My parents are helping me out with buying a house - I'm buying my first house on my own (divorce) but I'm not a first time buyer. The money is a gift, they are not lending it to me. i'm also using equity from family home and a mortgage (agreed in principle).
I had thought that they could just pay the money into my account and then I would pay it wherever it needs to go on completion. However, on the documents from the solicitor they are talking about gifted deposits and wanting to see evidence of the money and ID. I think this may also be a factor with getting a mortgage?
So do I have to declare this all as a gifted deposit, are there any potential issues with doing this? My parents do not live locally so can't just pop in to the solicitors with ID and I don't know how they will feel about providing evidence of the money.
A quick google seems to refer to gifted deposits as being a 10/20% deposit for first time buyers which doesn't apply to me.
I'm trying to get the sale through as quick as possible and was going to take documents to the solicitors today.
Can anyone offer any advice please?
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Property/DIY
Gifted deposit - need advice please!!
28 replies
faffalotty · 04/08/2016 13:43
OP posts:
PolterGoose ·
04/08/2016 13:56
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Message withdrawn at poster's request.
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