Completion undertaking letter to the lender's solicitors - loan on commercial property
Completion undertaking letter to the lender's solicitors - loan on commercial property

The following Property guidance note provides comprehensive and up to date legal information covering:

  • Completion undertaking letter to the lender's solicitors - loan on commercial property
  • Completion undertaking
  • The Schedule

TO BE PRINTED ON THE HEADED PAPER OF THE BORROWER’S SOLICITORS

To:

[insert details of the lender’s solicitors]

(the Lender’s Solicitors), and

[insert details of the lender]

(the Lender)

Dear [insert organisation name]

Completion undertaking

This undertaking relates to the purchase of [insert property description] (the Property) by [insert borrower’s name] (the Borrower) pursuant to a sale contracted dated [insert date] made between [insert seller’s name] (the Seller) and the Borrower (the Sale Contract) and the grant of a first legal charge over the Property in favour of the Lender pursuant to a facility agreement dated [insert date] made between [insert details] (the Facility Agreement)

In this letter references to ‘completion’ mean completion of the transfer of the Property to the Borrower (the Transfer) and not to the registration of the Transfer at HM Land Registry.

We act for the Borrower.

  1. 1

    We enclose:

    1. 1.1

      the legal charge in the form prescribed by the Facility Agreement duly executed by the Borrower (the Legal Charge). We irrevocably authorise the Lender’s Solicitors to complete the Legal Charge on completion

    2. 1.2

      an official search certificate issued by HM Land Registry in respect of the Property in favour of the Lender which confirms that there are no adverse entries. The priority period expires on [insert date]

    3. 1.3

      properly completed and signed (but undated)