Gifted money used towards deposit

Sea_Shell

Thrugelmir wrote: »

Never. To accumulate savings they would need to come out of ones own income or earnings. The point at issue being the source. Which won't change.

But if say you'd earned net £20k...whose to say you've not lived off the gifted money (eg. £20k) and your earnings are what are now sitting on your bank.

Thrugelmir

Sea_Shell wrote: »

But if say you'd earned net £20k...whose to say you've not lived off the gifted money (eg. £20k) and your earnings are what are now sitting on your bank.

Sometimes matters simply boil down to using common sense.

davidmcn

ruhe wrote: »

Thanks for the explanation David I didn't realize that. I wonder at what point a gifted amount of money is considered your own savings by most reasonable minded persons and therefore considered savings in a legal framework if ever?

From a practical point of view, solicitors will only be looking back a few months or so in bank statements. If you had the money, say, 3 months ago, it's going to be presumed to be yours. If it appears as a deposit within those statements then the solicitors are likely to ask questions.

foxy-stoat

davidmcn wrote: »

From a practical point of view, solicitors will only be looking back a few months or so in bank statements. If you had the money, say, 3 months ago, it's going to be presumed to be yours. If it appears as a deposit within those statements then the solicitors are likely to ask questions.

I would image 7 years would be the cut off point from the date you received it from your Parents for an inheritance tax point of view.

Car1980

Doesn't really matter if the money was intended to be given as a house deposit or not. It is being used for that purpose, so is a gifted deposit.

All you need to do is draft a letter from your parents saying they have gifted you the sum of £xx, do not want any of it repaying, will not live in the property and will have no interest in the property.

Then get them to sign it.