A gift for the deposit from parents living abroad

Meehash

Me and my girlfriend currently have around 5% of the deposit. My parents offered they could gift us some money, but they live abroad (EU). Would it make any difference if they transfer straight to my UK account or if they first transfer it to my foreign account and then I transfer it to my UK account myself? I also thought about using Revolut (much better rates and no fees), but I guess it may look dodgy.

davidmcn

The solicitors will want to see a paper trail for the money no matter which accounts you route it through, but it shouldn't matter which way you do it. Bear in mind they'll need ID for your parents, evidence of source of their funds (e.g. a few months' bank statements), and liable to ask further questions simply because it's foreign.

Your lender will also need to be happy with the principle of there being a gifted deposit in the first place.

Meehash

Oh my, looks more complicated than I thought Do their statements need to be translated and amounts on them converted to GBP? By ID do you mean coming in person with their documents or is sending passport copies enough? Also, how do I prove the source of my piggybank and old gifts (cash) savings from abroad?

[Deleted User]

My in-laws gave us our deposit and start up costs. Nobody, our broker and nationwide, wanted to see anything other than our bank statements. They gave us the money via cheques from their American account.

davidmcn

Meehash wrote: »

Do their statements need to be translated and amounts on them converted to GBP?

They'll need to see the conversion at whatever stage you exchange it into GBP. Shouldn't need translated assuming it's reasonably obvious who the account holder is and what the amounts are.

By ID do you mean coming in person with their documents or is sending passport copies enough?

Probably more likely to need copies certified by a local notary public or similar.

Also, how do I prove the source of my piggybank and old gifts (cash) savings from abroad?

How long ago were they cash? As I said above, statements showing them in your bank account for a few months are likely to be sufficient evidence that it's your money, but different solicitors have different requirements so you'd be better to ask yours if in doubt.

_shel wrote: »

My in-laws gave us our deposit and start up costs. Nobody, our broker and nationwide, wanted to see anything other than our bank statements. They gave us the money via cheques from their American account.

How long ago was this? Money-laundering requirements have become more stringent in recent years - I wouldn't rely on hoping that your solicitor isn't going to ask questions (and if they don't, I would also worry about what else they're being sloppy about!).

[Deleted User]

davidmcn wrote: »

They'll need to see the conversion at whatever stage you exchange it into GBP. Shouldn't need translated assuming it's reasonably obvious who the account holder is and what the amounts are.

Probably more likely to need copies certified by a local notary public or similar.

How long ago were they cash? As I said above, statements showing them in your bank account for a few months are likely to be sufficient evidence that it's your money, but different solicitors have different requirements so you'd be better to ask yours if in doubt.


How long ago was this? Money-laundering requirements have become more stringent in recent years - I wouldn't rely on hoping that your solicitor isn't going to ask questions (and if they don't, I would also worry about what else they're being sloppy about!).

5 years ago.

andyf1980

This caused a nightmare for us. We were gifted some money from my parents who live in Cyprus - it was from their UK account with Barclays. We eventually got it to go through but it was a real pain. As it happened we had to switch lenders as our offer expired. The new lender (Halifax) never asked anything about it.....

amnblog

You will need.

A gift letter in the correct format signed by your parents (some Lenders use a specific form).

Proof of funds in your parents account.

ID for your parents.

If proof of funds is not in English you may need a translation.

Your own funds expect to provide 3 months statements showing build up of funds.