Nationwide gifted deposit

Rumana03

Hi,

We had our gift deposit form approved from Nationwide & this was supposed to be the last step and we were heading for completion.
Now suddenly the solicitor is asking where the money for the deposit I am gifting came from (it's my husband who is buying the property). This is weird since I had already spoken to the solicitor about 3 weeks ago and he had asked me this question and I had given my answer then. Also he asked my husband for my bank statements. This was also provided about 3 weeks ago and one other time early on in the process.

The seller is saying if we don't exchange contracts this week and complete next week then they will pull out as they are concerned we are not serious about the sale. This is ridiculous as we have been calling the solicitor and estate agents constantly. We only just started the whole process at the end of May so I think things haven't been that bad compared to how long I've seen other people's purchases take.

Has anyone else had anything similar happen? Will the solicitor ask to see as far back as when the money for the deposit hit my bank account? Is that likely? I don't have any issues providing this but I'm just worried that this will further delay things and the seller may pull out.

secla

Solicitors have to be satisfied that your deposit has come from legitimate sources, all solicitors will have different requirements.

Usually solicitors will do this just before they take money for deposit etc. Some lenders will have an issue with you living/being married to the purchaser as you have to sign to say you will have no interest in the property when obviously you do. whether or not nationwide is one of those that do i dont know
As long as you told nationwide about the gift and that you would be living in the house and they okd it you should be fine

Not sure how long the process has been going for you but i wouldn't expect there to be much weight to the sellers threats, if your near the end of the process they would be silly to pull out and start from the beginning with someone else

Rumana03

secla said:

Solicitors have to be satisfied that your deposit has come from legitimate sources, all solicitors will have different requirements.

Usually solicitors will do this just before they take money for deposit etc. Some lenders will have an issue with you living/being married to the purchaser as you have to sign to say you will have no interest in the property when obviously you do. whether or not nationwide is one of those that do i dont know
As long as you told nationwide about the gift and that you would be living in the house and they okd it you should be fine

Not sure how long the process has been going for you but i wouldn't expect there to be much weight to the sellers threats, if your near the end of the process they would be silly to pull out and start from the beginning with someone else

I have already signed the form to say I have no interest in the property.

We have been in the process since end of May so it hasn't been that long. There has been a few issues which delayed things but two of those things was the seller's fault. One was that there was a mistake of the property address on the land registry on one piece of paperwork. The second thing was that the property was advertised as a house but is in actual fact classed as a maisonette which meant the bank told us they will not give a mortgage to us unless we pay 15% deposit (instead of the 10% we originally agreed to).

So far the only delay from our side is that there has been a lot of issues with the gift deposit. Which to be fair can also be blamed on the seller because the original form had that I would gift 10% towards the property. But after the bank asked for 15% deposit, I obviously had to put a higher figure on the form to reflect this. The bank queried this.

To be honest I think we have been pretty understanding about everything. We have chased the solicitor and estate agent constantly. If the seller wants to pull out, that is their choice but from our side we did everything we possibly could.

Has your deposit form now been approved? Or you're still waiting?

user1977

Rumana03 said:

Will the solicitor ask to see as far back as when the money for the deposit hit my bank account? Is that likely? I don't have any issues providing this but I'm just worried that this will further delay things 

Why would it delay things, if you have the info to hand?

If this appears to be a duplicate of information already provided, have you reminded your solicitor about that?

Rumana03

user1977 said:

Rumana03 said:

Will the solicitor ask to see as far back as when the money for the deposit hit my bank account? Is that likely? I don't have any issues providing this but I'm just worried that this will further delay things 

Why would it delay things, if you have the info to hand?

If this appears to be a duplicate of information already provided, have you reminded your solicitor about that?

Because the solicitor and bank seem to take forever with every little thing.

I just spoke to the solicitor & we have sent some more bank statements and hopefully this will now be sufficient. The solicitor knows we have sent this paperwork previously but he keeps mentioning he will need to look for it so we decided it's quicker to re-send it to him.

Fingers crossed they now have everything they need. Just want the whole thing to be over.