Gifted deposit proof - help!

crl1995

I am in the process of buying a house, and a large percentage of the deposit is ‘gifted’ by my grandparents. They have been saving for me over the years, starting when I was born, in various bonds, building societies and ISAS. Over time this has become quite a large sum. My solicitor is now asking for proof of these payments in line with the anti laundering money process (which I get) my grandad has written a letter, provided ID but there is no way all this money can be traced back over the last 25 years. All I have is statements showing yearly balance and maturity. Please help?!?! 

crl1995

crl1995 said:

I am in the process of buying a house, and a large percentage of the deposit is ‘gifted’ by my grandparents. They have been saving for me over the years, starting when I was born, in various bonds, building societies and ISAS. Over time this has become quite a large sum. My solicitor is now asking for proof of these payments in line with the anti laundering money process (which I get) my grandad has written a letter, provided ID but there is no way all this money can be traced back over the last 25 years. All I have is statements showing yearly balance and maturity. Please help?!?! 

I should add that the solicitor wants to see transactions from my grandads account going in, however the money has been moved into different accounts over the years and I would not even know where to start .... some of the banks are probably obsolete! 

davidmcn

Has the solicitor actually said they want to look back 25 years? I would usually expect them only to want the last few months of statements.

Thrugelmir

How much are you being gifted? 

crl1995

davidmcn said:

Has the solicitor actually said they want to look back 25 years? I would usually expect them only to want the last few months of statements.

He said he wanted to see the last 6 months of payments from my grandad to the savings accounts. Only trouble is these were about 10-15 years ago and they’ve been in various accounts.. My answer to my solicitor is no I don’t have proof.  

crl1995

Thrugelmir said:

How much are you being gifted? 

Around 25k. 

Sea_Shell

Is the money saved in their name or yours?

crl1995

Sea_Shell said:

Is the money saved in their name or yours?

The accounts have always been in my name, but they provided the money. This is why I didn’t think it classed as a gifted deposit .. I’ve had the money in my name for years just sat there and only recently gathered it together to buy a home. 

Sea_Shell

crl1995 said:

Sea_Shell said:

Is the money saved in their name or yours?

The accounts have always been in my name, but they provided the money. This is why I didn’t think it classed as a gifted deposit .. I’ve had the money in my name for years just sat there and only recently gathered it together to buy a home. 

Surely then the money is YOURS and not gifted, especially as you've held it in your own accounts for years!!! 

These AML rules seem OTT to me.   Basically they're saying that you have to declare that your "GP's gave you £1000 for your  Birthday, for 25 years" (as an example) and you have to declare that as "gifted". 

I don't know, but surely there are other rules that state how long money is held for before it becomes YOUR ASSET!    I could understand it if they gave you the full £25k last week, but dripped over many years is completely different IMO.

crl1995

Sea_Shell said:

crl1995 said:

Sea_Shell said:

Is the money saved in their name or yours?

The accounts have always been in my name, but they provided the money. This is why I didn’t think it classed as a gifted deposit .. I’ve had the money in my name for years just sat there and only recently gathered it together to buy a home. 

Surely then the money is YOURS and not gifted, especially as you've held it in your own accounts for years!!! 

These AML rules seem OTT to me.   Basically they're saying that you have to declare that your "GP's gave you £1000 for your  Birthday, for 25 years" (as an example) and you have to declare that as "gifted". 

I don't know, but surely there are other rules that state how long money is held for before it becomes YOUR ASSET!    I could understand it if they gave you the full £25k last week, but dripped over many years is completely different IMO.

This is my thoughts exactly .. I don’t know what I’m doing to do.. basically the money started in a building society way back in the 90s and has since been moved into different accounts (chasing interest rates) and I’ve got ISAs, premium bonds, savings accounts that amount to the whole amount .. I have no idea how else I can prove this. My grandad has written the letter and I’ve been told to upload all letters/statements I own. Not sure what the other option is! Let the money sit there redundant? 

[Deleted User]

I think your mistake was in saying it was gifted. The circumstances you describe are very different from them giving you £25k specifically for a deposit.