Gifted deposit trouble

Grumpy_chap

Why is finding a rental difficult?

This does rather look - and I suspect a Lender would see - that the OP has sold their house and will move in to live with Daughter who is using proceeds from OP's sale to fund purchase.

Has the OP considered factors that may arise around DoA by gifting the proceeds from main house sale?

BankMum

Grumpy_chap said:

Why is finding a rental difficult?

This does rather look - and I suspect a Lender would see - that the OP has sold their house and will move in to live with Daughter who is using proceeds from OP's sale to fund purchase.

Has the OP considered factors that may arise around DoA by gifting the proceeds from main house sale?

? DoA and you are incorrect I am not moving in and only a part of my proceeds is being gifted. As for rentals I guess you have not had to find one recently.

Grumpy_chap

BankMum said:

Grumpy_chap said:

Why is finding a rental difficult?

This does rather look - and I suspect a Lender would see - that the OP has sold their house and will move in to live with Daughter who is using proceeds from OP's sale to fund purchase.

Has the OP considered factors that may arise around DoA by gifting the proceeds from main house sale?

? DoA and you are incorrect I am not moving in and only a part of my proceeds is being gifted. As for rentals I guess you have not had to find one recently.

Sorry - I understand you have stated in the thread that you are not moving in with your Daughter.
However, it really does look, or at least would look to a lender, as though that is the plan.
I am unsure how you convince a lender (your Daughter's lender) of the truth.

DoA = deprivation of assets if you ever need to fund care and have given away the proceeds (or a bulk of the proceeds) from house sale.

I bow to your experience in finding rentals (or not).

saajan_12

Grumpy_chap said:

BankMum said:

Grumpy_chap said:

Why is finding a rental difficult?

This does rather look - and I suspect a Lender would see - that the OP has sold their house and will move in to live with Daughter who is using proceeds from OP's sale to fund purchase.

Has the OP considered factors that may arise around DoA by gifting the proceeds from main house sale?

? DoA and you are incorrect I am not moving in and only a part of my proceeds is being gifted. As for rentals I guess you have not had to find one recently.

Sorry - I understand you have stated in the thread that you are not moving in with your Daughter.
However, it really does look, or at least would look to a lender, as though that is the plan.
I am unsure how you convince a lender (your Daughter's lender) of the truth.

DoA = deprivation of assets if you ever need to fund care and have given away the proceeds (or a bulk of the proceeds) from house sale.

I bow to your experience in finding rentals (or not).

Not sure what you expect people to say then. If daughter is to purchase a property and lose the property she's in currently, then you'll need to move out and find a rental. What's the point of pushing the purchase forward if its so uncertain when you'll find a rental. 

There's no magic answer that allows people to gift deposits without proof of address and hence not pass the AML criteria most solicitors will have Similarly no magic answer where lenders will accept gifted deposits from someone living with the borrower and no solid plan to move elsewhere, if they do get the proof of address showing the current property.