Help!! FTB not sure if this is anything to worry about

Bry23 · 6 January 2022 at 4:28PM

Hi,
so I’m a FTB in the process of purchasing my first shared ownership new build property, I was under the impression everything was going well and all the information had been collated and signed and we were just waiting for the property to be finished being built (which it now is) and have received the following from my solicitor -

‘ I have already been in contact with the seller’s solicitors, funds haven’t been requested because we are waiting for a response from the Lender regarding your gift, once the lender accepts your gift and that the other conditions have been satisfied, only then can we set a completion date, ’

I was under the impression this had already been checked earlier on in the process by my mortgage broker, as I already have a confirmed mortgage offer

Any help on where I’m at would be much appreciated??

K_S · 6 January 2022 at 4:35PM

@bry23 Based on the limited info in your post, doesn't look like something to worry about. It's probably just part of the conveyancing work expected by the lender where the solicitor is expected to verify what the broker has put on the application form regarding source of deposit.

ACG · 6 January 2022 at 4:37PM

Did the broker put down that some/all of your deposit was a gift?
Is the person gifting the deposit an immediate family member or some long distant relative or a friend?

It is not normally an issue, but it sounds like it may not have been declared or it is a distant relative maybe.
Difficult to say, you need to speak to your broker really.

Bry23 · 6 January 2022 at 4:40PM

The gift is coming from parents in my initial application I did only initially put down that only 15,000 of the 20,000 was a gift from my parents but this was clarified in the application process by mortgage broker and they went back to Santander with the query before my mortgage offer was produced if that gives a little more context

user1977 · 6 January 2022 at 4:41PM

It's pretty commonplace that the mortgage instructions sent to the solicitor fail to mention gifted deposits, even if they've been approved - so the solicitor needs to get separate confirmation from the lender that they've approved the gifted deposit (as the standard instructions are that the whole deposit needs to be from you). Nothing to be concerned about if you've been told the lender is happy.