Deposit - Source of funds questions

xdm941

Hi all,

Quick question if I may. We are currently going through the process of purchasing our first property. I received details from our solicitor today and we have to answer the question regarding 'source of funds'. Other than the mortgage itself, our deposit stands at £50000.00.

Now the problem I have is that my wife was given £25000.00 about 20-25 years ago by her late grandparents. It was placed into an account in her name when she was young which her parents opened many years ago and had gradually been added to and had interest accumulated etc etc.

My question is how I need to declare this lump some of money. A couple of people I spoke to said it would just be classed as savings as she was given it so long ago however I'm not totally convinced??????

Also, as her grandparents are no longer around there is no way (obviously) for them to write letters confirming the gift - if it is to be shown as a gifted payment.

Any advise/pointers would be highly appreciated!!

Many thanks
Chris

Oakdene

I think the fact you will be able to demonstrate the money has been held in an account for so long will be sufficient.

kingstreet

Savings.

It can't come under any other category.

Thrugelmir

Given the time that's elapsed the source being inheritance has no relevance.