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Source of funds

In a position to buy a flat with cash for less than £400,000. The solicitor gave me a form to fill to show source of funds. Not sure what to put. My parents have been saving for me  since I was 7 yrs and every year they put money in my account for a cash isa for past twenty years. They have also invested in shares and pep on my behalf. These monies are in my account. So do I put most if the money were gifted by both parents. I will be speaking to my solicitor in the meantime would like to hear from others with similar experiences. Thanks.

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  • user1977
    user1977 Posts: 13,396
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    I would say it's your own savings, if it's basically all long-term in your name. But there aren't standard approaches to this, so you may be better to ask your solicitor what they need. For a cash purchase, the only complication with funds being gifted is that they might want ID etc from your parents too.
  • Schwarzwald
    Schwarzwald Posts: 446
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    user1977 said:
    I would say it's your own savings, if it's basically all long-term in your name. But there aren't standard approaches to this, so you may be better to ask your solicitor what they need. For a cash purchase, the only complication with funds being gifted is that they might want ID etc from your parents too.
    "own saving" is difficult IMO.
    OP appears to be around 27 (twenty years since 7).
    say s/he has been working for 3-4 years, but likely total cumulative net income is far less than the 20 years of savings.
    so it is clearly a "gift over time" by the OP's parents.
  • user1977
    user1977 Posts: 13,396
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    user1977 said:
    I would say it's your own savings, if it's basically all long-term in your name. But there aren't standard approaches to this, so you may be better to ask your solicitor what they need. For a cash purchase, the only complication with funds being gifted is that they might want ID etc from your parents too.
    "own saving" is difficult IMO.
    OP appears to be around 27 (twenty years since 7).
    say s/he has been working for 3-4 years, but likely total cumulative net income is far less than the 20 years of savings.
    so it is clearly a "gift over time" by the OP's parents.
    If it's been in their account for years, it's their money, wherever it originally came from. Solicitors are unlikely to be interested in tracing the history for years back. You need to draw the line somewhere, and often it's only a matter of months.
  • mebu60
    mebu60 Posts: 820
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    Just put 'own savings', don't over complicate it. 
  • grumbler
    grumbler Posts: 58,629
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    edited 7 February at 9:20PM
    user1977 said:
    user1977 said:
    I would say it's your own savings, if it's basically all long-term in your name. But there aren't standard approaches to this, so you may be better to ask your solicitor what they need. For a cash purchase, the only complication with funds being gifted is that they might want ID etc from your parents too.
    "own saving" is difficult IMO.
    OP appears to be around 27 (twenty years since 7).
    say s/he has been working for 3-4 years, but likely total cumulative net income is far less than the 20 years of savings.
    so it is clearly a "gift over time" by the OP's parents.
    If it's been in their account for years, it's their money, wherever it originally came from. Solicitors are unlikely to be interested in tracing the history for years back. You need to draw the line somewhere, and often it's only a matter of months.
    Well, at least one year for cash buyers - according to my experience. AML paranoia is gaining strength. One solicitor wanted  3 years, but then agreed to one.

  • Hoenir
    Hoenir Posts: 1,298
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    edited 7 February at 10:36PM
    grumbler said:
    user1977 said:
    user1977 said:
    I would say it's your own savings, if it's basically all long-term in your name. But there aren't standard approaches to this, so you may be better to ask your solicitor what they need. For a cash purchase, the only complication with funds being gifted is that they might want ID etc from your parents too.
    "own saving" is difficult IMO.
    OP appears to be around 27 (twenty years since 7).
    say s/he has been working for 3-4 years, but likely total cumulative net income is far less than the 20 years of savings.
    so it is clearly a "gift over time" by the OP's parents.
    If it's been in their account for years, it's their money, wherever it originally came from. Solicitors are unlikely to be interested in tracing the history for years back. You need to draw the line somewhere, and often it's only a matter of months.
    Well, at least one year for cash buyers - according to my experience. AML paranoia is gaining strength. One solicitor wanted  3 years, but then agreed to one.

    £400k though is not an insignificant sum. Very different to what might be regarded as the amounts of parental support nornally seen in terms of deposit assistance.  

    You would hope that records have been kept for IHT purposes in any event. 
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