The following Banking & Finance Q&A provides comprehensive and up to date legal information covering:
Where there is bank funding for an acquisition, our view is that it is market practice for the lender to have relied on any due diligence reports produced for the buyer as these are key to the lender’s willingness to lend against that asset. The alternative is for the lender to commission its own due diligence, carried out by its own advisers, which the buyer/ borrower would then have to pay for—this involves a duplication of effort to some degree and is often regarded as unwelcome by buyers given the work has already been carried out. It is for th
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On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice.
Commercial Property Standard Enquiries (CPSEs) are industry standard pre-contract enquiries used in commercial property transactions. CPSEs are endorsed by the British Property Federation and are free to use. The CPSEs include specific environmental enquiries at enquiry 15 and there are several
Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor can:•transfer, lease or mortgage inter vivos, or•by will (it passes on intestacy)No cloggingIt is a fundamental principle of a mortgage that there must be no clog
Deceit—what is it?A deceit occurs when a misrepresentation is made with the express intention of defrauding a party, subsequently causing loss to that party.The elements of a claim in deceit are:•a clear false representation of fact or law•fraud by the maker, in the sense that they knew that the
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