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Gifting money towards a house purchase-and solicitor requesting bank statements from donor?
anotherquestion
Posts: 521 Forumite
Hi there folks,
Just wondering if gifting money to a relative towards cost of buying a house and their solicitor requesting bank statement of person gifting the money (which I understand is a normal enough practice that they do) would it be very unwise to include the whole account number in those statements or blank part of it out, for security reasons?
Thanks for any advice.
Just wondering if gifting money to a relative towards cost of buying a house and their solicitor requesting bank statement of person gifting the money (which I understand is a normal enough practice that they do) would it be very unwise to include the whole account number in those statements or blank part of it out, for security reasons?
Thanks for any advice.
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Comments
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Whichever makes you more comfortable. The worst the recipient can do with the account number is set up a direct debit.
The solicitor is very unlikely to try to get his Netflix paid from your account.3 -
If you blank out part/all of the sort code or account number, I think the solicitor will tell you to get them again without it being blanked out.
I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
Apart from anything else, they might need the account number to demonstrate the "paper trail" between different statements or transfers to/from that account.0
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My parents (gifted me money towards my deposit) and I handed my solicitor plenty of financial docs without anything blacked out. If the solicitors were going to do anything nefarious they already had pretty much all of my personal info.0
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Don’t redact the statements. As stated above the Solicitor will just reject them.
If the donor does not want you to seem them, they can supply them direct to the Solicitor.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Firstly, why do you think that letting your account number be known is a security risk when every cheque book clearly states the account number and pretty much every commercial invoice these days includes the company bank account details so they can be paid by bank transfer?anotherquestion said:Hi there folks,
Just wondering if gifting money to a relative towards cost of buying a house and their solicitor requesting bank statement of person gifting the money (which I understand is a normal enough practice that they do) would it be very unwise to include the whole account number in those statements or blank part of it out, for security reasons?
Thanks for any advice.
Secondly, if a solicitor requests a bank statement for a purpose that you understand is "a normal enough practice" then surely if the account number is not FULLY visible then how on earth could the solicitor be certain that the submitted statement is from the correct account? The whole exercise would be worthless!0 -
Never really understood the people who don't trust their (or their relative's) solicitor, but for some reason trust the many thousands of people working for their multinational bank!1
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