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    • xdm941
    • By xdm941 11th Oct 17, 3:28 PM
    • 28Posts
    • 12Thanks
    Deposit - Source of funds questions
    • #1
    • 11th Oct 17, 3:28 PM
    Deposit - Source of funds questions 11th Oct 17 at 3:28 PM
    Hi all,

    Quick question if I may. We are currently going through the process of purchasing our first property. I received details from our solicitor today and we have to answer the question regarding 'source of funds'. Other than the mortgage itself, our deposit stands at 50000.00.

    Now the problem I have is that my wife was given 25000.00 about 20-25 years ago by her late grandparents. It was placed into an account in her name when she was young which her parents opened many years ago and had gradually been added to and had interest accumulated etc etc.

    My question is how I need to declare this lump some of money. A couple of people I spoke to said it would just be classed as savings as she was given it so long ago however I'm not totally convinced??????

    Also, as her grandparents are no longer around there is no way (obviously) for them to write letters confirming the gift - if it is to be shown as a gifted payment.

    Any advise/pointers would be highly appreciated!!

    Many thanks
Page 1
    • Oakdene
    • By Oakdene 11th Oct 17, 3:30 PM
    • 2,009 Posts
    • 7,416 Thanks
    • #2
    • 11th Oct 17, 3:30 PM
    • #2
    • 11th Oct 17, 3:30 PM
    I think the fact you will be able to demonstrate the money has been held in an account for so long will be sufficient.
    Does dim arian 'da fi, ond breuddwydion 'da fi.

    Gwlad yr Ia & Columbia (no Welsh word for Columbia)
    • kingstreet
    • By kingstreet 11th Oct 17, 3:30 PM
    • 33,565 Posts
    • 18,204 Thanks
    • #3
    • 11th Oct 17, 3:30 PM
    • #3
    • 11th Oct 17, 3:30 PM

    It can't come under any other category.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • Thrugelmir
    • By Thrugelmir 11th Oct 17, 6:02 PM
    • 58,937 Posts
    • 52,259 Thanks
    • #4
    • 11th Oct 17, 6:02 PM
    • #4
    • 11th Oct 17, 6:02 PM
    Given the time that's elapsed the source being inheritance has no relevance.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
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