Gifting a deposit

casp21

HELLO

my daughter is near completion of her first house and my husband and myself are gifting her £11,000, she has saved the other £17,000. we wrote the standard letter saying we do not have any future interest in the property and we don't want the money back. Everything was going OK until Halifax has asked for a bankruptch check. My husband and I went through bankruptcy nine years ago, discharged 8 years ago. We are using the deposit from my husbands SIPP. We are worried sick now that she could lose the house. please help.

davidmcn

Has anybody said anything adverse about the bankruptcy search? What they're wanting to check is that you're not currently insolvent.

Smellyonion

Are gifts required to be disclosed? Why not just transfer her the money and that is the end of it.

casp21

due to money laundering laws, you can't just give them the money, they check everything. And all gifts have to be disclosed. I don't want my daughter punished for our mistakes, it was nine years ago, but discharged 8 years ago. i don't understand why they want this search. maybe to see if we are bankrupt at the minute, not sure though ...

davidmcn

casp21 wrote: »

due to money laundering laws, you can't just give them the money, they check everything. And all gifts have to be disclosed. I don't want my daughter punished for our mistakes, it was nine years ago, but discharged 8 years ago. i don't understand why they want this search. maybe to see if we are bankrupt at the minute, not sure though ...

I think you're worrying pointlessly about it. If there's a problem then your daughter's solicitor will tell her.