To Gift or not to Gift - HELP!

csgohan4

LeoTLion wrote: »

So in the space of 3 posts you've gone from advising the OP they need £10k to cover 'fees' on a £100k purchase, based on your on experience, to aknowledging that not all purchases are the same. That's quite some turnaround.

I wasn't arguing against the maxim enough = good, more = better, but what you stated was, quite simply, wrong and wrong advice is worse than no advice.

Not all purchases are the same hence my original post and noting the OP didn't need Stamp duty.


Indeed I don't dispute this. I was pointing out to prepare for the unexpected. if I didn't have 10k in savings extra, my purchase would not have proceeded otherwise. As you said the more the better, but to proceed with 'JUST' the predicted costs is walking on thin ice. Baring in mind most solicitor fees don't quote the extra fees that would be compulsory like searches. Reallymoving.com only do a gross search for fees, the real costs are not included for example.

If you don't prepare for the worse, you won't get much sympathy from anyone other than yourself.

In any case, it's just my opinion, you clearly have your own as do I. In my case, I aim for the best and plan for the worst so I don't get in trouble and beg for more money from people/ loans.

Apart from antagonising my posts what have you advised? Not to have extra and ignore reasonable posts? I would hate to see what happen if I was buying a house with no little/ no extras for emergencies based on your posts.

Keppetz

Thank you everyone for your responses - didn't mean to start a war! Sorry! I was more querying the deposit as a gift as opposed to fees.
Just FYI - I do not have stamp duty to pay, solicitor £1k, broker fees £500, moving myself so cost £0, coming from a family house so don't have to worry about breaking a tenancy agreement and £600 for mortgage fees however, I already have all these costs covered.

alchemist.1

How is the son going to justify gifting 5k from the business? Wouldn't this be against his legal directors duties if its a limited company?

LeoTLion

csgohan4 wrote: »

Not all purchases are the same hence my original post and noting the OP didn't need Stamp duty.


Indeed I don't dispute this. I was pointing out to prepare for the unexpected. if I didn't have 10k in savings extra, my purchase would not have proceeded otherwise. As you said the more the better, but to proceed with 'JUST' the predicted costs is walking on thin ice. Baring in mind most solicitor fees don't quote the extra fees that would be compulsory like searches. Reallymoving.com only do a gross search for fees, the real costs are not included for example.

If you don't prepare for the worse, you won't get much sympathy from anyone other than yourself.

In any case, it's just my opinion, you clearly have your own as do I. In my case, I aim for the best and plan for the worst so I don't get in trouble and beg for more money from people/ loans.

Apart from antagonising my posts what have you advised? Not to have extra and ignore reasonable posts? I would hate to see what happen if I was buying a house with no little/ no extras for emergencies based on your posts.

At this point do you even know what case you are arguing yourself?

I have never suggested buying a house with little/no emergency funds.

I simply stated that 'fees' on a £100k purchase would not total £10k, which was a question posed by the OP.

In order to justify your statement you went off on a tangent citing buying furniture, minor building works and the OP's car breaking down. None of which have any relevance to fees incurred when buying a house.

Thrugelmir

Keppetz wrote: »

I don't want to lose the opportunity of having my own house; this one is perfect and ticks all my boxes except enough deposit.
Thanks

If you dig yourself a hole then you've only yourself to blame. You need to ask yourself if the risk is worth it.

silvercar

alchemist.1 wrote: »

How is the son going to justify gifting 5k from the business? Wouldn't this be against his legal directors duties if its a limited company?

Directors loan account. Perfectly legitimate.

You would then describe the loan as coming from the son. The lender and/or solicitor may require a letter for the accountant confirming this.

Whether the daughter pays back the son or not is irrelevant to the mortgage application.