Being charged for a gifted deposit?

ACG

I bet its not a lot. I reckon its one of those where the price looks very cheap but then they start adding on all of the extras to get their money that way.

Senior_Paper_Monitor

Bl**dy ridiculous ! I reckon more than 30% of the 200 + mortgages a year we do have a gift involved, 50%ish using our recommended solicitors and the other half solicitors (some good, some poor) chosen by the clients.

Admittedly we prepare the form (or letter where no standard form) and offer certified copies (or even originals) to the solicitors, but I have never seen a charge for this ... even where the overall circumstances substantiate the need for declaration of solvency and/or any insurance and see no way where that would be the case for for a £2,000 gift.

Laura84

We went with the solicitors our seller is using as they have a 3rd party involved due to using a part exchange scheme (or something like that).

When my partner applied for the mortgage he was £1500 short for the deposit needed. MA told Halifax that the money would be there by end of October (as would be taken from August and September pay) but Halifax said they wanted to see full evidence of funds before mortgage offer! Fair enough. So he was gifted £2000 by his sister in the end. She had to sign the declaration thing from Halifax and mortgage was offered!

Now on Friday, his sister received the declaration of insolvency thing that said she needed to sign it and a solicitor! Luckily she works for a solicitor so they did it for her! Then on Saturday we received the letter with the break down of fees!

Partner is going to speak to Halifax tomorrow to see if they require it!

I could understand if it was £20,000!

Anybody know if he could now say that the gift won't go towards deposit as when he is paid tomorrow, he will have the extra £1500 needed from his wages!

Senior_Paper_Monitor

Laura84 wrote: »

We went with the solicitors our seller is using as they have a 3rd party involved due to using a part exchange scheme (or something like that).

You've been rooked (I could put it in more colourful terms) !!!

Laura84

Senior_Paper_Monitor wrote: »

You've been rooked !!!

Clearly! We were hoping it would smooth the transaction! ...............!!!!

Senior_Paper_Monitor

Smoother ? Presumably because you have paid ridiculous sums of money and your interests have not been protected.

Not having a pop at you in any way - but these sort of practices annoy me beyond description. There would be blood running in the gutter if anyone did that to one of our clients !

deaston

Why do the bank even need to know the £2,000 is a gift?