Proof of deposit/gift

dipesh010

Hello,
I am a first time home buyer in UK, I have received gift of 36k from Asia from my dad savings account.  What proof do i need to provide to the bank and the solicitor?. Asian bank does not provide bank statements they use receipts that shows the money. I have the copy of the receipts and bank is happy to write a letter outlining the money is been in account for more than a year or a letter outlining the money came from UK savings which was sent to Asia bank and coming back to UK account. Is this enough for the lender and lawyer?

I have lent my friend 2k few years a go and now his paying me back as I need money to buy a house. Is this okay for the mortgage lender/solicitor or do I need to declare this as a gift?  

Do I have to declare all the money I have in the bank to the mortgage lender/lawyer? I am putting down deposit of 100k and my bank balance is 105k so do I have to declare 100k to mortgage lender/lawyer or the 105k? its just that the 5k my dad sent was a cash transfer via third party means providing source of funding would be hard 

My mortgage lender is asking for the proof of deposit which i've provided when am i expect to hear about the offer? 

davidmcn

You'll need to ask the bank/solicitor exactly what they need, there aren't any standard requirements. But I would expect you'll need enough evidence from the bank that the funds had been in your dad's account, and ID for your dad. You should only need to evidence the funds you'll be using for the deposit.

Thrugelmir

dipesh010 said:

bank is happy to write a letter outlining the money is been in account for more than a year or a letter outlining the money came from UK savings which was sent to Asia bank and coming back to UK account. Is this enough for the lender and lawyer?

Provides no evidence as to the actual source of the funds. Such a letter would be surprising as certainly would be expected as normal practice in the UK. May raise more questions than answers. 

dipesh010

Thanks for the info David.
Do I need to provide bank evidence if the funds has been in my account for 3months?  18th Aug is when the money was transferred to my UK account and I dont think the lawyers are proactive enough to complete the property purchase before Dec 1st. That will make approx 3+ months.
Also my dad Portuguese  passport has expired and his in no condition to have that renewed due to health issue so do they accept local country ID or a health certificate from a doctor?  

 

dipesh010

Thrugelmir said:

dipesh010 said:

bank is happy to write a letter outlining the money is been in account for more than a year or a letter outlining the money came from UK savings which was sent to Asia bank and coming back to UK account. Is this enough for the lender and lawyer?

Provides no evidence as to the actual source of the funds. Such a letter would be surprising as certainly would be expected as normal practice in the UK. May raise more questions than answers. 

No - there is an evidence, a letter saying its coming from my dad saving account. The source of funding is oversea saving account.  

davidmcn

dipesh010 said:

Do I need to provide bank evidence if the funds has been in my account for 3months?  18th Aug is when the money was transferred to my UK account and I dont think the lawyers are proactive enough to complete the property purchase before Dec 1st. That will make approx 3+ months.
Also my dad Portuguese  passport has expired and his in no condition to have that renewed due to health issue so do they accept local country ID or a health certificate from a doctor?   

3 months might be enough, but like I said you'd need to check.

A national ID card (assuming Portugal has those) ought to be fine.