When we act for the lender the process is normally as follows:
1. The lender will instruct us using their pro forma instruction letter. They will normally email this to us together with a copy of the signed facility letter from the borrower and the valuation report.
2. We will then email to the borrowers solicitors our schedule of requirements, and a request for a costs undertaking for our fees.
3. The borrowers solicitors will then reply to the schedule of requirements which we will proceed to consider and raise further enquiries as necessary.
4. Once we have satisfied ourselves as to the legal title we will then issue to the Borrowers solicitors the legal charge for signing.
5. We will then send a report on title to the bridging finance company certifying that the property is good and marketable and that the assumptions from the valuer remain correct.
6. We will then send the borrowers solicitors a completion undertaking letter for them to sign which in effect is an undertaking from them to us that they will do certain things, such as use the loan only for the purpose of the property acquisition.
7. Once we have received a scanned and emailed copy of the borrowers legal charge, the signed facility letter, any signed guarantees and the completion undertaking letter we will then contact the bridging finance company to obtain the funds.
8. once we are in receipt of funds we send these to the purchasers solicitors in order that they can complete the purchase of the property.
9. The borrowers solicitors will send us a copy of the legal charge following completion. We will then register the legal charge at the Land Registry and send the bridging finance company the title information document evidencing the registration.
PLS Solicitors specialise in advising on the complex area of residential property law. We offer a friendly, efficient and effective legal advice on any area of residential property law.
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