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Money from abroad
sundeep1984
Posts: 66 Forumite
Not sure if this is best place to post this. Apologies if its not
We are looking to purchase a house and my in laws are to send me some money for help to buy house in terms of deposit money. Around £50k.
They from Kenya so wondering is it legal to send money from abroad? It will be treated like a loan and i will have to pay back. Wanted to know whether there will be any tax implications here or in kenya as don't want either of us to be done for money laundering lol!
thanks
We are looking to purchase a house and my in laws are to send me some money for help to buy house in terms of deposit money. Around £50k.
They from Kenya so wondering is it legal to send money from abroad? It will be treated like a loan and i will have to pay back. Wanted to know whether there will be any tax implications here or in kenya as don't want either of us to be done for money laundering lol!
thanks
0
Comments
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It's legal and not taxable in the UK. No idea about Kenyan tax law.
The mortgage lender will want a letter confirming that it is a gift, not a loan, and your in-laws are not placing any claim on the property you buy. Otherwise they will treat it as if it were a bank loan which will affect your affordability calculation. Of course you can still pay it back, but you probably won't get a mortgage without that letter.Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0 -
ahh thanks for the help. Will need to find out about kenyan laws then. Whats process to process the money. Would they need to send to my current account then i pay to the mortgage/house or would it go straight to mortgage?0
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sundeep1984 wrote: »ahh thanks for the help. Will need to find out about kenyan laws then. Whats process to process the money. Would they need to send to my current account then i pay to the mortgage/house or would it go straight to mortgage?
They could send it to your solicitor but it's easier if they just send it to your current account. They should also be prepared to send ID and a bank statement showing the money leaving their account to the mortgage lender.Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0 -
This isn't particular to money received from abroad, but be aware that with sums above a certain amount, you may be asked how the person gifting you the money obtained it (i.e. through savings, inheritance, sale of property, etc). My father had to do this for me.0
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Look elsewhere on this site for advice on specialist FX agencies;
http://www.moneysavingexpert.com/banking/foreign-currency-exchange
When moving money form an overseas sale, we were very pleased with one mentioned; Moneycorp; who will not only advise on process and timing (and cover themselves on any legal points) but get a much better rate for less fees than using a high street bank
Not as secure as a bank but a longstanding and reliable operator IMHO0
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