What’s a Deed of Confirmation When Buying or Building a House?


today’s short video I just want to
explain to you what deed of confirmation is the confirmation will arise where you
might be getting a size from a parent or indeed getting some money from your
parents or another somebody has a friend to give you a hand to buy a house or to
build a house once the lender nosed and the lender is going to be concerned us
if things go wrong that the lender is in a position to move on their security and
what they would be concerned about without a deed of confirmation is that
the person who gives you the size or the money to build or buy a house will claim
a beneficial interest in the property because of their gift and it’ll make it
difficult time for the bank to foreclose basically and enforce the security so
these a confirmation is basically a legal document signed by the person
who’s giving you the site for the money confirming that they have got legal
advice about the need of confirmation that they understand exactly what’s
involved and that the mortgaged of the bank has with right forced in priority
over any other shame if things go bad hopefully things will never go bad or
clearly the bank is concerned about protecting their interests and having
their security their mortgage as the first and most powerful mortgage on the
property and they don’t want a parent or a grandparent or uncle or not coming out
of the water or claiming that the bike cannot move on the house on the security
of the property because they have a beneficial interest in the property on
sort of the fact that they give a size or give our money towards the property
so that’s really the confirmation arises that generally the person who is giving
the money of giving the site would be well-advised or we’ll have to take
independent legal advice in relation to us to just confirm that they do know
what they are doing and dust that are acting on the dress so anything of that
nature

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