Gifted deposits from family

7426kaz

Thank you for your response,

I will ask my sister and mother to transfer money onto my account and contact my solicitor as to how he wants it done.

Thought I'd ask as I thought there would be one standard way of doing it with every buy to let purchase.

amnblog

[Deleted User] wrote:

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?

Simply ask your solicitor how they want things handled.

amnblog

7426kaz wrote: »

I will ask my sister and mother to transfer money onto my account and contact my solicitor as to how he wants it done.

Contact solicitor first.

[Deleted User]

amnblog wrote: »

Simply ask your solicitor how they want things handled.

So I won't need to worry about any of that until we're at solicitor stage? Eg we are getting the ball rolling with our mortgage, we have selected our solicitor, but we have instructed them not to start any work until we tell them to (so we're not lumped with fees should the mortgage be declined). At what point do solicitors get involved, and should I worry about the deposit money being in our account?