Solicitor questions

Helptobuy18

Hello all,

I'm now at the next step of buying my first house (who'd of known it would have been this stressful) offer accepted, mortgage accepted. From what I gather all that needs to be done is the conveyancing, searches and a homebuyers survey. Now my dad is helping with my deposit, and the solicitor wants evidence we have the cash. Do you think if he transferred me the cash I could just show them my account with the monies or does it need to be in there for a set period of time, say 3 months worth?

Just out of curiosity how long did it take you to get into your house from the stage I'm at?

Thanks in advance

da_rule

Your solicitor will have to carry out money laundering checks on you. Seeing a large deposit appear will make them ask questions.

The best person to speak to is your solicitor. When I!!!8217;ve dealt with gifted deposits they also check the accounts of the person making the gift. Some solicitors also ask that the person making the gift transfers it to them (the solicitor).

Rambosmum

To be honest, I'd have got the survey done by now (I get it done before spending any money).

Is the chain complete? This is what usually causes any delays. Your survey should be done in a week, and the report with you a week later, searches take up to 4 weeks but usually less. It depends how many questions your solicitor has re the contract and how quickly your buyers get back to them. Average offer to exchange time is 12 weeks.

Tiglet2

If your solicitor is aware that your dad is gifting you some money towards the purchase, then your dad will have to write and sign a letter explaining that he is gifting you x amount which is non refundable, that he is solvent and will have no claim on the property. The solicitor will want to see your dad's ID and a copy statement showing the account with the money in and the account from which it will be transferred. It may be that your dad can transfer it to you, but the solicitor will want copy statements showing the transactions from and to your account. There isn't a time limit on how long the money sits in an account, but obviously it must be with the solicitor in time for exchange (if it's the deposit he's gifting you).

davidmcn

As above it doesn't matter whose account the money is in, the solicitor will just be looking x months back to see statements to make sure it is your dad's money. If you want to know exactly what they'll need, ask them - there aren't standard requirements.

martindow

Tiglet2 wrote: »

The solicitor will want to see your dad's ID and a copy statement showing the account with the money in and the account from which it will be transferred. It may be that your dad can transfer it to you, but the solicitor will want copy statements showing the transactions from and to your account.

Maybe money laundering regulations have changed but this wasn't necessary when I gave my son some money four or five years ago.

I just wrote a letter using wording provided by the mortgage provider, signed it and sent it off.

davidmcn

martindow wrote: »

Maybe money laundering regulations have changed but this wasn't necessary when I gave my son some money four or five years ago.

I just wrote a letter using wording provided by the mortgage provider, signed it and sent it off.

There are of course solicitors who don't do their jobs properly...