Deposit needs to be in account for 3 months. Is this common practice?

Lww_2

marksoton wrote: »

I don't care what your question was.

You're committing fraud and i hope you get caught.

What on earth are you talking about?

fashionvictim

Lww wrote: »

Well it wasn't my question. But thanks for raising it, I'll be sure to speak with the lender to double check that everything is in place.

So did you declare that it is a gift? If you did this already then you would of filled out a form.

If it is gift and *hope one day to repay it then please don't declare it as loan.

If it is loan ie. you are expected to pay it back by a set date, or agreed to prepay X amount a month then you should declare it. However this loan would affect the amount your mortgage lender would lend you.

Think very carefully about what you say to your solicitor, they don't just work for you.

Lww_2

fashionvictim wrote: »

So did you declare that it is a gift? If you did this already then you would of filled out a form.

If it is gift and *hope one day you intend to repay it then please don't declare it as loan.

If it is loan ie. you are expected to pay it back by a set date, or agreed to prepay X amount a month then you should declare it. However this loan would affect the amount your mortgage lender would lend you.

Think very carefully about what you say to your solicitor, they don't just work for you.

Yep, when the initial paperwork was filled out it was disclosed then. But no set monthly payments or anything have been agreed, it's just a nice gesture that family are offering. I had no idea that this would cause such a fuss.

SmlSave

camelot1971 wrote: »

There's nothing in the money laundering regs that says you have to have money in an account for 3 months.

I agree with this, never heard of it being asked before and we had a lengthy (yawn) lecture from the anti money laundering officer a couple of weeks ago

SmlSave

Lww wrote: »

Yep, when the initial paperwork was filled out it was disclosed then. But no set monthly payments or anything have been agreed, it's just a nice gesture that family are offering. I had no idea that this would cause such a fuss.

Sounds like it's a gift then. Don't mention that you'd like to pay it back someday and you should be fine

Lww_2

SmlSave wrote: »

Sounds like it's a gift then. Don't mention that you'd like to pay it back someday and you should be fine

Okidoke. That makes sense. Just trying to be as upfront as possible about everything to them because I know how messy things can get further down the line.

marksoton

Lww wrote: »

What on earth are you talking about?

SmlSave wrote: »

Sounds like it's a gift then. Don't mention that you'd like to pay it back someday and you should be fine

You're committing fraud. Simple.

Dear lord, how's it a gift if it's loaned?

theartfullodger

marksoton wrote: »

You're committing fraud. Simple.

Dear lord, how's it a gift if it's loaned?

+1, absolutely!

When number 3 son was trying to get a mortgage I was required to sign a document stating that the £10k (small beer girls, small beer..) was an outright gift. Which of course I was happy to sign(**).

Your prospective lender has assessed your application on the basis of the deposit being found from ready liquid funds in your various bank accounts: If such deposit is not already there I would expect then to re-evaluate your application & quite possibly withdraw their offer...

** I have explained to all my offspring that they should expect to inherit nuffink as I am planning on drinking any ready liquid funds before I pop my clogs.

I repeat,....

If you are borrowing from family for deposit obviously you will have informed your mortgage lender of this...

£5 to an agreed housing charity says you haven't....(yup, I do pay if rong...)

If you have explained to lender it is a loan I doubt the transaction will complete: But yes, Shelter is more than acceptable...

csgohan4

marksoton wrote: »

You're committing fraud. Simple.

Dear lord, how's it a gift if it's loaned?

Karma will catch up

SmlSave

marksoton wrote: »

You're committing fraud. Simple.

Dear lord, how's it a gift if it's loaned?

You tend to see things as very black and white marksoton.

You'd have me in chains and flogged :rotfl: