Gifted Deposits

Matt_L

My GF has 25k which she will be using as a deposit for her first home. She has accrued this in the past 12 months from the following.

Father 10k from pension
Saving her monthly wage 5k
1st brother living in the UK 1k
2nd brother living in Norway 1k
3rd brother living in Norway 2k
Me putting part of my wage into her account 4k
Sales on e-bay 2k

On each occasion the money has gone from bank to bank so no cash just appearing. Does she need to consider getting statements off everyone who has gifted the money? Wait until asked for statements? Or because its not huge amounts don't worry??

Thanks or any help...

csgohan4

What does the solicitor want for their money laundering checks?

Thrugelmir

Will you be named on the mortgage application or intend living in the property?

Matt_L

We haven't got that far yet csgohan, we are just making sure we have everything in order. We didn't know anything about money laundering checks until we read an article about it whilst researching. We have a MIP, a deposit and are now looking at properties but that is as far as we have got..

Her deposit can be accounted for but i read that actual passports (not photo copies)of those gifting money may need to be produced which may cause an issue for her two brothers living in Norway.

Matt_L

Thrugelmir wrote: »

Will you be named on the mortgage application or intend living in the property?

I will be living at the property but am happy to make a statement declaring that i have no interest in ever owning any part of it...

Yawn

I declined my parents' help because of the passport issue. They live overseas and they wouldn't have given a whole lot of money. (In the end we went furniture shopping instead)

I wonder though if you still need to declare the gifts if they were given a while ago? I seem to remember that I only needed to give my solicitor six months of statements.

Matt_L

Thank you for your response Yawn. We didn't want to drag her brothers over from Norway just to show their passports and I'm guessing that they may have thought twice about gifting it if they knew this.

So we are thinking that their 3k can be put down as a gift for furniture in the event of her buying a new home:)

davidmcn

There are alternative acceptable methods of checking identity for overseas people e.g. getting a local notary to certify a copy of passport/ID card - anybody who tells you they need to post passports overseas is talking nonsense.

But really, first step should be to ask your solicitor what they'll need, as there aren't hard and fast rules about how far back they'll be looking or what information they need about source of funds or identity.