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 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 the Bank to receive the
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
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
For guidance on the basic features of the doctrine of estoppel and the different classifications it has been subject to, see Practice Note: Estoppel—what, when and how to plead and related content.Promissory estoppel—what is it?Where A has, by words or conduct, made to B a clear and unequivocal
IntroductionShari'ah (also Sharia, Shariah or Shari’a) (literally, in Arabic, 'the path towards the watering place') or Islamic law is the legal system of the religion of Islam that sets out a system of duties or code of conduct for individuals to follow so that they may live their life in a
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