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Original poster

Gifted deposits

10 replies

LouiG123 · 03/12/2023 17:52

We have a gifted deposit coming from my nan for a property we are buying.

We sent off all the information to our mortgage provider last week and am yet to hear. We are supposed to exchange tomorrow and I'm concerned not to hear back yet.

Tia

OP posts:
NoWordForFluffy · 03/12/2023 17:55

What are you yet to hear? Most mortgage providers won't even offer until they have the gifted deposit form.

If your offer isn't back, why would exchange have been planned for tomorrow?

Twiglets1 · 03/12/2023 18:17

Maybe you won’t hear if they are happy with what has been sent?

Good Luck!

Spirallingdownwards · 03/12/2023 18:20

Some conveyancing firms that use a certain case management system have been subject to a cyber attack which are delaying transactions. I would check whether that is the case. But you won't be exchanging until there is a mortgage offer through and uour solicitor has sent you a report on title and you have signed the contracts

Original poster
LouiG123 · 03/12/2023 21:23

We've had a mortgage offer and signed all paperwork. I believe it was the I.d check through the conveyancer

OP posts:
NoWordForFluffy · 03/12/2023 21:35

That's contradictory to what you said in your first post.

It sounds like you don't actually know what it is or where it's gone.

Original poster
LouiG123 · 03/12/2023 22:21

They were made aware when applying but only just asked for proof of money laundering

OP posts:
Twiglets1 · 04/12/2023 01:23

LouiG123 · 03/12/2023 22:21

They were made aware when applying but only just asked for proof of money laundering

Hmm … my daughter had a gifted deposit from us when she bought her flat. The person who asked for proof of its origin re money laundering regulations was her solicitor early in the process.

If your mortgage company has also asked to see proof and you have supplied it, I don’t see the problem. If your solicitor or conveyor was satisfied with your proof, so should they be.

It’s confusing why an ID check is only being done now though, so late in the process when you are apparently about to Exchange. I don’t see how you can Exchange tomorrow if your conveyancer doesn’t already have the gifted deposit in their account because they will need it at Exchange and you describe it as still coming. Possibly Exchange is a bit further away than you imagine. You seem confused so I would phone your conveyancer later for advice.

KievLoverTwo · 04/12/2023 06:39

So was it your nan they asked for ID for? If so, that will probably be to check her against known money launderers, so you might not hear back. So the mortgage was already approved and you are due to exchange?

Good luck.

NoWordForFluffy · 04/12/2023 07:34

You won't be allowed to pay the deposit across to your solicitor until / unless they're happy with the AML checks on your nan. If you've provided them with the documents and they've then subsequently asked you for the deposit then they're happy with the information provided.

This is usually done right at the start of the process though. Were you late telling them about the gifted deposit (though every solicitor I rang for a quote asked me that question in the initial call)?

Original poster
LouiG123 · 04/12/2023 14:39

It's all a bit confusing. I'm sure solicitors have a different language some times.

This slipped our solicitors mind. (Annoyingly) but w shave our mortgage offer they just wanted the passport I assume for laundering.

Apparently we have to wait to hear back from Santander but we are on a time scale as the top of chain has given everyone a deadline.

OP posts:
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