Gifted Deposit

FTBTom

I have my mortgage approved but majority of my deposit has come from a gift from my parents. To date no one has asked me for proof of where this has come from, my parents have not been asked to sign anything. Are my solicitors likely to ask me before completion?

Reason i ask is they go on holiday for a few weeks shortly and i am likely to exchange very shortly and don't want things to get delayed because i need them to sign papers etc.

Thanks in advance!

Thrugelmir

FTBTom wrote: »

Are my solicitors likely to ask me before completion?

Yes they are. Before exchange in fact. As solicitors will require adequate funds at point of exchange to effect completion.

Suggest that you let your solicitor know asap. Solicitor will inform the lender.

amnblog

Yes, ask both your lender/Broker and solicitor about this before you allow mum and dad to fly.

avh26

Yes I also have a similar issue.
My house is due to complete on 30th Novemever but unfortunately had a set back earlier this week.
My solicitor has informed Santander won't accept the deposit from my partner as she will be residing in the address.
In a nutshell my partner has bad credit so could not be on the mortgage. The deposit was saved for in an ISA in her name.
I'm hoping my broker can find a solution.