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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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My parents ar gifting me 5k towards a house deposit and I'm

Resolved Question:

My parents ar gifting me 5k towards a house deposit and I'm putting the rest of it in out of savings.
My parents have signed the letter stating they do not have any interest in the property.
The gift is coming through my parents releasing 5k out of there house, is this allowed ?
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.From your point of view yes. If it is coming from a mortgage from their provider, then the lender would need to give consent.It would then be down to the lender. Given the value and if there is sufficient equity, the lender may not have an issue.In principle it can be done.Can I clarify anything for you?Alex
Customer: replied 1 year ago.
Thanks Alex
Parents house is worth 120k and they owe 9k on the mortgage.
What the solicitor is asking for is proof of funds from my parents for the last 3 month but we can not do this if my parents are only just releasing the funds now as I have just had an offer accepted on a house
Expert:  Ash replied 1 year ago.
They need to show from the mortgage people that they are prepared to release the funds.Does that clarify?ALex
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Customer: replied 1 year ago.
There is no problem is releasing the funds, he is getting them released tomorrow (monday), but the solicitor is asking that they have been in his bank account for 3 month's, which we are unable to do.
Is it the law that these funds need to be cleared in his bank or can he release them now and pay the gift?
Is it the legal for him to release funds out of his property to gift to me as a deposit.
I appreciate your time Alex, these are my last questions
Thanks