Overseas gifted deposit advice

Doc2020

Hi guys,

I'm currently living in the UK, family is living back in Egypt. I'm planning to buy a house with my partner here. I have just about enough in my bank account to cover for the deposit. But dad wanted to gift me about 10k to help with the rest of the expenses (stamp duty, solicitor and such) and for buying furniture, repainting the place, etc.

I've just put an offer on the house so still negotiating a price. And I have few questions about this:

- If I transfer the money to my account and it's not going to be used as a deposit (as I already have the money for the deposit) will I still be required to provide evidence for source of the money and such if I use it to cover the rest of the expenses?

- If the answer is yes, is it better to transfer the money to a separate account and use this only for the additional expenses? Do I have to inform the lender of all my bank accounts? will they ask about the source of the money?

Many thanks.

amnblog

If you don't need it for deposit you do not need to declare it as a gift.

You are right however in realising that is it is not going towards the purchase it is better paid into an account where the Lender does not have to question it.

davidmcn

However note that the solicitor may require evidence of the source of all funds being paid to them, even if only being used for stamp duty etc rather than the price.

andyf1980

We had a nightmare with this. It was sorted in the end but very stressful. If you’re using a broker be up front with them from the start (we were but it was misinterpreted)