Gifted Deposit Timescales ?

mark_ward_london

Hi,

I am dealing with a house sale and purchase for someone, we are all ready to go except the end of the chain who is a first time buyer has now dropped it on us that :

Apparently he's deposit is split over several bank accounts and he is having a hard time proving where it all came from !!!, so the solicitor has suggested that to get around this a family member gifts him the deposit and then I guess he will give them back the money that he has saved.

Few questions, firstly as you sign a letter to say you are not getting back the money and it is a gift, is this strictly legal ? and should a solicitor be telling him to do this knowing full well what he is doing ?

If this is OK, how long would this take to be accepted by he's lenders, they have apparently had to send it all over to them and have told us it should only take 24 hours which to me seems like a crock of xxxx and I read it could take 1 - 2 weeks.

We were not supposed to have a chain hence we are now getting a little annoyed at things like this are being added by our buyer adding 2 other people to the chain without us being asked.

It all sounds a bit dogey to me so wanted to ask for some advice.

Thanks in advance

[Deleted User]

I would get ready to cover my ears to protect them from the deafening racket of money laundering alarms going off.

"I can't account for where this money came from, so here, have this lot that I just got given out of the blue instead."

bigstevex

The solicitor is suggesting mortgage fraud which they are there to prevent when they check where the gifted deposit has come from.

Even the person gifting it has to prove where it's all come from

mark_ward_london

Thanks guys, I thought it was just not me that thinks this stinks, I suspect we are being spun a line and their is some problem with he's deposit, either he don't have one or someone promised one and has not come up with it and he is playing for time along with the estate agents.

mark_ward_london

It been 4 months since we started this sale (seems like a lifetime) and to now be getting to the end (everyone else it now at exchange) and getting crap like this which seems to make no sense is just sooo annoying.

As I said, this guy was never supposed to be in the chain, the guy buying my friends house was supposed to be buying it with no chain he's side, he was selling a house but that was nothing to do with the purchase of their property but somewhere without us knowing its become a chain and now that new part of the chain stopping everyone from proceeding.

As I understand it all the banks/solicitors need is 6 months maybe 12 of bank statements to show things, even if he had say 5 bank accounts with it stashed in, you go online and print out everything in 2 minutes job done or go to the bank and they will do it for you there and then.

More bullxxxt going on here than a farmers field

Teamocil

The solicitor's solution sounds ridiculous and tbh fraudulent because the people involved will have to sign papers confirming they won't want the money back.

I don't think the stuff behind it is particularly fishy. My money is in various different accounts. Only one of those accounts will show my salary going in, obviously. How do I prove the £3k I made in an employee share offer 11 years ago is legit money? I can't get 11 years of bank statements to show it. How do I show that I have £2k from a family death in 1999? If a solicitor really wants to see where all of my money has come from, I don't think I can show that.

Thrugelmir

mark_ward_london wrote: »

so the solicitor has suggested that to get around this a family member gifts him the deposit and then I guess he will give them back the money that he has saved.

Who told you this ?