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The document titled 'Instruction Letter to Solicitor from Lender' is a letter that provides instructions to a solicitor regarding the preparation of a legal charge. The document is important as it outlines the terms and conditions for extending banking facilities to a mortgagor and requests the solicitor to investigate the title and prepare the necessary security documents.
The entire document consists of a letter addressed to the solicitor. It begins with a greeting and introduces the purpose of the letter, which is to provide instructions for preparing a legal charge. The letter then proceeds to provide detailed information and instructions for each section of the document.
Section 1 of the document advises the solicitor that banking facilities have been extended to the mortgagor and refers to a facility letter that has been accepted by the customers. A copy of the facility letter is attached for the solicitor's reference.
Section 2 instructs the solicitor to investigate the title and prepare the security document(s) for the property. The specific terms and particulars of the security documents are provided, including details about the property, the borrower (mortgagor), and the required security documentation.
Section 3 outlines the interest rates and repayment terms associated with the loan. It also mentions the legal costs and prepayment charges that the mortgagor is responsible for.
Section 4 addresses the collection of fees upon signing the security documentation, if applicable.
Section 5 states that the instructions are valid for 30 days from the date of the letter, subject to specific written confirmation.
Section 6 requests the solicitor to provide certain documents for review and approval before drawdown, including a signed solicitors' completion certificate, specimen signature and identification documents of the mortgagor, an up-to-date land search of the property, and a winding up/bankruptcy search of the mortgagor.
Section 7 clarifies that there are no potentially unduly influenced parties and allows the solicitor to provide explanations to the mortgagor/borrower/guarantor regarding the terms of the mortgage.
The letter concludes with a thank you message and a request for prompt communication in case of any issues.
Guidance for using the 'Instruction Letter to Solicitor from Lender':
1. Review the entire document carefully to understand the purpose and instructions provided.
2. Ensure that you have the necessary information and documents mentioned in the letter, such as the facility letter, details of the property, borrower, and required security documentation.
3. Conduct a thorough investigation of the title and gather all relevant information and documents related to the property.
4. Prepare the security document(s) in accordance with the provided terms and particulars, ensuring that all necessary steps are taken to protect the lender's interest as the first mortgagee.
5. Calculate and include the appropriate interest rates and repayment terms as specified in the letter.
6. Clearly outline the legal costs and prepayment charges that the mortgagor is responsible for.
7. If applicable, collect the specified fees upon signing the security documentation.
8. Ensure that the instructions and documents are valid for the specified period of 30 days, subject to written confirmation.
9. Before drawdown, provide the requested documents for review and approval, including a signed solicitors' completion certificate, specimen signature and identification documents of the mortgagor, an up-to-date land search of the property, and a winding up/bankruptcy search of the mortgagor.
10. If there are no potentially unduly influenced parties, you may provide explanations to the mortgagor/borrower/guarantor regarding the terms of the mortgage.
11. Maintain open communication with the lender and promptly address any issues or concerns that may arise during the process.
12. Follow any additional instructions or guidelines provided by the lender or relevant authorities.