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Gifts to help with Mortgage application and excessive checks
One of our children wants to buy their first property. They were a little short on the minimum deposit so we've gifted them a small amount to help, but now the Solicitors want to check all our finances and sources of income. It's all legal but just messy as a result of long standing savings and recent benefits from a will.
Any hints of how to keep it simple, or do we just have to keep providing all the info requested?
(It's especially frustrating because our second child is about to go to University and will need far more financial support and we're not being asked to prove sources of income for that!)
Comments
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Solicitors are required to do this when buying a house under anti money laundering laws. This may help you understand
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if your inheritance covers the gift, just use that as the explanation.
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They have a legal obligation to do anti-money laundering checks so your option is to comply or tell your kid you are taking back the help.
Most people's finances are complex but if you can simplify it then you can, so if you gave them £10k and you got £20k from the inheritance then it can be simply providing evidence of the inheritance, if the inheritance was £5k though but you have £100k in savings it may be simpler to just say it was from savings
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Although some solicitors seem to want to go into more detail than others. If you get one that is keen and asking for 10 years of bank statements it can be a big hassle.
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How much info is required is also sometimes down to the lender - some want more digging than others!
Just provide what is asked for with as little fuss as possible - and I would agree that if the inheritance covers it, then just using that one stream of funds is likely to make things run more smoothly.
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Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
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