Deposit

chunkytfg

Jacknevill wrote: »

The money is back in my account.

My daughter is only 2. We simple put the money in there just so we didn’t spend it. I can’t see why this would be a problem. We can take the money out of the account any time. But they are saying we can’t use that money.

Perhaps i'm missing something but why would putting the money in your daughters account stop you using it if you still have easy access to it and have no intention of letting her keep it?

The only possible reason you could have for putting it in there is the decent interest rates and lack of tax you pay in child accounts?

chanz4

I would say tax reasons only reason, as above you could withdraw the same

G_M

I'm calling Tax dodge.

middleclassbutpoor

It is a massive issue.

When you place money in a child's account, this money is deemed to be theirs by the provider of the account and also by HMRC. As has been already covered, there are a number of conisderations you need to be aware of in terms of interest payments etc.

The reason why your solicitor cannot accept that money is because the source of the funds shows that it is your daughter paying for the deposit.

Likewise when you make any withdrawal, you should be able to confirm that the money being withdrawn is for the benefit of the child as you are spending their money.

Due to financial crime reasons, there is a lot of rigour placed around these types of accounts as they can be seen as a way of tax evasion. This money can no longer be used as a deposit as it is not your money.

You have made a grave error in putting the money in there - you should have opened up a separate savings account for yourself.

No solicitor will allow you to proceed on this basis as far as Im aware.

scotgal30

Have someone gift you 15K and sign a form saying so and once you have completed pay them back with your 15K.

I understand what you’ve done as I’ve done it in the past, moving money out of sight so it’s not easily spent. Hard lesson to learn, unfortunately.

Exodi

As I see it, you will need to pull out of the sale and wait a while so you can provide proof of deposit that doesn't include your daughters accounts as every solicitor will query that. From the link in post #8, this period is indicated as one month from withdrawal, but I'd allow 3 months for safety. Likewise, you can't stay with the same solicitor as they have a duty of care to protect yours and the lenders interests and being aware of such circumstances, even if not apparent on your statements, would constitute a breach of trust with the lender.

On the flip side, I would give up peddling this story;

Jacknevill wrote: »

Nothing to do with trying to gain more interest at all just simply put it in there so i didn’t spend it.

I'd say it's very likely you did these transfers online (as a branch would undoubtedly have questions about £15,000 being deposited into a two year olds' account). I have online banking, I can literally open up to five online savings accounts instantly online now if I wanted (albeit at 0.20% AER). You're telling me it had nothing to do with interest, you just happened to put it into a savings account paying 2.0 - 4.5% interest?

Karma in it's finest form. I guess at least some of the extra interest you didn't mean to earn can go towards the wasted fee's?