Told I can’t use this premium bonds money for our house deposit as it’s illegal?

You absolutely can take that money and use it to buy a house. You control the money in your child‘s account and can use how you see fit as they are a minor. As a good parent who is already planning on securing your child’s future, no doubt you’ll build their savings fund back over time.

we’re planning to do exactly the same with our children’s premium bond accounts when we buy a house soon.

No, we showed our solicitor where the money was coming from. No issue that its was the kids p b

Ok, but if that were entirely true the solicitor and/or the building society would have accepted the money as a deposit- they would have no legal right to refuse it.

Check the ns&I website to be sure, but as parent/guardian you control the money and can cash the bonds in. Then use the money in your daughter's best interests which is yo have a decent home. I don't know why you were told that it is illegal, it might be worth asking where your informant got that information from for your own peace of mind, but I have never heard of this before.

There are some people on Mumsnet that consider ISAs to be morally wrong because they are a legal form of tax avoidance.

Premium Bonds probably also fail their moral tests because the winnings are tax free.

We've now got people posting Karl Marx quotes, so we're only a short hop from 'property is theft'.

I don't think you can rely upon these people to provide objective opinions on the accumulation of capital via saving and the subsequent purchase of property.

The law is that it’s the child’s money which may be spent on her behalf by someone with parental responsibility. If it’s cashed in, it’s still the child’s. The only question is, is spending the money on stamp duty and renovations to the benefit of the child legally? I don’t know the answer to that,

When you apply for universal credit all premium bonds under the name of your children are taken into account under the savings threshold as parents have access to it all. Therefore, it seems the government consider it to be the parent's money.

Another person who has absolutely no clue and does not have first hand experience of the matter.

Of course not, it’s yr dd money, u use tax advantages, u would need to explain to lender where the money came from.

😂😂

Would it have to be written permission? Could be difficult!

What does DD mean ?

She’s 5 🙄

I really don't know what you mean by this comment.

I would rather pay a little more in tax if it funds decent services and a decent society.

I don't have any time for tax evasion/ tax avoidance.

I also think the richest in society should be paying more in tax. "From each according to his ability, to each according to his needs"

Absolutely correct, Mrs Sunshine is just a morally self righteous person who does not know how premium bonds works for parents and their kids….legally of course.

her morals supersede her knowledge of what is legal

There’s no legal right of a child under 16 to own or control the money in a PB; it is solely managed by the custodian. The custodian can withdraw at any time and use the money as they wish. As I said previously, it’s a moral argument not a legal one.

from NSI -
Not registered? You can easily withdraw money from yours or your child’s Premium Bonds without needing to create an online profile. All you need to do is fill out a quick online form. Make sure you have your account details to hand.
Cash in your Premium Bonds
Cash in a child’s Premium Bonds
Please note: you must be the person responsible for the child’s Premium Bonds in order to withdraw them or close the account.
Want to cash in specific Bonds?
If you’d like to take money out of Premium Bonds, but make sure that certain Bonds are kept in the draw, you can do this online using a form.

I’d trust the advice of a financial services provider over a random on t’internet.
https://www.onefamily.com/junior-isa/junior-isas-vs-premium-bonds/

• “Junior ISAs and premium bonds can be given as gifts

I do find it a bit odd to save money for the child if you're then going to use it. You should have just saved the money in your own name if you see it as yours, assuming you put it all in.

Most of MN are hysterical over stuff like this. They think what is morally right is legally right. Often thinking their opinion overrides the law. It doesn’t. A vote where people think and speak without knowing what there are talking about - often hysterically does not win an argument.

You clearly don’t have PBs in your child’s name love.

If they are in her name you need her permission- it's her money.

Someone could gift you the money but it all needs to be above board and pass AML etc and whatever the tax implication is - with a child’s “gift” you’d be bypassing that. Maybe this is what your friend means.

It doesn’t matter that 83% of the people thinks this she is being unreasonable because at the end of the day the OP is allowed to withdraw the money back into her own account. Once it’s in her account she can then use it for a purpose she believe benefits her 5 year old. There is no way to check on this as we all know…. So let her be and just get on with it.

also my solictors are fine thanks, reputable and know the law. If they are fine with it and no red flags raised.. then her doing this is a non issue.

I'm very cynical about tax. Aren't you?

83% think OP is being unreasonable to think she will get away with this, so I'd say the argument was already won. I'd take a good hard look at your morals and consider a different solicitor in future.

lets call it quits you aren’t winning this argument and the OP will do what she wants with the money as she can legally withdraw and use it to what she thinks benefits her daughter as the legal guardian of the money..

bye felicia!