• Money From Joint Account Classed As Gift Even If Source Proven?

    By Guest on 16th Mar 2018

    Hi,

    me and my husband remortgaged our residential property recently taking out some additional borrowing.

    The further advance was transferred to our joint account upon completion of the remortgage as we own the residential property jointly.

    Now I want to use my half of that further advance (not a penny more) towards a purchase of a BTL under my own name and the rest of the deposit towards the purchase of this property I am funding from my own savings.

    I have provided my solicitors with proof of all that, i.e. the remortgage completion statement and the bank statements showing the transfer of the further advance from solicitors to our joint account as well as bank statements from my savings accounts.

    They claim that that any monies that are being used from a joint account, will be classified as a gift… and they’re asking me to fill in a donor gift pack, requiring verification of my husband, proof of funds etc. plus there is obviously an additional fee dealing with this.

    I don’t agree with that. Half of the further advance is mine as we have equal ownership in the residential property so why would it be treated as gifted?

    I don’t want to deal with additional verification, explaining the matter to the lender as well and unnecessary delays where we are just before the exchange, especially that this case doesn’t fit the definition of gifted deposit as far as I understand.

    Please advise. Thanks

  • 1 Answers

    By Guest on 11/09/2020

    It wasn’t those idiots, Convey Law Ltd, was it?

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