Partially Gifted Deposit from boss

HampshireH

Aspiration said:

Not the best situation to be in however a couple of options.

You have told the truth about the money coming from your Dad. Have you been asked by the solicitor where your dad got the money from? 

There’s nothing stopping people gifting money, I.e your boss could have gifted your dad the money. The bigger issue is can your boss also provide the solicitor with proof of where the money has come from? If it is legitimate then they will unlikely have an issue with it.

Usually the lender can require a letter confirming that they have no interest in the property and it is a gift.

Best to have the conversation with your solicitor and be honest.

They want bank statements which is quite normal.

AdrianC

Gavin83 said:

Annisele said:

I think all OP can do now is come clean to his solicitor about the source of the money. But if the OP has exchanged contracts, and if the lender will pull the mortgage offer once it finds out that that's happened, OP may be in a serious financial hole unless he can get a mortgage elsewhere pdq.

I really hope the OP hasn’t exchanged.....

Please tell us that isn’t the case OP.....

If the solicitor's exchanged before completing AML on the buyer's equity, then the solicitor is going to be in deep doo-doo, too.

[Deleted User]

What lender are you using?   If you say then I can tell you if they will accept this deposit.  If they dont then you'll have to cancel and start with a new lender in which case you can just be honest with them

davidmcn

AdrianC said:

Gavin83 said:

Annisele said:

I think all OP can do now is come clean to his solicitor about the source of the money. But if the OP has exchanged contracts, and if the lender will pull the mortgage offer once it finds out that that's happened, OP may be in a serious financial hole unless he can get a mortgage elsewhere pdq.

I really hope the OP hasn’t exchanged.....

Please tell us that isn’t the case OP.....

If the solicitor's exchanged before completing AML on the buyer's equity, then the solicitor is going to be in deep doo-doo, too.

Not really, if the only reason the AML can't be done satisfactorily is because of the OP's attempted mortgage fraud. Besides, it's pretty normal that you can't complete checking source of funds until after exchange. 

TBG01

It doesn't matter if it's £100 or £100,000 being gifted. We still have to check he source of the funds, and risk notice it for our head of compliance to sign off before we can proceed to completion.

It may be all above aboard but the fact you've lied would raise major red flags for us and I wouldn't be surprised if we cancelled the instruction.