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Father providing funds for my first home

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Comments

  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    You need to do whatever your solicitor asks for.
    There are no standard terms.
  • canaldumidi
    canaldumidi Posts: 3,511 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    The tax position is as explained: possible inheritance tax if donor (father) dies within 7 years.
    Re the money laundering checks, speak to your solicitor asap and explain fully the source of the money. He will tell you what documentation he might want, and whether it needs translating, and if so by who.
    But £100K coming from overseas, from a 3rd party, via various banks acconts, is likely to require closer examination than a simple transfer from a UK citizen father's bank to your bank.
  • Keep_pedalling
    Keep_pedalling Posts: 22,777 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The tax position is as explained: possible inheritance tax if donor (father) dies within 7 years.

    The donor does not live in the UK, so UK tax rules do not apply to this gift.
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Have you looked at Cash LISA,s ?
    How quickly are you going to buy. In the UK.
    If you open a cash LISA and pay in £4,000 you get a £1,000 bonus from the Government/Tax payer.
    Now you can open one NOW and pay in the full £4,000 asap and open another in april
    You need to have the Lisa open for 12 months 
  • badger09
    badger09 Posts: 11,814 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    dimbo61 said:
    Have you looked at Cash LISA,s ?
    How quickly are you going to buy. In the UK.
    If you open a cash LISA and pay in £4,000 you get a £1,000 bonus from the Government/Tax payer.
    Now you can open one NOW and pay in the full £4,000 asap and open another in april
    You need to have the Lisa open for 12 months 
    No need to open another LISA post 6th April.

    Simply pay in £4k before 5th April (I'd do it by 31st March to avoid last minute scramble) then pay in another £4k after 6th April. 
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