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How has the figure of £19k been decided?
and how do you know he will pay it?
If you want the GBP19,000 back on completion, to be legally enforceable, and it needs to be written into the contract but your lender will want to know about it if you have a mortgage.
If the lender won’t agree to it, and you do it between you on the QT, then you breached the mortgage conditions and potentially commit mortgage fraud.
The normal way of dealing with this is for the purchase price to be reduced by GBP19,000. It has exactly the same effect so I don’t know why that’s not being done although the lender may want to revalue.
Thank you for letting me assist you with your legal question. I am glad that I was able to help.
I am not certain whether that answers the question for you or not, but I am happy to answer any specific points arising from this.
It will be my pleasure to help you again either further with this or any future questions you have
I appreciate that, but that’s something you would need to negotiate with the lender.
There is no legal way of dealing with this is you are proposing, unless the lender agrees, without you committing potentially mortgage fraud and even then, even if you kept it quiet, they didn’t pay, you would not be able to enforce it.
You have to disclose this to the bank otherwise as I have said before, you potentially commit mortgage fraud.
You can do what you like between you but it doesn’t change what I said earlier and it also means that it isn’t enforceable because the contract is illegal.
The gift is fine provided your mortgage lender agrees.
From the lender’s point of view, why would the Seller simply give you GBP19,000 as gifts?
There is no way of dealing with this which does not breach the lenders lender’s conditions. The question is actually not uncommon.
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