Gifted money from Grandparents - now being asked to show bank statements!

user1977

jazzyja said:

Thrugelmir said:

jazzyja said:

Thrugelmir said:

jazzyja said:

The whole process of applying for a mortgage feels like privacy invasion. I mean someone goes through your bank statements and basically judges your lifestyle and your financial habits. 

You are wide of the mark if that is your belief. Ordinary people live ordinary lives. Those that complain the loudest are more often the ones with something to hide. 

I don't think I am. I mean my cousin got questioned why she goes to greggs and spends £3 now and again on a bacon butty.....what's she to hide? It 100% feels like an invasion

Sounds rather odd. 

I wouldn't make it up. This was santander.
I mean I hope you're right....ive just submitted mine and praying they don't pull up the fact I go to Costa several times a week! 

It's got nothing to do with the OP's question though - all the solicitors need to check is who the gifted money came from, nobody's interested in the rest of the grandparents' finances.

jazzyja

user1977 said:

jazzyja said:

Thrugelmir said:

jazzyja said:

Thrugelmir said:

jazzyja said:

The whole process of applying for a mortgage feels like privacy invasion. I mean someone goes through your bank statements and basically judges your lifestyle and your financial habits. 

You are wide of the mark if that is your belief. Ordinary people live ordinary lives. Those that complain the loudest are more often the ones with something to hide. 

I don't think I am. I mean my cousin got questioned why she goes to greggs and spends £3 now and again on a bacon butty.....what's she to hide? It 100% feels like an invasion

Sounds rather odd. 

I wouldn't make it up. This was santander.
I mean I hope you're right....ive just submitted mine and praying they don't pull up the fact I go to Costa several times a week! 

It's got nothing to do with the OP's question though - all the solicitors need to check is who the gifted money came from, nobody's interested in the rest of the grandparents' finances.

I know it hasn't. I was replying to a previous comment....

Mickey666

sumisuz said:

My Mum & Dad gave my Daughter some money as a gift. She is going to use that as part of her deposit for her new house purchase. My Mum has been asked to send ID, pictures of herself and an email. They are now saying they need 6 months bank statements. My Mum is elderly and my Dad has dementia, they are really stressed about this. It is only £8500, not a huge amount. I understand money laundering  rules but surely this is an invasion of my parents privacy? 

If you really do understand money laundering rules then you should understand why this 'invasion of privacy' is necessary.  How else would you suggest assessing someone's finances to check if their money is all coming from legitimate sources?

YOU may know for sure that your parents don't have a sideline growing cannabis for local dealers but no else knows for sure do they?  So don't you think it's a good idea to have some sort of checks in place?  Or should such checks only apply to other people?

sumisuz

You sound lovely! You may have gathered it’s not an ideal time for us. If you can’t respond in a kindly manner I suggest you just don’t bother #rude

sumisuz

Wow seriously can you not answer in a less inflammatory manner. People use these forums for help. Not to have people belittle them for their lack of knowledge. 

Browntoa

Afraid the banks have a duty of care legally to prove the source of funds 

They have to be sure that the £8500 wasn't deposited in their account the day before in cash . If they are unhappy about the origins still they could ask for more documents

Nikkihud0609

It’s all about duty of care as someone else has mentioned, it’s really important not just for the lender but for the solicitor to ensure that the money is coming from a credible source. Perhaps your daughter or yourself could offer to help them get the statements? It is an invasive process, but then it’s a huge investment and these processes are in place to protect buyer, seller and lender. Hope you get it sorted :-)

Thrugelmir

People rarely have large sums washing about in their current accounts. Normally the money will originate from a savings account. The audit trail will therefore be straightforward and involve no invasion of some ones private life. When people start objecting is often that there's something to hide. 

Mickey666

sumisuz said:

You sound lovely! You may have gathered it’s not an ideal time for us. If you can’t respond in a kindly manner I suggest you just don’t bother #rude

sumisuz said:

Wow seriously can you not answer in a less inflammatory manner. People use these forums for help. Not to have people belittle them for their lack of knowledge. 

Sorry if my reply upset you, though I can't really see why and it was certainly not intentional.

I was most certainly not belittling you for a lack of knowledge (no-one, literally no-one, knows everything) but was trying to point out that the answers you're seeking are pretty much contained within your post if you thought about things a bit less emotionally and a bit more logically.

The solicitor has a job to do, a job with legal responsibilities.  May I suggest you think about the questions I posed and consider how they could be answered instead of taking offence.  I'm sorry for your situation, but creating issues where none really exist can only make things more stressful.  Just give the solicitor copies of the bank statements and move on in the happy knowledge that your daughter is being given a helping hand.