- May 25, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Situation: Parent’s Gift for Deposit
Hi all,
My parent has saved up £50k in cash and wants to gift it to me as a deposit. This contribution will help me increase my total savings to £150k, combining it with my existing savings of £100k.
## Concerns about Receiving Cash Gift
I’m worried that receiving a £50k cash gift may raise potential issues or concerns regarding the source of funds and tax implications.
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****** just grabbed a
Cash hard for mortgage but tradesmen will love it if you need to get some work done on house 😂
To have any chance of it being accepted you need to be able to show your dad has legit source of funds… which is going to be difficult if he doesn’t use a bank account? Does he have one, and use it, or has he avoided them entirely?
I used to do anti money laundering checks as a solicitors assistant and this would send me RUNNING for supervision 🚩🚩🚩 we queried any deposits over £2k (but that was 8 – 10 years ago) or any consistent deposits under that amount. I would be asking for your Dad’s bank account statements for the last 6 months to show cash being withdrawn.
If accepted, your dad will have to sign a gift declaration.
Use your full £100k for mortgage deposit application etc. I am assuming you will get a mortgage for at least £200k of which you can overpay 10% per annum without penalty. So immediately pay £20k overpayment the first month you move in. The remaining £30k, use for renovations or do the same next year.
If you’ve had it in your account for a few months they won’t question it. I deposited a large amount of cash into my account for my deposit, a few months before we planned to buy and they didn’t question it at all
What issues are you imagining? Will you need a mortgage as well?
Your solicitor, and lender if applicable, will want to see proof of source of funds, which for a gift means proof of where the giver got the money.
It will be fine, talk to a solicitor, have it decarded as a gift and arrange for the necessary evidences for mortgage and seller parties etc
You can deal with lodging the funds on your solicitors advice
I think a major issue you’re going to run into is the fact that 50k in cash is going to have some either out of date/circulation and some potential fake notes mixed in.
I’d suggest you advise your parents to work out a way of depositing this as it’s extremely unsafe to keep this amount of cash in actual cash 🤨
But as others have said it would be very useful for buying services or furniture for your property or even just potentially making over payments with it every now and then instead of trying to sort out the rigmarole of getting a bank to accept proof of this not being some sort of money laundering scheme
As others have said use the 100k for the mortgage and overpay the maximum you can penalty free, I’d assume 10% for most mortgages if anything is left then use it for renovation.
When you say cash you don’t literally mean paper money? More so cash in the bank?
If so just call your bank and explain the situation… whilst 50k is a lot of money in the grand scheme of things these sort of transfers happen every day.
I probably wouldn’t want to advertise on the Internet that I or someone in my family has 50k lying around the house. However unlikely it is that I could be found
I’d just speak to your solicitor. They would have dealt with it before.
100k saved up in your bank account i just think what that would be if you invested it in an etf rather than letting it rot away in a bank
£50k, in cash????? Are they avoiding tax by any chance? Or using you for money laundering?
Hi /u/abm116338, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/tax-traps-and-tax-efficiency/
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Mate use it towards home improvements you’ll save a fortune here and not have the agg of paying it in and all that entails.
Buy a doer upper, use the cash to pay builders you know/trust, sell the house for a profit, move to the next.
The bank won’t ask too many questions if you start feeding it into your account in small increments.
“I know man whit am I like, I sold another set of golf clubs” or some pish