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FTB - Gifted deposit
cnc007
Posts: 6 Forumite
Hi,
My partner and I are currently in the process of buying our first home.
We have gone sale agreed on a house 2 weeks ago and have had our mortgage application approved by the bank.
My half of the deposit is a gift from a parent. The bank do not have a gift deposit waiver form and they have said all they require is for the solicitor to write up a letter on headed paper and for my parent to sign it and it be witnessed by the solicitor.
However the problem arises here because our solicitor is the same solicitor my parent has and it is a conflict of interest for them to draw up a gift deposit waiver form between 2 clients.
The solicitor has said my parent must seek independent legal advice and have this independent solicitor draw up a letter, get it signed and forward it my solicitor.
I'm wondering is this the correct information, and if so how much would this independent legal advise cost (as I would obviously offer to cover the costs)?
It's getting quite confusing to me now, so I'll leave it at that for now. BTW I'm in NI if that makes a difference
My partner and I are currently in the process of buying our first home.
We have gone sale agreed on a house 2 weeks ago and have had our mortgage application approved by the bank.
My half of the deposit is a gift from a parent. The bank do not have a gift deposit waiver form and they have said all they require is for the solicitor to write up a letter on headed paper and for my parent to sign it and it be witnessed by the solicitor.
However the problem arises here because our solicitor is the same solicitor my parent has and it is a conflict of interest for them to draw up a gift deposit waiver form between 2 clients.
The solicitor has said my parent must seek independent legal advice and have this independent solicitor draw up a letter, get it signed and forward it my solicitor.
I'm wondering is this the correct information, and if so how much would this independent legal advise cost (as I would obviously offer to cover the costs)?
It's getting quite confusing to me now, so I'll leave it at that for now. BTW I'm in NI if that makes a difference
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