Gifted deposit

Daniellewilson1987

Has anyone had any issues with a gifted deposit. My partner is gifting me me money for the deposit but has saved cash over the years (all above board) he gets paid in cash. My solicitors have asked for 6 months worth of his bank statements. I am now worried that it will be an issue that he's only just deposited his savings in his account recently. The deposit is not a large amount, less the £8,000

user1977

Only way you'll find out whether it's an issue is by asking the solicitor - there aren't standard rules, and there's not much you can do to improve the situation (assuming you can't get the money from somewhere else) if he really has just deposited a large chunk of cash into the bank.

anselld

Six months bank statements is a fairly standard request.   Nothing wrong with depositing cash so long as the source is legit.   If he is paid cash (employed) he should still have payslips or if self employed some evidence that income is declared to HMRC, ie SA302s from self-assessment.

Daniellewilson1987

Thanks. He is self employed so the income will have been declared over the years through HMRC, he's been saving for about 10 years in bits and bobs and I've also put small bits with it so it's all added up 

Slithery

Will he be living in the property with you?

Daniellewilson1987

No, It will be a second home/ holiday home/ future retirement home

Thrugelmir

Daniellewilson1987 said:

Thanks. He is self employed so the income will have been declared over the years through HMRC, 

Then suddenly deposits a large sum of cash which has been accumulated over the past 10 years. 

aoleks

it won't be an issue, as long as you can show his savings growing organically over time. if nothing happened in the last 6 months, it's fine, they'll accept it. it would be suspicious if your money simply showed up on his account one day before transferring you the money.

Daniellewilson1987

Thrugelmir said:

Daniellewilson1987 said:

Thanks. He is self employed so the income will have been declared over the years through HMRC, 

Then suddenly deposits a large sum of cash which has been accumulated over the past 10 years. 

I know that's how it looks, I don't think it could look more worse but it's all legitimate. 

AdrianC

The money laundering regs say the solicitor must satisfy themselves the money is legit.
They do not tell the solicitor how to do that. It's left up to the solicitor.

A large pile of cash paid into the bank shortly before the transaction, by somebody self-employed, could not look a lot hookier unless it came with a greetings card signed by Uncle Toni-the-Rat from Palermo...

user1977

aoleks said:

it won't be an issue, as long as you can show his savings growing organically over time.

Which I don't think they can, as it sounds like all they can prove is a large sum of cash was suddenly deposited in the bank - not where that came from or how long he's had it. Some evidence that he's been earning cash will help, but it depends on the approach taken by the solicitors - some may be cautious given the lack of evidence that the cash just deposited is one and the same as the income he's been declaring to HMRC etc.