How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ash Your Own Question
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
Type Your Law Question Here...
Ash is online now

My parents ar gifting me 5k towards a house deposit and I'm

This answer was rated:

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 ?
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 2 years 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
They need to show from the mortgage people that they are prepared to release the funds.Does that clarify?ALex
Ash and other Law Specialists are ready to help you
Customer: replied 2 years 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