2 Newbie
Hi,
Looking for advise please...
I have had an offer accepted on a house at £130k.
Everything is going through fine, to achieve this I am gaining £25k as a 'gift' from my parents to help me as deposit money. This is no strings, non repayable to them.
Our solicitor is requesting we pay £50+VAT to complete a Declaration of Solvency agreement & then take out a Indemnity policy to cover this to protect the lender at a cost of £90 +VAT.
These are costs we were not aware of?? Is this essential?
I understand why this is in place incase of bankruptcy, however my parents are more than financially secure & I am really not wishing to pay extra insurance money that I don't require.
Our solicitor has advised both the abve are mandatory - is this the case?
Thanks
Laura
Looking for advise please...
I have had an offer accepted on a house at £130k.
Everything is going through fine, to achieve this I am gaining £25k as a 'gift' from my parents to help me as deposit money. This is no strings, non repayable to them.
Our solicitor is requesting we pay £50+VAT to complete a Declaration of Solvency agreement & then take out a Indemnity policy to cover this to protect the lender at a cost of £90 +VAT.
These are costs we were not aware of?? Is this essential?
I understand why this is in place incase of bankruptcy, however my parents are more than financially secure & I am really not wishing to pay extra insurance money that I don't require.
Our solicitor has advised both the abve are mandatory - is this the case?
Thanks
Laura
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https://forums.moneysavingexpert.com/discussion/4893861
Duplicate post on M&E Board with multiple replies - suggest any answers go on that thread to avoid confusion.0
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