How to gift a house deposit
Despite Brexit uncertainty and a preceding period of relative stagnation, house prices rose at the end of 2019. That’s according to the latest figures from Nationwide, which showed values standing at 1.4% higher in December than at the start of the year. The report also revealed that the average UK house price was £215,282 - so it’s no surprise that many first-time buyers struggle to find the spare cash to put aside for even a 5% deposit. That’s where family members are often choosing to plug the gap. Those who are already on the property ladder or who have managed to accumulate significant savings, may be in a better position to offer a helping hand by providing a deposit as a gift. The following is intended as a brief overview, but if you would like further legal guidance on how to gift a house deposit, always seek the advice of qualified property conveyancing specialists. Anthony Stockton Solicitors can provide up-to-date advice should you find yourself in this situation. ...