TSB Gifted Deposit from Overseas Account

mrsmortgage

I have a mortgage broker but she's being slow and I'm running out of time. My mom lives overseas and she  gifted me £18k towards my house.  All is fine BUT apparently TSB wants to see translated bank statements of where the money has been for the past 30 days. It was transferred to my UK account on Monday, previo9us to that it was in an "Investment Account" for 90 days. It only got transferred to my mother's current account on the day of the transfer to my UK account.

What statement do we need? The investment account one was created in April (when the money was moved into that account) and that statement says it got locked into that account for 90 days, and that it expired on Monday.

The way I understand it I need that investment account statement (even though it's from April) and the current account one.  Thanks!

K_S

@mrsmortgage They basically want to be able trace the source of funds going back 30 days. So working backwards that looks like it covers -

- your UK account

- your mum's overseas current account

- your mum's overseas investment account

So they'll need statements for the above. Once they get that, they may ask for more. They are unlikely to budge on this or the requirement for official translations.

Normally, I would expect the conveyancer to go one step further, going back 3-6 months for overseas gifted deposits. All this is fairly standard AML (anti money laundering) processes so nothing to worry about as such.

mrsmortgage

Solicitor's said they don't care as long as it's in my account. The main problem is that my mum flies on Friday and won't be able to get any documents for the nest 7-8 weeks. 

lonibra

mrsmortgage said:

Solicitor's said they don't care as long as it's in my account 

Wow, that IS unusual! The hoops that I had to jump through a good few years ago for a deposit part funded by a tiny sum of money from a non-EU country were ridiculous. If anything, I thought things had gotten worse since then.

mrsmortgage

lonibra said:

mrsmortgage said:

Solicitor's said they don't care as long as it's in my account 

Wow, that IS unusual! The hoops that I had to jump through a good few years ago for a deposit part funded by a tiny sum of money from a non-EU country were ridiculous. If anything, I thought things had gotten worse since then.

They didn't check last time!  Another solicitor only asked for the past three months. 

user1977

mrsmortgage said:

Solicitor's said they don't care as long as it's in my account.

Sounds a bit sloppy. I'd be worrying about what else they can't be bothered checking properly.

mrsmortgage

user1977 said:

mrsmortgage said:

Solicitor's said they don't care as long as it's in my account.

Sounds a bit sloppy. I'd be worrying about what else they can't be bothered checking properly.

They probably use their discretion, which I have nothing against. I bought my current house with them. 

lonibra

mrsmortgage said:

user1977 said:

mrsmortgage said:

Solicitor's said they don't care as long as it's in my account.

Sounds a bit sloppy. I'd be worrying about what else they can't be bothered checking properly.

They probably use their discretion, which I have nothing against. I bought my current house with them. 

They seem great for overseas funds, I'll get their contact details off of you next time!

user1977

mrsmortgage said:

user1977 said:

mrsmortgage said:

Solicitor's said they don't care as long as it's in my account.

Sounds a bit sloppy. I'd be worrying about what else they can't be bothered checking properly.

They probably use their discretion, which I have nothing against. I bought my current house with them. 

The trouble with the AML rules is that you're not allowed to use your discretion, you need to evidence that you've actually followed the rules (and ask to see ID for your pals, etc).

mrsmortgage

user1977 said:

The trouble with the AML rules is that you're not allowed to use your discretion, you need to evidence that you've actually followed the rules (and ask to see ID for your pals, etc).

IME Different solicitors have had different criteria.