Should I return a gift which is not required? Donor cannot provide ID

nicmyles

Mark_d said:

So your mum has given you £4k in cash, as a gift, to help with your property purchase?  I don't see why you can't use this gift to help you put down a 10% deposit, and hopefully get yourself a lower mortgage interest rate.

The lender's assessment of your affordability should not be affected by your receipt of this gift from your mum

It's not an affordability issue. You need to be able to evidence where money being used for your purchase is coming from, and that can involve any gifts being traced back to the person who gave them. They will need to provide further information, ID, etc. It's anti-money laundering regulations.

RHemmings

nicmyles said:

Mark_d said:

So your mum has given you £4k in cash, as a gift, to help with your property purchase?  I don't see why you can't use this gift to help you put down a 10% deposit, and hopefully get yourself a lower mortgage interest rate.

The lender's assessment of your affordability should not be affected by your receipt of this gift from your mum

It's not an affordability issue. You need to be able to evidence where money being used for your purchase is coming from, and that can involve any gifts being traced back to the person who gave them. They will need to provide further information, ID, etc. It's anti-money laundering regulations.

I thought it was also a matter of ensuring that the person who gave the gift does not have an interest in the property. I.e. that it's a gift and not an informal loan. Is that not the case?

Drone31

Mark_d said:

So your mum has given you £4k in cash, as a gift, to help with your property purchase?  I don't see why you can't use this gift to help you put down a 10% deposit, and hopefully get yourself a lower mortgage interest rate.

The lender's assessment of your affordability should not be affected by your receipt of this gift from your mum

I didn't want to use it due to the difficulty it will cause for the reasons I noted - she is super stubborn, has no photo ID at all, doesn't want anyone nosying around her bank statements.  The rate I have secured with my own company isn't much different at a 5% rate to 10% elsewhere, I am comfortable affording at either so wanted to avoid what looks to be an inevitable headache 

Drone31

penners324 said:

Why 21 days?

That's impossible. I bought a new build recently where conveyancing took 6 weeks and everyone stated that was extremely quick.

I sold a lease hold flat shortly afterwards with no chain and it took 5 months.

It's a former reposession, I didn't find out until the day after my offer was accepted which makes everything ten times more of  hassle!

lisyloo

Are you aware you can pull out now and are not liable anything except what you've spent yourself?
Your offer is not binding.
I'm not saying you should, just saying you can before exchange.
Not because of the £4k but the impossible timescale.

sheramber

Would she agree tom you giving it back to her until your dale is completed and then regifting to you for any  improvements , decorating etc needed?

that way it is not in your account but you still benefit.

lisyloo

sheramber said:

Would she agree tom you giving it back to her until your dale is completed and then regifting to you for any  improvements , decorating etc needed?

that way it is not in your account but you still benefit.

From a "laundering" point of view, moving it in and out isn't a great idea.
I took out £1800 in cash to purchase a motorbike .
It was a bit of a trek to go back and a wad of cash was a negotiating ploy.
There was an issue with that motorbike so I put the cash back in.
When I tried to take it out a second time for a different bike, I was quizzed as if I was putting my drug dealing takings through the nat west.

General_Grant

lisyloo said:

Are you aware you can pull out now and are not liable anything except what you've spent yourself?
Your offer is not binding.
I'm not saying you should, just saying you can before exchange.
Not because of the £4k but the impossible timescale.

Is that the case in Scotland?   

Where is the property located?

Drone31

General_Grant said:

lisyloo said:

Are you aware you can pull out now and are not liable anything except what you've spent yourself?
Your offer is not binding.
I'm not saying you should, just saying you can before exchange.
Not because of the £4k but the impossible timescale.

Is that the case in Scotland?   

Where is the property located?

England, no idea why they have put 21 days on it or what they are expecting to happen.  I think they are keeping their fingers crossed for a cash happy cowboy who will throw a suitcase of money their way and take a gamble

However long it takes me, keeping in mind I work for a mortgage lender and will likely have an offer within five days which is amazing in itself, is going to take anyone else twice as long at best.

A company has taken possession of it, they are greedy b*stards and wanting everything done yesterday so they can cut their losses probably.  It's been on the market since before Christmas, so who knows!

Drone31

As is stands, I have only lost £132 on the val fee at worst, I am tempted, providing the val is back without any issues, to speak to the solicitor and just say - look.  This is the scenario.  My mum has no ID and is reluctant to provide her bank statements to anyone.  I can evidence a build up of my own funds and don't require the money.  You guide me here so I don't waste money to end up at an impasse over this before I lay down £4/500 odd quid.

If it's going to be difficult, I can walk away and only be a hundred odd quid out of pocket as some people have said.

My mum is one of those - paying by debit card is the devil, and anything other than fish and chips is foreign food.  She is very set in her ways and opinions