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I am having a deposit gifted to me by my father in law who is a none uk citizen overseas. I understand if a gifted deposit is from someone in the uk then its as simple as filling in a form / letter stating who its from along with I.D. for them to say its a gift and not a loan. However if there from overseas does this complicate matters? What would they need to provide?
If it is a gifted deposit the donar has to prove the money is from legitimate means. He has this in his account earned from for example sale of property or his pension etc. Then he has to provide a letter its not a loan and its gift. He will not claim it in future. If you need the letter let me know will send you a sample.
Landlord and Mortgage Adviser
Thanks sash, the money is from his wages and savings, would they really need 5 years of his accounts to see him accumulating the money??
I recently did two mortgages for my clients both brought money from Dubai, India. They provided letter from the donor's bank to certify how they got the money in the account. The bank manager provided the letter to confirm about the funds in the account, along with 12 months deposit details. Hence the lender accepted, now a days checking is horrendous due to money laundering regulations. The broker needs to be spot on in this work.
Saysuk is indeed correct, anyone involved in this "should" want chapter and verse associated with the individual gifting the money and how the money has been accumulated.
Moreover if the bank providing confirmation of the accumulation of the funds is not recognised or respected by any of the parties receiving the information, you may still have to provide all the bank statements proving the accumulation of the funds.
It is also quite relevant where exactly the gifter is overseas as some jurisdictions carry greater perceived risks associated with Money Laundering than others.
Finally you need to be aware of their PEP status which means Politically Exposed. This does not necessarily mean they are in politics but does question whether they hold a position of power or influence. If they are a PEP then the amount of due diligence that all the parties have to do on them will go up considerably so be mindful of this.
Hope this helps.
Landlord with 25 years’ experience in the property market and a specialist in tenant referencing, ID and credit screening. Creator of identity, credit and anti-money laundering system ValidID.co.uk