Proof of source of funds for deposit

LeonL

Hi all!

Our solicitor has requested 6 months worth of statements for all accounts from which our deposit monies has come from.

Our deposit is £10,000.
£5,000 has been Gifted by one set of parents, £1,000 gifted by the other. £3900 is from cash that was originally withdrawn 7 months ago to purchase a car - which we decided against doing in the end.

We have £1600 in a help to buy ISA so will receive the government £400 bonus.

I'm wondering how I can go about proving the cash source?

Thrugelmir

If you were going to buy a house why would you leave nearly £4k lying about. Convienient the car was sold 7 months ago.

chris_m

Give them seven months of statements to show the £3900 coming out?

davidmcn

You'll need to discuss with the solicitor, there isn't a standard answer to this.

Does your lender know about the gifted deposits?

Expect your solicitor to ask for ID and bank statements from your parents.

GingerBob_3

Good old MLP strikes yet again. Is there no end to this absolute boll*cks that we have to put up with in this country?

GingerBob_3

Thrugelmir wrote: »

If you were going to buy a house why would you leave nearly £4k lying about. Convienient the car was sold 7 months ago.

Yes, you're almost certainly a dirty, stinking money launderer. I suggest you turn yourself in right away and cut your losses.

jayII

We had money scattered in numerous high interest current accounts and a 'first time buyer account'. I just sent the solicitors several months of statements from the relevant accounts and filled in the appropriate gifted deposit form.

The solicitors wrote to the person who donated the gift and that person had to send back a certified copy of their passport. (This will cost us an extra £95 in solicitors fees, so check your fees schedule.)

GingerBob_3

jayII wrote: »

We had money scattered in numerous high interest current accounts and a 'first time buyer account'. I just sent the solicitors several months of statements from the relevant accounts and filled in the appropriate gifted deposit form.

The solicitors wrote to the person who donated the gift and that person had to send back a certified copy of their passport. (This will cost us an extra £95 in solicitors fees, so check your fees schedule.)

What an absolute bloody outrage that you can't even now give money to someone without the obnoxious Establishment suspecting you of wrongdoing. So what if you don't have a passport or any other "acceptable" documentation? The way this is going you might just as well stick a copy of your passport - if you've got one - on the internet. It would be just about as safe as letting all and sundry have uncontrolled copies of it!

xylophone

Some five years ago a young family member was gifted a substantial sum by his parents to assist him in buying a property.

His solicitor required only a letter signed and dated by both parents confirming that the money (cheque drawn on their joint account) was an absolute gift to their child from their own financial resources.

Tygermoth

We are about to do this and though we only have a small deposit. - we have money scattered everywhere! we have in a house buying savings account some in premium bonds some in help to buy isa (which is now useless as the house price crept over £250K) a'fees & removals' web saver and our main account.

To make it look even worse we moved all the money round in Jan (we were not expecting to buy till Sept) so all the accounts show a churn of debits and credits. Its making me feel guilty even though we have nothing to hide! lol

We are going to be sending a wodge of paperwork thicker than the phone book.

silvercar

I would just send the statements for what you have. Leave the solicitor come back if he has queries. To start seconding guessing what the solicitor may or may not be happy with is a waste of energy. To start long winded explanations may raise suspicions unnecessarily.