Gifted deposit & solicitor

TLM_77

Missko wrote: »

You say you're concerned that it's "none of the solicitor's business".
Actually, the solicitor could be CRIMINALLY responsible if it turned out you were money laundering and he helped you. Not to mention he would be struck off. So he has EVERY right to know where the money came from. Especially if it's being processed through a firm bank account at any stage. Probably be better if he explained this to you, however, rather than using a judgey "tone".

I wouldn't use the proforma letter ACG has drafted for you as it has a spelling mistake in it!! "bare/bear"!! And I hardly think it would work if you filled in the amount by hand AFTER your mum had signed it!

I understand.
However, surely if I (or my broker) deals directly with the lender regarding the deposit and how much came from where etc, and the lender was satisfied, would the solicitor then not have to worry and would they not just accept that a signed letter from my mum to them was sufficient?

TLM_77

Thank you for the responses so far, nice to have some discussion with people about this issue.

ACG

Missko wrote: »

You say you're concerned that it's "none of the solicitor's business".
Actually, the solicitor could be CRIMINALLY responsible if it turned out you were money laundering and he helped you. Not to mention he would be struck off. So he has EVERY right to know where the money came from. Especially if it's being processed through a firm bank account at any stage. Probably be better if he explained this to you, however, rather than using a judgey "tone".

I wouldn't use the proforma letter ACG has drafted for you as it has a spelling mistake in it!! "bare/bear"!! And I hardly think it would work if you filled in the amount by hand AFTER your mum had signed it!

Did I spell pedantic correctly?

It would "work" as its correct. There is nothing wrong with writing in the monetary amount. I have seen many examples where it has been done - by numerous brokers. Admittedly not something I have done personally but it should not be an issue.

Principality are a small lender, underwriting tends to come with an ounce of common sense and not computer says no.

TLM_77

ACG wrote: »

Did I spell pedantic correctly?

It would "work" as its correct. There is nothing wrong with writing in the monetary amount. I have seen many examples where it has been done - by numerous brokers. Admittedly not something I have done personally but it should not be an issue.

Principality are a small lender, underwriting tends to come with an ounce of common sense and not computer says no.

I will wait to hear from my broker as I've raised the deposit issue with him before.
I'll let you know how I get on.

ACG

I dont think they do have a standard letter - although your broker may.

I think principality will want to know where the deposit has come from, especially if they see £90k hitting your bank account.

I didnt realise you had a broker on the case, you should be asking them and going with their advice.

Im going to bow out of this, as I dont want to step on another brokers toes. I would hate it if my clients came back to me telling me something after reading a forum as we all have our own ways of doing things and they know your circumstances far better than we do.

TLM_77

ACG wrote: »

I dont think they do have a standard letter - although your broker may.

I think principality will want to know where the deposit has come from, especially if they see £90k hitting your bank account.

I didnt realise you had a broker on the case, you should be asking them and going with their advice.

Im going to bow out of this, as I dont want to step on another brokers toes. I would hate it if my clients came back to me telling me something after reading a forum as we all have our own ways of doing things and they know your circumstances far better than we do.

No worries, thanks for advice anyway.
My broker is very good and I trust him.

Missko

ACG:
1. He said he had a broker in his opening post! (I notice pedantic things like that!)
2. This isn't about keeping the broker happy, it's about the solicitor, who would be an idiot to accept a form that looks like it has been filled in AFTER it has been signed. Don't brokers have any professional ethics?!!!

Missko

Good luck TLM!

ACG

Clearly.

How would it look like anything?

It just looks like a generic form has been printed off and filled out by whoever.

My job is to get a client a mortgage legally and above board. The only person not being kept in the loop here is the mother. Mortgage lender and solicitor are being given the information they have requested.

Im all for the OP to tell his mum and do it "right" but ultimately as a broker im not being paid to do the right thing by the mum, im being paid to do the right thing by the lender and client.

beecher2

ACG wrote: »

Clearly.

How would it look like anything?

It just looks like a generic form has been printed off and filled out by whoever.

My job is to get a client a mortgage legally and above board. The only person not being kept in the loop here is the mother. Mortgage lender and solicitor are being given the information they have requested.

Im all for the OP to tell his mum and do it "right" but ultimately as a broker im not being paid to do the right thing by the mum, im being paid to do the right thing by the lender and client.

Wouldn't you be putting yourself in an awkward situation if the client's mum thought she was signed a document gifting £90k, but actually it was only for 45k? I wouldn't have thought it would look too good, ethically speaking.