Gift letter for Estate Agent

badger09

@felinefancy Just a minor point, and well done for wanting to get your ducks in a row asap, but it will be your solicitor and mortgage lender who will need the proof of funds and 'Gift letter'.

As far as the EA is concerned, all you need to show, is that you can afford i.e. have the required deposit & mortgage in principle, the property you are making the offer on. This is so EA can weed out some potential buyers before they even view, when the market is as hot as it is currently.  

felinefancy

Thanks again everyone.. yes, I absolutely understand the need to illustrate where funds have come from.  I contacted our mortgage broker today and he advised that to make things easier, probably not best to take the cheque into our account but for an EA's purpose just get a bank statement or two from Dad and a bank statement from us, as the proof of deposit.  And then when we get to purchase stage, follow the requests of a solicitor/mortgage lender and then get the gift letter done.  

Dad, bless him.  He will think it's all a fuss but I'll just have to explain it gently. 

felinefancy

Deleted_User said:

felinefancy said:

Thank you everyone... I'll prime Dad.  At 79, he's rather irritated by all these matters as, 'It wasn't like that when I bought our properties!" and huffs and puffs, annoyed at every single request.  Without internet, bless him, it's going to be a difficult process because he just doesn't understand why all this information is needed.  And I just must say, his monies are all above board and simply accumulated from years of investment.  He invented the phrase money saver!

I think there's definitely something in the age as a couple of people have said. My Dad is also 79 and can't get his head around what he feels is a level of intrusion. And again - couldn't be more above board but he's just so old school and still thinks of everyone as having a 'bank manager' that knows them and he can talk to someone and they will understand and can waive things for them, it's not really necessary etc etc. Seems to have always thought people are asking more of me simply because I'm younger and they can get away with it! 
It took us a while to get all the evidence we needed from my parents and my Dad was getting increasingly frustrated because it started with the estate agents even before the solicitors as you've pointed out. He was also worried about someone like estate agents having unnecessary info (which I do understand) as not as strict as solicitors for data. We managed to provide a lot of statements but black out areas so my Dad felt less intruded on and that was accepted. Full versions were then provided to the solicitors but he'd accepted it more by then! 

Exactly the same here.  With age, Dad's memory is not as good as it was and because of this he sometimes gets quickly irritated.  In his time things were "so much simpler"!  

felinefancy

Happy New Year all! 

Following a week's break with Dad, I've come back with three statements showing a) the funds in his investment account which he transferred into b) his current account (which he had done in order to send me a cheque - which he no longer needs to do).  I'm also going to write a simple letter, for Dad to sign, explaining the 'gift' to me for the purpose of any future EA.  At a future purchase stage, he can then complete any 'official' gift statement etc that a lender or solicitor may require.    I've also taken a copy of his driving licence and a photo of us both together.  I can also provide a copy of my birth certificate if this is necessary.

I had to explain several times to Dad that this is due to AML regs which, if I'm correct, came in to force in 2017??  He still doesn't understand the necessity for this as he feels he has a right to give money to his daughter.  I also advised there may be other requests down the line such as having his ID certified etc.  Met with much sighing and furrowed brows.

boldaslove

I feel you! My bf’s father is helping us with the purchase of our house and he has found the AML procedures with our solicitor in particular very stressful. I’ve also had to supply a LOT of information to support my funds so I appreciate how invasive it feels. Try not to take it personally, the anger/stress is about the process but you’re the person communicating it which is why you’re getting the full force of it. Easier said than done when you’re being shouted at I know