Partially Gifted Deposit from boss

Njtspire

I feel ive made a really stupid mistake. So my boss have gifted me part of a deposit for a house (i have worked for the company for 14 years and am considered family) i was told its preferred if gifted deposits come from family members only so i thought the best thing to do was say the deposit was coming from my dad. now he solicitor is wanted to see my dads bank statements as proof of this and where the money has come from. im worried as this will show my boss depositing the amount to my dad and my dad transferring it straight to my account. Unsure of what to do now, the letter from solicitors states they will require copy of bank statement to show where the funds have come from. any help would be appreciated. Thanks

sammyjammy

Your only option is to confess before they find it themselves and see what happens.  Solicitors are required to do money laundering checks so I am not sure how you expected to pull the wool over their eyes.

SpiderLegs

I’m not sure how you concluded that lying to your solicitor was the best thing to do....

right now the best thing to actually do is tell your solicitor the truth before they report your fraudulent statements to the mortgage lender.

Njtspire

Thank you for your responses, I realised they do checks but did not realise that would mean seeing my fathers bank statements too as it showed the transaction on my bank statements. Not looking for criticism, I know I made a mistake, just wanted some advise. 

princeofpounds

If I were a solicitor, I'd be reporting you for money laundering red flags on this one. Nothing will happen to you, unless your boss is actually a crime overlord, but it may delay or cause problems with your mortgage.

Agree with the others, you'll have to tell the truth. It's the best thing to do.

Njtspire

I will be telling the truth to my solicitor. would a letter from my boss help as supporting evidence?

AdrianC

There's also the minor consideration that a substantial gift from your boss may be viewed as salary, and be taxable.

MovingForwards

Most, if not all, lenders only accept gifted deposit contributions from family eg parents, siblings, grandparents, uncles and aunts. This gift doesn't meet any of those as your boss isn't family.

Njtspire

this is why i made the stupid decision to go down the route of saying deposit was from dad. Like i said i have worked for this family run business for 14 years and am considered as one of their own - this is a gift and absolutely not a loan whatsoever. 

davidmcn

Njtspire said:

I will be telling the truth to my solicitor. would a letter from my boss help as supporting evidence?

Yes, but I suspect your main problem is likely to be (as you suspected) your lender not accepting your boss as a source for a gifted deposit. In which case you're stuffed, unless you and/or your dad actually have enough of your own money to make up the difference.

getmore4less

Should have been a bonus, 

Employers are not really supposed to be doing undeclared  gifts.