The following Property guidance note 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 name] (the Bank) (together the Transaction).
We act for the Bank.
We confirm that:
we are holding the Release Documents set out in Schedule 1 executed by the Bank in respect of the Charge to the order of the Bank;
the amount required to redeem the mortgage 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 mortgage will increase by £[insert the daily rate of interest] for each day that completion is delayed (the Redemption Amount);
we confirm that we have the authority of t
**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
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.