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Question on gift for transfer of equity
Rosesgirl
Posts: 72 Forumite
Can anyone advise
A relative is gifting me funds so I can do a transfer of equity from joint to single .No mortgage involved . My question is does the donor after relevant solicitor checks send the money straight to the solicitor or does it have to be paid to me first and I forward to solicitor .
Thanks
A relative is gifting me funds so I can do a transfer of equity from joint to single .No mortgage involved . My question is does the donor after relevant solicitor checks send the money straight to the solicitor or does it have to be paid to me first and I forward to solicitor .
Thanks
0
Comments
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Either. No issue either way.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Okay thanks. It's just I've spoke to one solicitor it was someone in their conveyancing department who told me it has to be paid into my account first before I then forward to the solicitor. Seems 2 transfers would be more work than simply doing 1. Also the donor is based in the EU .
Thanks0 -
There are no standard rules for it, if the solicitor prefers it to go via your account then do it that way.0
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Solicitor will have no need to perform money laundering checks on the donor by taking this course of action.Rosesgirl said:Seems 2 transfers would be more work than simply doing 1. Also the donor is based in the EU .0 -
No, they'll still need to look behind that transfer to check the source of funds.Thrugelmir said:
Solicitor will have no need to perform money laundering checks on the donor by taking this course of action.Rosesgirl said:Seems 2 transfers would be more work than simply doing 1. Also the donor is based in the EU .1
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