• Buying House In Wife’s Name

    By Guest on 09th Oct 2019

    Hi, Puchasing a second property to rent to our married son. My wife is retired, I am a 40% tax payer. It will be a cash buy in my wife’s name, do I need to provide a gift letter as the money is a drawdown from my private pension?

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    By Guest on 10/10/2019

    If you are using a mortgage, you will need to declare source of funds to the lender. If you are the source of funds for your wife's purchase, they may require a gifted deposit letter from you, yes. A gifted deposit letter is normally only required where there is a mortgage.

    If it is a cash purchase (no mortgage) you will not normally need to provide a gifted deposit letter unless your conveyancer has some firm policy requiring such for some reason.

    www.notaryexpress.co.uk

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