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Gifted deposit - what happens if parent won't provide bank statements?

28 replies

Oddsocks3 · 22/07/2024 21:45

Panicking a bit here.

My dad gifted me some money (£45,000 in 2022 and a further £15,000 in Jan this year) which I will be using towards my house purchase. As a side note, we've had a strained relationship my entire life and I think he only gave me the money out of guilt as he wasn't a part of my life and didn't support me financially growing up.

I always knew that he'd be expected to sign a gifted deposit form, which (I think) he'd be happy to do. However, I don't think he'd be happy providing bank statements which apparently most solicitors ask for. I don't think he'd want people to know how much money he has. I'm now at the beginning of the conveyancing process and worrying slightly about what the solicitor is going to ask for in case he's awkward about it.

My mum has told me it will be fine and there will be a way around it, but looking online I don't think there will be as they have to complete these checks. I've worked myself into a frenzy over this now as I really think he will be awkward about it and I'll probably lose my house purchase over it. I haven't asked him yet as I want to see what exactly the solicitor asks for.

What happens in these situations? Does it basically mean I can't buy any property if he won't do these things?

OP posts:
UncharteredWaters · 23/07/2024 12:11

Any money that was gifted to us in the last year needed 12 months of my mums statements showing it sitting in her bank/source of income etc.
I would ignore the original from 2022 and concentrate on the more recent?
can you buy without declaring/using the more recent money?

zingally · 23/07/2024 13:01

I've just been through this with my mum.

She had to send off proof of the funds. She had them sitting in stocks and shares investments, so she just sent a statement showing that she had more than enough in there to cover the amount required, and they were happy with that. I think she had to have statements going back 6 months.
There was a form she had to fill in as well.

I can't think there would be any other way around it. The solicitors need to see proof that they're good for the money, otherwise they could just be talking out of their arse. They also need to see the money is from a legitimate source.

They are really strict on money laundering checks these days.

Just before getting my solicitor, I moved £10k from one bank to my current account, and they queried that - a relatively small amount in house-buying amounts. I had to provide proof that I was the owner of the sending account.

ilikecatsandponies · 23/07/2024 14:03

My solicitor only asked for a letter of gift and our bank statements showing the gift coming in. My husband refused to let me see the bank statements which later turn red out to be because he was about to propose...

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