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Deposit gift in cash

3 replies

Lunaboo · 04/03/2020 10:27

DP and I have sale agreed on a property yesterday. We have saved £12k of a £13k deposit and my parents are going to gift us the other £1k.

I'm a bit worried as they have this in cash as they tend to put away a bit every month in cash to save for things like spending money, holidays etc. I know they need to give us a letter to say its a gift and won't need paid back etc but I'm worried that the bank/solicitor won't accept it because its not been in a savings account and so, no paper trail.

Has anybody dealt with this before? I know 1k is small in the grand scheme of things but I'm a natural worrier anyway!

OP posts:
Costacoffeeplease · 04/03/2020 10:29

When we bought recently every penny had to have a paper trail, you’ll need to ask your solicitor how to go about it

redwoodmazza · 04/03/2020 10:37

Can they deposit it in their bank/savings account and give you a cheque?
It would then be their responsibility to explain to their bank where the money came from?

Costacoffeeplease · 04/03/2020 12:22

That’s still going to cause a delay, and may not be acceptable for it just to ‘appear’ in an account without supporting paperwork

Do they have an account with more than £1k in it already that they can transfer to you then replace it with the cash?

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