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Harold Stock & Co. Solicitors

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  • Mossley:
    01457 835597
  • Failsworth:
    0161 682 2400
  • Stockport:
    0161 456 5012
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Gifted Deposit

Over the past few years, gifted deposits have become more popular with parents helping their children to get onto the property ladder.

If you are making use of a gifted deposit, it is important to note that the deposit may have to be repaid under the following circumstances:

  1. The death of the person making the gift within seven years of the gift if their estate is liable for inheritance tax; or
  2. The person making the gift becomes bankrupt.

The following steps will need to be taken when a purchase involves a gifted deposit:

Inform your Solicitor

In order to ensure there are no delays. Please advise us at the outset if you intend to rely upon a gifted deposit. Even if this represents a small part of the deposit, we need to know as soon as possible.

Confirm the gift in writing

We require a letter from the person gifting the deposit confirming that they are providing a gifted deposit and they have no rights over the property. Don’t worry about the wording of this letter, we will provide you with a letter for them to sign.

We have to prove that the person gifting the deposit has no financial interest in the property and the money is a gift and not a loan. Some mortgage lenders may refuse to lend to you on the basis that there is potential for those gifting the deposit to say that it was in fact a loan and not a gift. You MUST check that your mortgage lender is happy for you to receive a gifted deposit before you proceed any further.


Identification

We will require identification from the person making the gift. Where possible, we will require the person gifting the deposit to attend at our offices with their ID and proof of address or arrange for certified copies to be sent to us. The following forms of ID and proof of address are acceptable:

  • Photographic ID Such as a driving licence, passport
  • Bank Statement or Utility Bill dated within the last 3 months

Confirm Source of Funds

In the same way with any funds received directly from you, we are required to obtain proof of the source of funds forming the gift. We refer you to our Source of Funds factsheet for further information.

If you have any further questions regarding your deposit, please do not hesitate to contact us.

Meet our Property Team


Tom Simpson image

 

Tom Simpson

Head of Conveyancing

T: 0161 456 5012

ts@haroldstock.com

Paul Stock image

 

Paul Stock

Consultant Solicitor

T: 01457 836174

aps@haroldstock.com

Pam Chamley image

 

Pam Chamley

Conveyancing Executive

T: 01457 835597

pc@haroldstock.com

Rachael Chamley image

 

Rachael Chamley

Conveyancing Assistant

T: 01457 835597

rc@haroldstock.com

Anne Bradwell image

 

Anne Bradwell

Secretary to Paul Stock

T: 01457 836174

ab@haroldstock.com

Sarah Lowe image

 

Sarah Lowe

Conveyancing Assistant

T: 01457 836174

sl@haroldstock.com

 

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harold stock solicitors

Mossley (Head Office)

55-57 Stamford Street
Mossley
Tameside OL5 0LN

Tel: 01457 835597
Fax: 0330 024 9210

harold stock solicitors

Failsworth

Ivy Business Centre
Crown Street
Failsworth M35 9PB

Tel: 0161 682 2400
Fax: 0330 024 9210

harold stock solicitors

Stockport

Pepper House
1 Pepper Road
Stockport SK7 5DP

Tel: 0161 456 5012
Fax: 0330 024 9210

Email: info@haroldstock.com

Harold Stock & Co Solicitors is a trading name of Harold Stock & Co Limited, a Limited Company registered in England and Wales. Company No: 07201476. Registered Office: 55-57 Stamford Street, Mossley, Tameside, OL5 0LN. Authorised and regulated by the Solicitors Regulation Authority (535629). VAT No: 991 015 916 A full list of Directors is available at the Company’s Registered Office.

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