Residing in Property - gifted deposit

Kayleigh141

I'm hoping someone is able to help me.

My partner is buying a house, in his name alone. The solicitors have confirmed that everything is ready, only thing they are waiting for is approval from nationwide that its ok that I gift 40% of the deposit.

I'm extremely worried - I've read mixed messages online about nationwide not accepted gifted deposits from people residing in the property.

We went through a mortgage broker, and we're not aware this would be a problem. They simply asked for a bank statement showing the deposit was there, which he provided. We simply provided details of my accounts to the solicitor as this was requested on our quote from the solicitor.the solicitor said she knew there would be no problems with it.

The solicitor phoned today and said that nationwide have asked that I complete their gifted deposit form, and pay £25 for them to rush the request through. The solicitor now say that they can't gaurentee anything.

I've signed a few forms previously for the solicitors to state that the deposit is a gift which I do not want back.

We are very worried, and also very annoyed that the solicitor has left this step to last, as if the mortgage is withdrawn then we will still have to pay the solicitors....

Kayleigh141

Kayleigh141 wrote: »

I'm hoping someone is able to help me.

My partner is buying a house, in his name alone. The solicitors have confirmed that everything is ready, only thing they are waiting for is approval from nationwide that its ok that I gift 40% of the deposit.

I'm extremely worried - I've read mixed messages online about nationwide not accepted gifted deposits from people residing in the property.

We went through a mortgage broker, and we're not aware this would be a problem. They simply asked for a bank statement showing the deposit was there, which he provided. We simply provided details of my accounts to the solicitor as this was requested on our quote from the solicitor.the solicitor said she knew there would be no problems with it.

The solicitor phoned today and said that nationwide have asked that I complete their gifted deposit form, and pay £25 for them to rush the request through. The solicitor now say that they can't gaurentee anything.

I've signed a few forms previously for the solicitors to state that the deposit is a gift which I do not want back.

We are very worried, and also very annoyed that the solicitor has left this step to last, as if the mortgage is withdrawn then we will still have to pay the solicitors....

Also, his parents can provide the partial deposit but I'm guessing it would be too late...

Kayleigh141

Also - the form says "if I intend to reside in the mortgaged property, I agree to sign a consent to mortgage form prior to the mortgage completing"

Rollinghills

We are going through a similar thing with nationwide (directly). I had not realised it would be an issue until I came on this forum. I am a bit worried too but I signed their gifted deposit form and so far they have not queried it.

Kayleigh141

Rollinghills wrote: »

We are going through a similar thing with nationwide (directly). I had not realised it would be an issue until I came on this forum. I am a bit worried too but I signed their gifted deposit form and so far they have not queried it.

Good luck! I've read their mortgage requirements and the only thing it says about gifts is that there must be no strings attached to the gift. There can be strings attached when accepting a gift from a family member only (such as paying them back when the house sells in future"

Hopefully all this stress is worth it!

AndyAtu

Did you get a mortgage offer in the end? I hope everything was OK.