Using an overseas gift to buy a flat with cash

alexpuscasu

Hello

I have a quick question regarding overseas gifts. The money would be coming from my parents, and they can produce proof that the monies have been deposited from their income over time.

I have some money saved up as well and together I would be able to make a cash purchase on a flat. Other than the letter from my parents stating they have gifted me this money do i need to do anything?

user1977

You'd need to check with your solicitor what their exact requirements will be, but they will probably want bank statements and ID for everyone.

alexpuscasu

Thanks. That makes sense. I will enquire with them as soon as possible.

Thrugelmir

Need far more than just a letter. Evidence as as to source of the cash being gifted. How much money is involved? 

Slithery

They will need to prove to your solicitor that the money has been legally gained. So think bank statements, payslips etc etc...

MaryNB

If your documentation is in another language you should ask if you need to provide certified translations. 

alexpuscasu

Thank you for the responses. I have managed to contact my solicitors and they have informed me on what i need to do, Gift letter, copy of id and proof of how the money was accumulated, exactly like some of you guys said. Everything translated to English. 

eddddy

alexpuscasu said:

Thank you for the responses. I have managed to contact my solicitors and they have informed me on what i need to do, Gift letter, copy of id and proof of how the money was accumulated, exactly like some of you guys said. Everything translated to English. 

It might be bit more complex than it sounds...

For example, you might need...
- Certified copies of IDs (for example certified by a notary)
- Certified translations of the certified copies of the IDs.

This became a complete blocker for me. My solicitor wanted the notary to use specific wording when certifying the ID. The notary refused - saying they would only use their own standard wording.


Getting certified translations is quite expensive - so you might want to make sure in advance that the wording used will be acceptable to your solicitor. 
  

Thrugelmir

Warn your bank the funds are coming. May trigger alerts in their system. 

TripleH

Get everything sorted ASAP in the purchase and chase up your solicitors until they are happy with the paperwork.

My in-laws were sorting out a purchase with their eldest daughter in the UK whilst both parties were based overseas.

Paperwork took ages to arrive by post and delayed the purchase by 3 weeks.

Part of it was their original solicitor left the firm and the one who took over the file was more on the ball with paperwork.

The delay could have been avoided if they had asked for paperwork at the start (which they should have done).