Proof of funds - solicitor

[geowest]

I was given like 15k from my grandmother (overseas) a few years ago. It's sat in my current ISA account for about one and a half year (has not accumulated) now but was one fixed transfer when I transferred it over to from my current account to my ISA account.

A gifted deposit would cause a lot of hassle for my grandmother. As the money has been dormant for a while but shows no evidence of 'saving it up' over the past year, would it be able to pass off as personal savings or not?

You need to show the account or accounts it was transferred in from. I had similar savings. I had transferred it from many account and diffeent savings over a few years, some had been in cash in my house also and paid in, but I was not asked where it accumulated from. I think they want some sort of trail.

If they do ask for more evidence then you would need to say.

Also the person who has gifted money has to sign something legal to say the they have no interest in the property now or in the future. I know this because my son gifted me money last year when I purchased my home.

I've never had to show where the money has come from. I just provide a bank statement with the balance.

I think that because you have had the money for so long, it will be fine. You will be able to say it is from savings and as long as you can show the money in a savings account and that it was there for the 3 or 6 months you provide evidence for, it will be fine.

I bought recently as a cash buyer. We therefore evidenced all of the funds via multiple accounts where the money was held. We had to name the account we would pay the deposit and money on completion from at the outset with the solicitor. We had to give savings/bank statements to show the funds for money laundering purposes. Then when it was time to pay, we transferred all the monies across to the current account for payment. It was fine and I guess actually some had been gifted back many years ago - for instance I'd had an inheritance about 5 years ago and probably a small gift from parents 10 years before. However,mother weren't declared as gifts because they weren't given specifically for buying the house and had been in my possession for years. I think if you've had the money for more than a year, it is fine,mespeciallybearlespecially it wasn't given expressly for house buying. It wasn't actually a gifted deposit.