Tracing deposit questions

Wacky103

Hi All

I have a mortgage offer & have had searches etc done by my solicitor as I'm buying a new build. The solicitor has advised they need to trace where the deposit money came from.
My mother is gifting me the deposit (it has already been transferred to my bank account from her a few months ago). She originally got this money from a lump sum payment from her pension in August last year.
What proofs will they likely ask for? She said she has the slip showing the lump sum payment that was made to her bank account, and I have already provided my bank statement showing the money being received from her same account to mine. Will this be sufficient?
I would ask the solicitor but they are closed and we want to get things ready to take in first thing on monday morning.

Thanks

AnotherJoe

That sounds sufficient to me.

They are very likely (to the point of near certainty) to ask your mother to sign an agreement that this money from her to you is a gift and not a loan.

scp941

My mother gave me some money to cover the shortfall in my deposit after HTB wouldn't approve an equity loan without a deposit greater than 5%. She had to fill in a gifted deposit form and provide a statement of the account the money came from.