Gifting letter template

paulinefromtheuk

Please help.
IMO if we were to gift our children some money, ie in excess off 100,000 pounds each in order to help them buy a property, I believe we do not need a solicitor. The funds are in our bank accounts and source of funding can be clearly tracked, eg salary/etc.

Please provide, direct me to a simple template that details what we gave to our children.

Yes, we did complete some paperwork and ID checks when we gave the money to our 4 children as all have decided to take a mortgage and but apartments and use the 100k each towards the property and the lenders wanted evidence where the money came from.

Thanks.

Keep_pedalling

The lender is likely to get you to you to sign a declaration such as this one from Nationwide.

https://www.nationwide.co.uk/-/media/MainSite/documents/products/mortgages/Confirmation-of-Gifted-Deposit.pdf

This is required to make sure The money a gift not a loan.

In addition to you will need to provide proof that the money came from you in the form of bank statements etc.

You therefore do not to provide any form of templates letter. You should however keep a record of these gifts in case you die within 7 years to make life easier for your executors.