Oversees source of gift

Locornwall

I am trying to get together as big a deposit as possible and my partner’s family have offered approximately £15k to assist with it.

This will come from a bank account held in a EU country.

Any issues with this? It will be inheritance money from a close family member passing away.

haras_nosirrah

As long as you can evidence where the funds came from then no it isn't an issue

Locornwall

Thanks. Not that it’s a problem to do, however is this something they probably won’t ask for?

haras_nosirrah

They will ask for it due to UK money laundering regulations.

3 months bank statements from giftor showing the money in their account, a gift letter and giftor Id should suffice

Thrugelmir

Be prepared to evidence the source with full documentation. Will save a lot of aggravation.

Locornwall

So if it’s transferred from a foreign account, I take it they will want to see statements from the foreign account? Wouldn’t it be simpler just to transfer it to the person gifting the money’s uk account, then transfer to my account?

haras_nosirrah

If it is transfered it will need to be
Source bank account statements for 3 months prior to transfer and showing transfer
Bank statement from receiving bank

haras_nosirrah

The UK money laundering regulations are there to ensure the money is from a clean source.

We frequently get foreign bank statements. It isn't an issue.

I have had Russian and Egyptian bank statements before which needed to be translated due to different alphabets but if it is a country using the same alphabet as us it shouldn't need to be translated

Locornwall

From hungary

davidmcn

Locornwall wrote: »

Wouldn’t it be simpler just to transfer it to the person gifting the money’s uk account, then transfer to my account?

Not really, they'll still need to trace the money back 3 months (or whatever) no matter which accounts it's been through.

Expect also to provide ID for the donor(s). That might mean getting e.g. locally notarised copies of passport/ID cards. You'll need to discuss with your solicitors exactly what they'll need, there aren't standard requirements.

Thrugelmir

Locornwall wrote: »

So if it’s transferred from a foreign account, I take it they will want to see statements from the foreign account? Wouldn’t it be simpler just to transfer it to the person gifting the money’s uk account, then transfer to my account?

Transferring money around will make it very apparent that you are attempting to hide the source. Not the way to start a relationship with a financial organisation. Might leave a ? over you as potential borrowers for the future too.