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Family gifted deposit
john007_2
Posts: 2 Newbie
Good morning All
I wondered if anyone could offer some advice?
My brother is gifting me a large amount of deposit towards the purchase of a House, What are the procedure to pay the money, does he pay the money to my Account and I transfer from account to Solicitor Account or He transfer from his Account directly to the Solicitor ?
Thank you
I wondered if anyone could offer some advice?
My brother is gifting me a large amount of deposit towards the purchase of a House, What are the procedure to pay the money, does he pay the money to my Account and I transfer from account to Solicitor Account or He transfer from his Account directly to the Solicitor ?
Thank you
0
Comments
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Either is acceptable - whichever is used the solicitor and lender need to be aware that this is happening and it should be clearly declared as part of the application.
If you are using a broker they will have done this for you.
Either way there will need to be a suitably worded 'gifting letter' provided by your brother. The solicitor will conduct 'source of funds / ID' checks on your bother and may require other supporting paperwork to comply with his/her responsibilities under the money laundering regulations.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Thank you, Senior Paper Monitor
I used a broker and I have already provided the gifting letter to the lender and solicitor and the source of fund.0
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