Deed of Confirmation

[canman]

Hi,

We are about to close for a house in the next week.
We are getting a gift from my parents to cover part of purchase price.
On the Conditions outlined by the Lender, it is advising that my parents must complete a Deed of confirmation(annexed to the deed of mortgage) to postpone any interest which might arise by virtue of the financial contribution towards the purchase of the house.

They recommend that my parents receive independent legal advice before doing completing the deed of confirmation.

Do they need to take advice or is it just another legal expense?
Would they be ok to just sign the form?
Also, Would it be considered independent if they used a different solicitor at the same practice?

thanks in advance

 

[jhegarty]

Hi,

We are about to close for a house in the next week.
We are getting a gift from my parents to cover part of purchase price.
On the Conditions outlined by the Lender, it is advising that my parents must complete a Deed of confirmation(annexed to the deed of mortgage) to postpone any interest which might arise by virtue of the financial contribution towards the purchase of the house.

They recommend that my parents receive independent legal advice before doing completing the deed of confirmation.

Do they need to take advice or is it just another legal expense?
Would they be ok to just sign the form?
Also, Would it be considered independent if they used a different solicitor at the same practice?

thanks in advance

if its really a gift then no advise needed...

if its a gift you are going to pay back (hint hint) then they should...