The City of London Law Society has published the first standard form letter covering a borrower’s solicitors’ undertakings to a security agent, specifically in relation to the completion of a real estate financing.
The letter, created by the CLLS’ Land Law Committee, is the first undertakings precedent of its kind, providing City law firms and real estate practitioners with a practical, standardised form that includes options for all common completion and post-completion actions the borrowers’ solicitors typically carry out in relation to the real estate provided as security for the financing.
Committee chair Jackie Newstead said: “This new precedent document will help to streamline the financing process, and provides City law firms with a flexible document which standardises undertakings for real estate finance deals. We hope this will be a useful resource, which can be amended as required to suit the requirements of individual real estate transactions.”
