Gifted Deposit

AGA

Hi everyone,

(2nd post on the forum, so please bare with my incompetence haha)

But I am looking for advice about a gifted deposit from my mum.

So I had the savings, however at the time I got my mortgage in principle, it was confirmed I'd only need 5% .. So I decided to use the rest to cover some debts.

However, that lender fell through, so I went with another lender but they were only willing to go to 90%.

My mum is going to gift the outstanding amount to me.

But I'm wondering what information about my mum he will need to see?

Reason I ask, is my mum is currently on holiday in Spain but literally on her 1st day of the holidays they got theyr bags stole with their passports. My mum doesn't drive, so doesn't have a licence.

I thought it was just a declaration with proof of the funds being a gift.

I'm panicking now as our entry date is next week.

Help please!!! :money:

davidmcn

AGA wrote: »

But I'm wondering what information about my mum he will need to see?

"He" being your solicitor, I guess? Have you asked? The exact requirements will depend on the firm's policy. But as well as a gift declaration they should need ID and evidence of the source of the funds e.g. mum's bank statements going back a certain period.

Your solicitor will also need your lender to confirm to them that they're happy with it being a gifted deposit. You haven't said, but I take it you have agreed the gifted deposit with your lender?

Reason I ask, is my mum is currently on holiday in Spain but literally on her 1st day of the holidays they got theyr bags stole with their passports.

What has she done about getting a replacement? Assuming she's still abroad when you need her ID, I would suggest she visit a Notary with her replacement passport, they can check it and provide a certified copy to courier to your solicitor. But like I said, it depends what your solicitor will accept.

I'm panicking now as our entry date is next week.

Have you concluded missives? I'm guessing probably not given you were still pondering the price and whether to get another survey only a few days ago. If not then stop panicking and just arrange the entry date once you've got your funds and paperwork in order.

In any event, neither you nor your mother can really do much about it until Monday.

AGA

The thing is, I have the remaining amount at home, that I've just been saving over the years.

Can this be used? To avoid unnessecary delays? Our completion date is next Friday, and I'm not sure about missives? I think the solicitor has sent them but they got the price slightly lower so need to wait on that being updated.

Will I need to prove where I got the remaining amount as I can justify the whole cost of the deposit through a savings account I had but closed in August.

davidmcn

AGA wrote: »

The thing is, I have the remaining amount at home, that I've just been saving over the years.

What do you mean by "at home"? A pile of cash? That's the last thing the solicitor will want to use!

I'm not sure about missives?

If you had concluded missives your solicitor will have told you. What you don't want is a risk of the sellers being in a position to conclude missives while you're still not ready. So phone your solicitor first thing Monday to discuss how to proceed.

AGA

Can my ex partners mum and dad (my son's nana and papa) gift the money. As they said they would.

I just don't know what to do.

Bossypants

AGA wrote: »

Can my ex partners mum and dad (my son's nana and papa) gift the money. As they said they would.

I just don't know what to do.

Anyone can gift you the money, so long as they are willing to supply ID and evidence for where it came from. Bank statements showing regular deposits into a savings account is typically enough.

Try not to panic about this. So long as you have the money available and it has been obtained through legal means, this part is really a minor hurdle.

davidmcn

Bossypants wrote: »

Anyone can gift you the money

(Assuming we're still just talking about the deposit rather than enough cash for the whole price) as far as I'm aware (from previous threads here) lenders tend to restrict it to close relatives. I don't think an ex's parents will cut it.

Like I said above, it doesn't sound like the OP is yet in a contract, so as long as they tell their solicitor to put things on hold until they've sorted out their funding they shouldn't panic.

Bossypants

davidmcn wrote: »

(Assuming we're still just talking about the deposit rather than enough cash for the whole price) as far as I'm aware (from previous threads here) lenders tend to restrict it to close relatives. I don't think an ex's parents will cut it.

Oh really? In that case I stand corrected, apologies. My experience with this was some years ago, where the whole thing was less stringent.