what is a deed of confirmation???

O

ODDsocks

Guest
hi there, just a quick enquiry? A friend has gifted me a deposit for a home, on the letter of approval for the loan it says that a "deed of confirmation" is needed. Just curious as to what this is, as a letter has already been provided stating the deposit is a gift etc? thanks for your help :)
 
Some lenders would feel that the letter is not capable of standing up if it was to be relied upon. So with a 'Deed of Confirmation' they are forcing your friend (and hence you) to sign something prepared by a solicitor i.e. (s)he will have had to advise the signer as to what it means. Then your friend could not claim he signed something without having had legal advice.

Some of these things come about because of 'compliance' views and 'risk' views.
 
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