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gifted deposit
whyisnamealwaysunavailable
Posts: 9 Forumite
My friend did a gifted deposit to buy their partner out of the house and declared that they would no longer occupy the property, but they have moved back in. Do they need to declare this to the mortgage company? Also, should their partner have declared the gifted deposit to HMRC?
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Comments
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It does not need to be declared to the lender.
Tax is not my strong point and I am in no way qualified, but assuming we are talking reasonable amounts (ie not a hundred grand etc), then assuming your friend lives for 7 years, I dont think there is any issue. But probably more of a question for an accountant/tax advisor.I am a Mortgage AdviserYou 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.1 -
many thanks for your reply!
Its just that they had to sign saying they will no longer occupy the property but they are now occupying the property??
So they were worried they had falsely obtained the funds
I think the value of the gifted deposit was around £30k or £40k but we googled and it said anything over £3k you had to declare?0 -
I think it is only an issue if the donor dies within 7 years - but you might be best calling an accountant, you may need to pay for their advice.
As for the letter to the lender to say they were moving out, if they moved out due to relationship breakdown and have decided to give it another try for example - thats life. You cant say we cant get back together due to this letter.
I am a Mortgage AdviserYou 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.1 -
Fantastic, sounds like its no problem which will put their mind at rest!! thanks again0
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