Property funds in child accounts

SDLT_Geek

I wonder how @SuperCommuter got on with showing "proof of funds" when they approached a solicitor?  I see that was what the OP was asking about, before it was pointed out that the money in daughter's account belongs to her.  
Is OP, as a cash buyer, planning to go the route of buying the house in trust, with a percentage held for the daughter to reflect her contribution to the price?

Scotbot

SDLT_Geek said:

I wonder how @SuperCommuter got on with showing "proof of funds" when they approached a solicitor?  I see that was what the OP was about, before it was pointed out that the money in daughter's account belongs to her.  

OP stated she intends to buy down the line, she is not in tbe process right now. She seems to think a solicitor will not check back beyond 6 months of bank statements for proof of funds.

So I imagine the OP has transferred the money into one of her accounts which she can do as it is in an  online NS&I account. I doubt it will even occur to her to declare the transfer as income to HMRC as she considers it her money to start with.

I wonder if she will get away with it? This is the one instance where I would recommend a cheap online conveyancing shop that does the minimum required.

AnotherJoe

Scotbot said:

SDLT_Geek said:

I wonder how @SuperCommuter got on with showing "proof of funds" when they approached a solicitor?  I see that was what the OP was about, before it was pointed out that the money in daughter's account belongs to her.  

OP stated she intends to buy down the line, she is not in tbe process right now. She seems to think a solicitor will not check back beyond 6 months of bank statements for proof of funds.

So I imagine the OP has transferred the money into one of her accounts which she can do as it is in an  online NS&I account. I doubt it will even occur to her to declare the transfer as income to HMRC as she considers it her money to start with.

I wonder if she will get away with it? This is the one instance where I would recommend a cheap online conveyancing shop that does the minimum required.

Mine didnt so i think she's right,  once my solicitor saw the money was in HL they took that as acceptable, they didnt ask how it got there.

 I suppose their reasoning was that HL had done due diligence  on the source of the money. Otherwise just how far back do you want to go, and also you'd be replicating checks.

The only issue she might have is if they query it being moved to an account that isn't in the childs name. I have no idea if they are likely to do that.

davidmcn

Scotbot said:

SDLT_Geek said:

I wonder how @SuperCommuter got on with showing "proof of funds" when they approached a solicitor?  I see that was what the OP was about, before it was pointed out that the money in daughter's account belongs to her.  

She seems to think a solicitor will not check back beyond 6 months of bank statements for proof of funds.

No reason why they ought to. Many would only look back 3 months. If it's been in your account for long enough, it's decreasingly likely to be somebody else's money you've been "looking after". You need to draw the line somewhere.