When should my parents send me the money? (Gifted deposit)

Owleyes00

Hi,

I am very lucky to be receiving a substantial sum of money from my parents (£30k) to put towards my deposit on a house.

It’s a bit of a complicated situation where we are buying out the shares of a house from my partner’s mum and brother. My partner’s mum’s own fixed term on the house does not run out until 2nd December and we will be looking to arrange things so that we complete just after that so she does not lose her early exit fee.

We have been liaising with a broker who will be putting in a mortgage application for us around July time so it is still valid by the intended completion date.

My question is: should my parents transfer me the £30k in time for the mortgage broker to put the application in, or can it wait until we are due to exchange?

Thanks!

GeordieGeorge

I’d say the sooner the better, but your mortgage broker is the best person to tell you if your lender has any specific requirements.

Brucema07

We got ours straight away, but we wanted to move ASAP 

we only got ours because the estate agents and the seller wanted to see proof of DIP & Deposit before it got taken off the market. Might be different with you having the connection with the seller x

Owleyes00

Thanks, we haven’t chosen a lender yet. It seems as though having it early is definitely better than not having it so I will speak to my parents.

K_S

I'll echo the posts above. Very crudely speaking, from a lender and conveyancing point of view, the earlier it lands in your account and the longer it's been there, the less hassle it's likely to be. Good luck!