Gifted deposits from family

7426kaz

Hello,
I have got a question which I'm abit unsure about;
I'm I the process of buying a house.
I'm getting a gifted deposit from sister and mother. Just wanted to know how the deposit gets transferred from buyer to seller.
Should I ask my family members to transfer their gift deposit into my account? So it's ready for me to give to solicitor?
Or will they provide their individual gifted deposits to my solicitor?
How is this usually done via a cheque?
Any clarification and advice would really be appreciated :

glimmerofhope

We have been asked by our solicitors to have the funds readily available in our account.

csgohan4

Transfer to your account, either by cheque or ebanking, your choice.


They will have to sign a disclaimer that they have no interest in the property and may have to provide bank statements to prove the money was from their account.


Then you will likely have to provide a bank statement for the lender that the money is in your account, either from the branch, stamped/ signed or through your usual monthly paper statements.


Ask your broker if you are unsure. If you don't have one, and your going direct to the lender, good luck.

amnblog

Simply ask your solicitor how they want things handled.

David_White

amnblog is bang on with their response.

Speak to your Solicitor

CLAPTON

there is absolutely no reason why they can't transfer it to your account and then you pay your solicitor on exchange

csgohan4

They may not have a solicitor until mortgage offer is approved.

Raggie

csgohan4 wrote: »

They may not have a solicitor until mortgage offer is approved.

Is that possible?


Solicitor works for Mortgage company and Client.. Without completing the Sols details on the Mortgage application how can it proceed?


(Found out the had way when we had to change firms mid application.. sols we wanted to use were not on the Mortgage companied panel.. and could not qualify to be added..)


Rags

csgohan4

I didn't instruct my solicitor until my mortgage was approved, otherwise you would liable for costs of searches and work already done e.t.c

Of course you can have one in mind, but some are a bit funny and ask for payment up front.

As you mentioned also, they need to be on an approved panel list which you won't know untill your broker tells you which lender and has double checked the solicitor you are using.

amnblog

I think we can safely say the OP will involve a solicitor at some point and that solicitor will have a view on how they want the deposit funds managed.

[Deleted User]

Piggybacking on this with some questions- my parents are gifting us our deposit, so they are going to transfer the money into my bank account, is this correct? Will I need to make my bank aware that a large sum of money is about to land in my account? Will I need this money in my account before we put in the mortgage application? Am I right in thinking it has to come into my account, it can't go into my husband's?