Property Lawyers
[Deleted User]
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Hi
My partner and I are in the middle of buying a house. The deposit is coming from our parents who have given all the relevant details to our mortgage lender and they have given us an offer.
We are on the verge of exchanging when our crappy solicitors announce they need copies of our parents bank statements, passports and a letter from them as well.
Is this normal? No one else seems to have been asked for this by their solicitors when buying their houses?!
I'm confused!
Thanks in advance
My partner and I are in the middle of buying a house. The deposit is coming from our parents who have given all the relevant details to our mortgage lender and they have given us an offer.
We are on the verge of exchanging when our crappy solicitors announce they need copies of our parents bank statements, passports and a letter from them as well.
Is this normal? No one else seems to have been asked for this by their solicitors when buying their houses?!
I'm confused!
Thanks in advance
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Comments
It does sound like a money-laundering issue however.
I'm not sure if that's sarcastic or not, but if you do decide to ask your solicitor I'm genuinely interested to know the answer.
I've given 2 of my children money for house deposits and I haven't been asked for ID.
They did use my solicitor, but if it's a statutory requirement then it would still need to be done.
No no, no sarcasm from me, I am genuinely grateful for the advice!!!
I'm waiting on an answer from my solicitor but I will let you know when he finally bothers to answer!
I think it's £3000 p.a. per child and any unused can be carried over to the next year but no further, therefore £6k per child in a 2 year period.
I think you can give more than that but if the donor dies within 7 years inheritance tax is payable, on a sliding scale depending on how long after the gift is made the donor dies. After 7 years my understanding is it's tax free.
Whether this applies to cash gifts from someone from abroad who isn't a UK citizen I've no idea.
If you live at least 7 years after making the gift any amount can be gifted tax free.
Oh OK, I just thought you had missed out the :rolleyes:
This is the thing I was thinking of.
Cheers
'Now that you have paid off the mortgage and scrimped all your savings, it's time to think about giving it away.'
:eek:
They weren't joking either!
I suspect, given the size of the sum involved, it is money-laundering related.
Your Dad's not an international drug baron hiding out on the Costa del Sol is he?
You still need to account as to where the money came from, it's all money laundering legislation. It's a pain, but your solicitor is in the right, although he has left things until the last minute when this could have all been cleared up and organised as soon as the money was transferred if they'd let you know this was required.
Some solicitors seem to take perverse delight in leaving some important detail until the very last second - no idea why, but unfortunately I've seen it happen on numerous occasions.