Gift for stamp duty payment.

MJP43

Wonder if somebody could help please.

Hoping to buy a house over 250k with 15% deposit.

Stamp duty will be circa 9k. I know lenders do not like gifts for deposits but what about gifted contributions for stamp duty ?

Any advice appreciated

lee111s

Lenders are fine with gifts as deposits so long as they have it confirmed in writing that it is a gift and not a loan to be paid back.

Can't see there being any problem at all with gifted SDLT.

rebeccatom

Lenders don't mind gifted deposits. All they will ask is for the person gifting to put in writing that the money is a gift and won't be paid back and sometimes they will ask them to prove wher they got the money from. All of our deposit was gifted and they didn't care.

MJP43

Thanks for replies.

Will they ask for proof funds are in place for stamp duty ?

amnblog

Depends on the Lender - some will work form the gift letter - some have their own gift pro forma to complete - some ask for proof of funds as well - some also ask for ID of the donors.

Thrugelmir

MJP43 wrote: »

Thanks for replies.

Will they ask for proof funds are in place for stamp duty ?

Solicitor will require sight of the funds prior to exchange of contracts.