Gifted deposit - need advice please!!

[faffalotty]

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?

We've just done this with my mum. She had to provide a letter stating it's a gift and she has no interest in the property and will not expect the money to be repaid. She also had to send a statement from her ISA showing she has the money. We sent this, along with our own documents and statements to the bank for mortgage application

Did this for my son in 2012.

Ex and I had to have individual appointments with a solicitor to confirm identity, to account for where the money came from, to confirm there was no duress and that we understood possible inheritance tax implications if either of us died within seven years. This was before the cheques could be deposited. Not certain but I think the cheques then went straight into the son’s solicitors’ account.

We also had to write a statement for the mortgage company confirming this was an outright gift with no conditions or expectations of repayment