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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 30896
Experience:  Over 5 years in practice
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I am buying a property for £145000 and putting down a deposit

Customer Question

I am buying a property for £145000 and putting down a deposit of £23000 and borrowing the rest from a lender. I am nearing completion and my solicitor wants to see a paper trail of all the monies for my deposit. I had £9000 of my own savings then my sister gifted me a total of £11500. this money basically consist of £4600 that she had been borrowing from me over the years and the rest is a proper gift. a family friend has also paid a cheque for £5000 into my account has a loan and has said I can use this money for as long as I want and pay it back when ever I am able to do so.My family has helped this person financially on many occasions in the past.All money is 100% legitimate. How should I go about satisfying my lender and solicitor that all the deposit monies are legitimate no other party has any interest whatsoever in the property.My only concern is our family friend who has more than willingly lent me £5000 to help towards the purchase and deposit,as I feel embarrassed to ask him for his bank details and signe statements.Also I don't want my lender to think that if other people are helping me with the purchase I might not be able to afford buying this property and withdraw the mortgage offer. I am currently on £31500 anual salary and can easily afford the repayments. please give best possible advise for this scenario.It could be that I am panicking for no reason but I have been told some scare stories
Submitted: 2 years ago.
Category: Law
Expert:  Nicola-mod replied 2 years ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Nicola
Customer: replied 2 years ago.

Hi


 


Yes please continue in helping me find the right answer as I do still need this information.


 


Thanks

Expert:  Nicola-mod replied 2 years ago.
Hello,

We will continue to look for a Professional to assist you.

Thank you for your patience,
Nicola
Expert:  Ash replied 2 years ago.
Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

I assume you can show bank deposits etc for all this?

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