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What is the process of obtaining bridging finance from the borrowers perspective?
22nd May 2014

1. Once you have secured your bridging finance, the bridging finance company will give you a facility letter to sign and return to them. You should send us a copy of the facility letter so we can advise you on the terms of it.

2. Once you have signed and returned the facillity letter, the solicitors acting for the bridging finance company will email us a copy of their schedule of requirements and request a costs undertaking for their fees.

3. You will need to put us in funds, in order that we can give the costs undertaking to the bridging finance solicitors practice, and we will then respond to the schedule of requirements.

4. once the company acting for the bridging finance company are happy with the title to the property, they will then send to us the legal charge for signing which we will advise you on.

5. We will then confirm to the solicitor acting for the bridging finance company that we are holding the signed legal charge and facility letter. They will then proceed to advance us the funds.

6. Once the funds have been sent to us we will date the legal charge and send this to the solicitor acting for the bridging finance company, so they can register it at the Land Registry.

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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