Can my parents pay stamp duty for me?

Landofwood

jayII wrote: »

You can chose to pay the stamp duty yourself (rather than through your solicitor), if you're confident in dealing with HMRC.

There will be a deadline by which you must pay it after completion. Check on the website.

ETA: there is a hefty fine if you miss the deadline, so consider carefully if you want to try to pay it yourself.

You can't do this if you need a mortgage.

libf

Isan wrote: »

Is it that simple?
Won't the source of those monies be questioned and ultimately treated the same?

Read the whole thread, not just the answer that suits you.

Isan_2

libf wrote: »

Read the whole thread, not just the answer that suits you.

Now now, be nice.

I've read the whole thread, and I'm still not clear on anything except that the lender will require the money to be handled by the Solicitor.
But that wasn't my question.

The question of how to best provide the funds to the solicitor has not, as far as I can see, been answered with consensus.

davidmcn

Only the solicitors can give you a definitive answer. Each firm has their own policy about these things (I wouldn't be bothered about where the SDLT funds come from, for example).

Isan_2

Thanks davidmcn, that is looking to be the way of it.

csgohan4

Whatever money your parents give to you is a gift in this case, declare as such and pay your dues.

Dird

Isan wrote: »

Won't the source of those monies be questioned and ultimately treated the same?

And what is the source? Assuming SDLT is £960 and they pay in £1000 isn't that just the £1000 you borrowed them 1-2 years ago and have just called in the debt? or if they give you cash...isn't it just money you kept at home and decided to pay into bank in time for the house purchase? Right before I went in for my mortgage appointment I paid in £1300 cash...the solicitor never asked where this was from.

If you've already shown bank statements I doubt he will even mention it again.

HappyMJ

Dird wrote: »

And what is the source? Assuming SDLT is £960 and they pay in £1000 isn't that just the £1000 you borrowed them 1-2 years ago and have just called in the debt? or if they give you cash...isn't it just money you kept at home and decided to pay into bank in time for the house purchase? Right before I went in for my mortgage appointment I paid in £1300 cash...the solicitor never asked where this was from.

If you've already shown bank statements I doubt he will even mention it again.

That's what I would do. I wouldn't be worrying about it. Mortgage lenders are more worried about the entire deposit being funded by a loan from parents. They aren't concerned if parents pay the expenses of an adult son/daughter for a few months whilst they save their income and put it towards a deposit. If questioned I'd just say mum was paying all of my expenses so I could save every penny I earned.

If OP you're concerned about it use your overdraft and after completion get your mother to repay your overdraft.

savemybugs

Dear Isan,

I am in the same situation as you with the same solicitors. Could you please update me on a one liner as to what happened in the end with using the gift for paying the SDLT.

Please let me know. Thanks very much in advance.