Transfering money to mother/sister account

[nwarren]

Hey

I am contracted to buy an apartment but becasue of the current climate i dont want to pay for the over priced apartment and nor do i want it.

I have money in a deposit account and i want to make it secure so the developer can get it
I want to tranfer to my mothers account but i was wondering is there any tax implications as i heard it might be better to put into my sister account

Any recommdations would be very welcomed

Thanks

NWARREN

 

[hastalavista]

if ur Ma is means tested for any state income then a big wedge of mula could cause problems there.

You could lend it to her

If you transfer the mula to ur sister you will need her signature to get it back. She may need a holiday

Have you the balance on the purchase or is the purchase subject to mortgage?

 

[nwarren]

thanks
she is not means tested but i am concerned that i will be taxed to the heavens when i go to get it back from her
the purchase is subject to mortgage approval.. i had received the mortgage approval but now the banks wont give me the money.(usual criac)
i am worried that the bit of cash i have will be taken from me as the developer is asking me to fulfill the contract and the bank have point blanked refused but as far as he is concerned i have signed on the dotted line.
do you know if i will be hammered on tax if i transfer the money ?


thanks

 

[sean.c]

If the contract is subject to mortage approval, and you don't have mortgage approval - end of contract, end of story.

If you have mortgage approval but the bank won't now release the money, it's the same story. How can you expect to fulfill the contract if a key element is not in place?

If on the other hand you have mortgage approval but now regret ever signing the contract and don't want to complete it, that's your problem and you should get a solicitor.

If the developer is able to enforce a judgement against you and you refuse or are unable to pay, he might be able to bankrupt you. In which case, the transfer you have just done would be voided anyway.

You could get the bank to give you a bank draft and "lose it" until the fuss dies down. Even a bankruptcy only lasts 12 years... (rofl).