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 bank’s solicitors]
(the Buyer’s Bank’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) to [insert buyer name] (the Buyer) and the discharge of the registered charge over the Property (the Charge) in favour of [insert bank bane] (the Bank) (together the Transaction).
We act for the Bank.
We confirm that:
we are holding the Release Documents set out in Schedule 1 [(copies attached)] signed by the Bank in respect of the Charge to the order of the Bank;
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 increase 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 soon as reasonably practicable thereafter;
we have the authority of the Bank to date the Release Documents and release the same to the [Buyer’s Solicito
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
A declaratory judgment is a judgment identifying the rights, duties or obligations of one or more parties in a dispute. It is legally binding, but does not order any action by a party. A court may issue it alone or in conjunction with some other relief such as an injunction and can be granted on an
This practice note provides an introduction to tort law by addressing three questions:•what does the concept of being liable in tort mean? And how does tort relate to contract and criminal law•how has the law of tort developed?•what is the scope of tort, ie what interests does it protect? What
Brexit: The UK's departure from the EU on exit day ie Friday 31 January 2020 has implications for practitioners dealing with provisions in the CPR relevant to cross border matters, including CPR 5.4C (discussed below). For guidance on the impact of Brexit on the CPR, see Cross border
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.