Family from abroad helping with house purchase

funguy

Dear All,

Wasnt sure whether to post this on here or on a financial board.

Im buying a house in the UK. My immediate family live in the USA and have offered to help me with my house purchase with a gift of money. All their money is earned, taxed etc in a US bank account so no issues there. They are aware of the US laws on gifts etc and filing in their gift tax forms etc. The amount of money is likely to be around £100,000 from them. The US bank is OK with this transfer. The UK solicitor involved in the house purchase is also ok with receiving the cash into their bank account and have done their money laundering checks including checking bank statements and source of funds etc.

Is there anything else I need to be aware of? Will it likely trigger any other sort of investigation that will delay the funds coming straight through as any delay may affect the purchase of the house.

Any advice appreciated.

Thrugelmir

Is your mortgage lender ok with the source of the deposit? Solicitor purely works on behalf of the mortgage lender as their agent.

funguy

Sorry, should have said..yes mortgage lender aware.

Its really a question if there are likely to be UK banking investigations over a transfer of this amount above the money laundering things the UK solicitor does which may hold up the purchase....

Kynthia

If your relatives can evidence they are going to pay tax on tge gift I would have thought that was evidence that the money isn't being laundered.

funguy

Yes theres a official declaration form in the US that needs submitted to their equivalent of the HMRC for any gift about $10,000 so they will be filling that in. I was really wondering if the UK side of things would cause any problems with a transfer of 100K from abroad?

xylophone

You have said

The UK solicitor involved in the house purchase is also ok with receiving the cash into their bank account and have done their money laundering checks including checking bank statements and source of funds etc.

You personally will not be receiving the cash - it will go to the solicitor's client account.

The solicitor has done the necessary due diligence - there should be no problems.

funguy

Yes the above is all correct. Thank you for your advice

chelseablue

What a generous family. Do they have another spare 100k knocking around for me?