# GIFT LETTER REQUIRED



## Going forward (10 May 2017)

A family member has generously offered me a gift of money to put towards a deposit on a house. Is it enough for a peace commissioner or commissioner for oats to witness this or does it have to be a solicitor. 

Thanks for replys.


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## delfio (10 May 2017)

Your family member needs to write a letter for the bank saying they are gifting you the money and they also need to state they won't have any financial interest in the property.


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## ClubMan (10 May 2017)

I don't see why the bank need to know?
Surely the gift is a matter between the donor and recipient.
And maybe the taxman depending on the amount, relationship between the two, previous gifts etc.


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## mf1 (10 May 2017)

As per delfio above.......... Is it a gift or a loan? 

Whats starts off as a gift invariably "morphs" into whatever it needs to be called down the line to deal with whatever unforeseen situation arises!

The confirmation letter  should be on solicitor's headed notepaper and the donor should get independent legal advice.

A Commissioner for Oaths ( not Oats!) is only witnessing a signature not verifying the statement.

mf


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## geri (11 May 2017)

With KBC bank, I got a gift to help towards the deposit.  I just needed a letter from the giver of the gift addredded to the bank stating that it was a gift and that they would not be seeking repayment, nor would the have any financial interest in the property. No solicitors headed noteparer needed.  It was just a simple one liner, and that was acceotable to them.


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## Going forward (11 May 2017)

Thanks Geri for your reply. 

Unfortunately the credit union are getting alot more strict on their mortgage lending. 

The family member giving me the gift has the seek independent legal advice the credit union say staying in a letter then that are gifting the money.


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## Steven Barrett (11 May 2017)

ClubMan said:


> *I don't see why the bank need to know?*
> Surely the gift is a matter between the donor and recipient.
> And maybe the taxman depending on the amount, relationship between the two, previous gifts etc.



If it is a loan, it has to be repaid and will be taken into account when the bank underwrite your proposal. If it is a gift, it doesn't. 

Most banks have templated declarations to be completed. 

Steven 
www.bluewaterfp.ie


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## Nutso (11 May 2017)

Our solicitor told us that any gifts / loans etc used for the deposit would have to be declared for money laundering purposes as they had to have sight of where the funds came from.


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