Gifted deposit/ Solicitor's money laundering check

Mattygroves2

When we did it the gifts had to be in account of the recipient before exchange and then a letter was required to state that it was a gift. No checks carried out on my husband as the giver even though the amount was large and a significant part of the deposit. For the youngest son the broker wanted it to be in the account before making the mortgage application.

marthaj

I have 160000 pounds spread over 3 UK accounts. These are the savings from my father's pension saved over 30 years (in another European country) and property sale (only 20,000 pounds). Over the period of 2 years i have been deposited cash every week to these accounts (i wanted to save money on transfers and currency exchange so there was never direct bank transfers from his to mine account). I haven' t put any more money on the accounts for the last 10 months.

Do you think it would be acceptable source of income if i showed the solicitor my father's bank statements(for the last 25-30 years) showing his pension payments? I think i made mistake when i i was gradually taking cash fro another European country and deposited it on my account...

alchemist.1

marthaj wrote: »

I have 160000 pounds spread over 3 UK accounts. These are the savings from my father's pension saved over 30 years (in another European country) and property sale (only 20,000 pounds). Over the period of 2 years i have been deposited cash every week to these accounts (i wanted to save money on transfers and currency exchange so there was never direct bank transfers from his to mine account). I haven' t put any more money on the accounts for the last 10 months.

Do you think it would be acceptable source of income if i showed the solicitor my father's bank statements(for the last 25-30 years) showing his pension payments? I think i made mistake when i i was gradually taking cash fro another European country and deposited it on my account...

Oh dear. You will need to find a solicitor not afraid of jail time.

marthaj

Thanks..
Now i m afraid to approach even the solicitor.

alchemist.1

marthaj wrote: »

Thanks..
Now i m afraid to approach even the solicitor.

I wouldn't be afraid (unless you have something to hide).
You never know you might find someone less risk averse than the likes of me.

The problems with conveyancing is that is that the margins of profit are small and a lot of solicitors won't risk being locked up for taking a chance where the indicators suggest something untoward like cash deposits/money from abroad.

Thrugelmir

alchemist.1 wrote: »

The problems with conveyancing is that is that the margins of profit are small and a lot of solicitors won't risk being locked up for taking a chance where the indicators suggest something untoward like cash deposits/money from abroad.

Why bother qualifying as a solicitor if you intend throwing away your entire livelihood by not following the rules. If Doctors took risks then there'd be far more deaths.

marthaj

Thank you for your advice.
I guess i will start getting the paperwork ready, it will take a while..;.

Rahini

Hello,
Our offer on a property has been accepted and of the £47k deposit that we plan to put in, £22k was gifted to me by my father from abroad in December 2017. Subsequently, he gifted me another £3300 and & mother gifted me £3500 in Jan 2018. The money is in my UK account I have already got a letter confirming it’s a gift and not a loan and that they have no interest in the property. I am sure the solicitor will want to find out about the source of gifted deposit. So will it be sufficient for my parents to provide their bank statements for the last 6 months? Or will they want to also know the source of my parent’s money? We are applying mortgage via Halifax bank and they haven’t raised any query yet. I just wanted to know what documents and proof would a solicitor require from my parents to be satisfied about source of funds?
Thanking in advance for a quick response!
Cheers!
Rahini

amnblog

Expect to provide:

Gift letters from your parent (in the correct format)
Parents ID
Proof of funds offshore with parents prior to it coming to you
Proof of where the funds are now

Both the Solicitor and the Lender are likely to require proof of the deposit. The Law requires them to.

Stacy274

We are currently as this stage trying to prove a deposit has been saved- we have saved over the last few years sending money to a parent to stop ourselves dipping in. We have statements showing the money being sent. However this was 2-3 years ago as a default prevented us form getting a mortgage for a few years. Default lifted and offer on the first house we viewed. Parent sent the deposit last month. Will they be asked for bank statements? Will this be viewed as savings although not in our own account? It’s not a gift. Will we need to say it is?