The following Property precedent provides comprehensive and up to date legal information covering:
TO BE PRINTED ON THE HEADED PAPER OF THE SELLER’S LENDER’S SOLICITORS
[insert details of the buyer’s solicitors]
(the Buyer’s Solicitors)
[insert details of the buyer’s lender’s solicitors]
(the Buyer’s Lender’s Solicitors), and
[insert details of the buyer’s lender]
Dear [insert organisation name]
This undertaking relates to the sale of [insert property description] (the Property) by [insert seller’s name] to [insert buyer’s name] (the Transaction) and the discharge of the registered charge over the Property dated [insert date] (the Charge) in favour of [insert bank name] (the Bank).
We act for the Bank.
We confirm that:
we are holding to the order of the Bank the documents set out in Schedule 1 (the Release Documents) executed by the Bank in respect of the Charge [(copies of which are attached to this letter)];
the amount required to redeem the Charge before [insert the time of completion specified in the contract] on [insert the completion date] is £[insert amount] and thereafter the amount required to redeem the Charge will be [insert amount] increased by £[insert the daily rate of interest] for each day that completion is delayed (the Redemption Amount);
the Bank has confirmed that following receipt of the Redemption Amount, it will give us written confirmation of that fact as soon as possible within banking hours on that day or as
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