Borrowed deposit of £200

sugarbabe84

anselld wrote: »

For future reference, if you want independent advice do not accept FA and Solicitor "pushed forward by developer".. or EA for that matter.

Thank you. I was ignorant of it all.

I’ll be much wiser in the future.

sugarbabe84

HouseBuyer77 wrote: »

This sounds like a don't ask, don't tell kind of situation. I doubt the solicitor will be digging into where £200 has come from so I wouldn't volunteer the information either. I can't see that it really matters in this instance but you want to avoid any suggestion that you have a borrowed deposit in case this causes further delays (I guess technically your sibling would need to declare it was a gift).

On another note you should really build up some kind of emergency fund! Especially as a home owner it's important to have easy access to a reasonable amount of cash (most people would say 3-6x Monthly income).

Thanks. Im concerned as when the solicitor was doing the money laundering checks, it showed my balance is £200 less. I told her I would be able to make it up on payday which is Wednesday. The solicitor agreed and seemed happy with it, but hen I get threatened by the developer.

FYI, my salary does allow a significant amount of disposable income. The main reason Im having to depend a lot on my salary is because I made a decision to get on the property ladder in the recent months. It has meant saving a ~1000 each month for the past few months, whilst paying rent, bills, loan etc.

Once the house buying is out of the way I can get back to just putting money in savings account, as my mortgage would be 25% of salary.

sugarbabe84

csgohan4 wrote: »

boiler breaks, leaking ceiling/roof e.t.c all cost more than £200

My disposable income is generally half of my salary. I was on a mission to find somewhere to buy which required me to put away at least 1k a month for the deposit for the past 4 months.

sugarbabe84

p00hsticks wrote: »

Lightbulbs, yes. Furniture, maybe (at least a bed, table and chair, picked up from freecycle/charity shop if necessary). But garden plants , definitely no. They're a nice to have, not an essential and can wait until later when you have a bit of money to spare

I definitely agree.

sugarbabe84

davidmcn wrote: »

If they're doing their job properly they should be getting evidence of the source of funds, and strictly speaking should be telling the lender if any of the equity is coming from elsewhere than the borrower's own funds. Though as we're only talking about the contractual deposit that can be solved by the borrower "swapping" the borrowed £200 for their own £200 by the time completion happens.

And if it's the developer's tame solicitor then I suspect they'll overlook it rather than throw a spanner in the works.

Nevertheless the OP should really be taking advice from the solicitor, not doing whatever the developer tells them to do!

I know what you mean about taking advice from the solicitor. It became clear to me that this solicitor is working for the deceoper, not for me. I wish I had looked at online reviews before embarking on this process.

The solicitor doesn’t respond to any calls, emails. The most information I got from her is that she’s opening a case for me, then got an email from her this week saying she’s finished reviewing the contracts that she’s now send them for me to sign.

She wrote a report for me to read, which was littered with so many typos. It’s been an eye opening experience for me.

sugarbabe84

Fortunately the solicitor has now said we can exchange. No questions asked about the funds.

I look forward to completing. This whole process has been a nightmare.

Hopefully in the future Ill go into it much wiser.