So, you are all set to buy a property and are lucky enough to be getting a contribution towards the purchase from family or friends to help you get your dream home – happy days!
Just let us know the name, address, telephone number and email contact details if available of the person who is gifting you the money as we need to write to them directly.
We will be asking them to provide us with personal and address identification in the usual forms of an original passport, and driving licence or bank statement with card, and also for evidence of the source of the funds. This will need to be an original statement also and not an online printout.
They will also need to complete and sign a Third Party Declaration form for us in which they confirm the following:
- The amount of the gift;
- Whether they intend to take independent legal advice with details of their solicitors if relevant;
- Whether the contribution is a gift or a loan;
- Whether there are any conditions to the contribution;
- Whether it is repayable at any time;
- Whether it is intended that they will have any interest in the property;
- And whether it is intended that they live there.
Please also be aware if you are relying on mortgage finance to fund the purchase that we are required by the lenders to notify them formally of any third party contribution, although we appreciate that you will usually have provided them with this information in your mortgage application.
The earlier we get the details of any third party contributor from you, the earlier we can contact them, obtain the necessary evidence and declaration, and notify your lender to get their formal approval. That means the earlier you can get to exchange, complete and move in
The Residential Property Team here at Nockolds look forward to working with you.