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Gifting money and completion day
JCME28
Posts: 5 Forumite
Hi
could do with some advice!
My nan is selling her home and gifting me the money to buy a house which we will both live in and I’ll have a mortgage for it.
could do with some advice!
My nan is selling her home and gifting me the money to buy a house which we will both live in and I’ll have a mortgage for it.
So on completion day my nans house with complete and the money will need to come to me, to purchase another house on the same day.
Can anyone tell me the process on how the money will be transferred/gifted on completion date?
Many thanks
0
Comments
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Speak with the solicitor dealing with this. I would assume you are using the same solicitor to deal with this. Or are you just thinking about it? Do you have a mortgage agreed in principle?0
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It won't. Your solicitor will want to be in funds on the day before completion.0
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TBG01 said:It won't. Your solicitor will want to be in funds on the day before completion.
Plenty of people sell one house and use the proceeds towards buying another at the same time. If the funds were required before completion this couldn't happen.
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I'm going to have to ask about deprivation of assets?2
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Not from unrelated transaction. The cut-off for CHAPS will have passed in any event.p00hsticks said:TBG01 said:It won't. Your solicitor will want to be in funds on the day before completion.
Plenty of people sell one house and use the proceeds towards buying another at the same time. If the funds were required before completion this couldn't happen.0 -
Why are you tying the two transaction together like this? That's just asking for trouble.EDIT: my bad just realised your nan will be living in the house. This could be very problematic getting a mortgage.0
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To answer your specific question - I can't see why there would be a problem with transferring payments on completion day. The solicitor can link the sale and purchase as part of a chain, just like any other chain. Just make sure that you solicitor is aware of your plans from the outset.
As always, the solicitor would want everything agreed and signed before exchange of contracts.
But you might struggle to get a mortgage - if you're relying on a gifted deposit, where the person gifting the deposit will be living in the property. Maybe talk to a mortgage broker about whether that's feasible.
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