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Stuart J
Stuart J, Property Solicitor
Category: Property Law
Satisfied Customers: 27384
Experience:  Senior Partner at Berkson Wallace
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My uncle is selling a property and wants to gift £75,000 to

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My uncle is selling a property and wants to gift £75,000 to me when it’s sold. Will there be any charges for him or me to transfer over this amount? If so what is the best way to do this please?

Hello. My name is***** you for the question.

It is my pleasure to assist you today.

I have been in the legal profession, in High Street practice, for almost 30 years so I have wide range of experience in a great many different aspects of law.

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Kind regards.


why does he wish to do this?

are you claiming benefits of any kind?

Customer: replied 14 days ago.
Hi Stuart, it's me again! Asking more questions about my uncle's property (he's the one who lives in Spain). It's a gift from him to me and no I'm not claiming benefits of any kind.

 

The best way is simply bank to bank but if your lives abroad is going to have to provide proof of funds and jump through a whole load of hoops to pass money laundering checks. Tell the bank the money is coming otherwise your account could get frozen while they do all their investigations.

Customer: replied 14 days ago.
The good news is that my uncle has both a UK and Spanish account so we were going to have the money go into his UK bank to avoid currency conversions etc. He's also talking about having the full amount going into my bank account instead of his and for me to transfer an amount to my step mum (who also has a UK bank account). Do you foresee any problems if we did that?

If the money is going from UK bank to UK bank is less problem than if it’s coming from a foreign bank but do make sure the bank are aware that an unusual transaction is about to happen otherwise they get very nervous and the first knee-jerk reaction is to freeze the account.

Customer: replied 14 days ago.
That's great thank you. From a legal perspective does it matter is the funds from selling the property go directly into my account rather than my uncles providing he gives authorization to the solicitor to do this?

I am glad to help. Doesn’t matter where the proceeds from the sale go although some solicitors can be remarkably awkward and will insist that it goes into the Seller’s account because they won’t get involved in being a bank and the risk of sending it to a 3rd party

Stuart J and other Property Law Specialists are ready to help you
Customer: replied 14 days ago.
That's great, thank you again for all your wonderful help and advice.

My pleasure