Moving deposit money over

davidmcn

Maurice8 said:

Suppose the gifted money is all documented as IHT-exempt gifts (out of income or on the occasion of a marriage) over a few years. Would you then need further evidence that the money had been legitimately the giver's? And would the mortgagee (lending bank) need a guarantee that the money is not a loan, given that such gifts are by definition not loans?

As above, they're only likely to be looking a few months back. If it all appears well-established as being the borrower's savings then there may well be no queries about the origins. Yes, if they do consider it to be a recent gift then they'll want a declaration of such from the donor.

dimbo61

Are you making best use of this gift of money from parents ?
Are you s first time buyer ?
Have you got a LISA up and running.
How do you turn £4000 into £5000 ?
Save into an ISA 
Mum and Dad can both gift £3,000 each in any tax year and this becomes exempt from any inheritance tax.
Transfer any gift money as soon as possible. 

mrtachyon

The AML checks never really make sense to me. Lets say you have 10k in an account that's been sitting there for a few years and as part of the AML checks you sent over statements from this account. How does the solicitor then know if you actually use these funds for the deposit? You could subsequently receive an additional 10k from anywhere and send that instead.

davidmcn

mrtachyon said:

The AML checks never really make sense to me. Lets say you have 10k in an account that's been sitting there for a few years and as part of the AML checks you sent over statements from this account. How does the solicitor then know if you actually use these funds for the deposit?

By asking you for the paper trail showing the transfer of funds from that account to theirs.