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Hi, I'm cash buying a house and looking for some advice on whether my conveyancing solicitor is correct to ask for six months bank statements from my sister who has recently used part of an inheritance to repay a £30,000 private loan I made to her several years ago. The solicitor is also asking that my sister sign a 'gifted deposit' declaration for the money.I don't think my sister should sign a gifted deposit declaration; it is not a gifted deposit, she is 70 years old and there will definitely be inheritance tax due on her estate, which could potentially leave me or her family liable. My sister's bank statements won't show the transaction because, as executor, she repaid the loan directly from her share of the deceased's estate, so I also don't think there is any point in showing her personal bank statements. So far the solicitor has had 6 months of my bank statements and a copy of the will (and grant of probate) where I, and my sister are named as beneficiaries.*
I'm happy to provide my bank statement showing that I transferred £30,000 to my sister in 2016, I'm happy to provide her ID, and if necessary her bank account No. etc. I'm also happy to show the 'deceased's estate' bank statements, but having been asked about every transaction above £1000 on my own statements I have to baulk at inflicting that kind of scrutiny on my sister's personal account.*
My questions are: 1) Would (or should) my preferred actions (as mentioned above) provide sufficient information with regard to the solicitor's money laundering obligations, or should I just reluctantly bite the bullet and ask for my sister's personal bank statements? 2) Should my sister sign the gifted deposit declaration when it is in reality not a gift but a loan repayment? Thanks in advance.
I'm happy to provide my bank statement showing that I transferred £30,000 to my sister in 2016, I'm happy to provide her ID, and if necessary her bank account No. etc. I'm also happy to show the 'deceased's estate' bank statements, but having been asked about every transaction above £1000 on my own statements I have to baulk at inflicting that kind of scrutiny on my sister's personal account.*
My questions are: 1) Would (or should) my preferred actions (as mentioned above) provide sufficient information with regard to the solicitor's money laundering obligations, or should I just reluctantly bite the bullet and ask for my sister's personal bank statements? 2) Should my sister sign the gifted deposit declaration when it is in reality not a gift but a loan repayment? Thanks in advance.
