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The 'Solicitor's Completion Certificate' is a document that serves as a formal certification provided by a solicitor to a lender regarding the completion of a mortgage transaction. It is an important document that signifies the successful completion of the mortgage process and ensures that all necessary legal requirements have been met.
The entire document consists of multiple sections, each addressing specific aspects of the mortgage transaction. The first section of the document contains the solicitor's address and the current date. It is followed by the recipient information, including the lender's name and contact details. The document also includes a copy to be sent to the borrower and, if applicable, the guarantor.
The document begins with a formal salutation and a brief introduction, stating that it is prepared in accordance with the lender's instructions. It then proceeds to provide a detailed description of the contents of the mortgage and the completion certificate. The solicitor clarifies that the mortgage has been prepared based on the lender's standard form, with only necessary changes and additions approved by the lender.
The next section of the document discusses the bankruptcy/winding up search conducted by the solicitor. It confirms that no bankruptcy or winding up petition or order has been found against the mortgagor or the borrower. If the mortgagor or borrower is a corporation, a separate section is included to state that a company search has been conducted, revealing no resolutions of winding up or appointment of a receiver.
The execution of the mortgage and, if applicable, the deed of guarantee and indemnity is addressed in the subsequent section. The solicitor confirms that these documents have been duly authorized, executed, and witnessed, creating a valid and enforceable legal charge or equitable mortgage. The registrable interest and ranking of the mortgage are also specified, stating that it will be a first legal charge or equitable mortgage, subject to the laws of the jurisdiction.
The title section of the document discusses the solicitor's review of the title documents and searches conducted at relevant public registries. It states that, except for any previously disclosed matters, the mortgagor has a good and marketable title to the property, free from encumbrances. The document also confirms the drawdown date of the mortgage loan and the solicitor's undertaking to present the mortgage for registration.
Further sections of the document address the documents to be sent to the lender, the application of proceeds, and the information and advice provided to the potentially unduly influenced party. The solicitor undertakes to send the mortgage and all title documents to the lender within a specified timeframe. The application of loan proceeds will be carried out according to the lender's written instructions. If there is a potentially unduly influenced party, the solicitor confirms providing the necessary information and advice, following relevant procedures/guidelines.
The document concludes with a section on qualifications, where the solicitor expresses certain opinions subject to various legal considerations. These include bankruptcy, insolvency, liquidation, reorganization laws, government rights, compulsory acquisition powers, equitable interests, and assumptions regarding document authenticity and execution. The solicitor also highlights that they have not physically inspected the property and advises the lender to conduct a thorough inspection.
The 'Solicitor's Completion Certificate' is a comprehensive document that covers all essential aspects of a mortgage transaction. It provides a detailed account of the mortgage contents, execution, title, and various qualifications. Its purpose is to certify the completion of the mortgage process and assure the lender of the legal validity and enforceability of the mortgage.
To use the 'Solicitor's Completion Certificate' effectively, follow these steps:
1. Fill in the necessary information: Enter the solicitor's address and the current date at the beginning of the document. Provide the lender's details, including their name and contact information. If applicable, include a copy to be sent to the borrower and guarantor.
2. Understand the contents of the mortgage: Familiarize yourself with the details of the mortgage mentioned in the document. Ensure that the mortgage has been prepared based on the lender's standard form, with any necessary changes approved by the lender.
3. Conduct bankruptcy/winding up search: If required, perform a bankruptcy/winding up search to confirm the absence of any related petitions or orders against the mortgagor or borrower. If the mortgagor or borrower is a corporation, conduct a company search as well.
4. Verify execution of mortgage and, if applicable, deed of guarantee and indemnity: Ensure that the mortgage and, if applicable, the deed of guarantee and indemnity have been duly authorized, executed, and witnessed. Confirm that they create a valid and enforceable legal charge or equitable mortgage.
5. Understand registrable interest and ranking: Comprehend the implications of the mortgage creating a registrable interest in the property. Be aware that, upon registration, it will rank as a first legal charge or equitable mortgage, subject to the laws of the jurisdiction.
6. Review title and conduct necessary searches: Review the title documents of the property and conduct searches at relevant public registries. Unless previously disclosed, confirm that the mortgagor has a good and marketable title, free from encumbrances.
7. Note the drawdown date and registration process: Take note of the drawdown date of the mortgage loan and ensure it aligns with the required documents. Undertake to present the mortgage for registration within the specified priority period.
8. Prepare documents for the lender: Commit to sending the mortgage and all title documents to the lender within one month of receiving the duly registered mortgage from the land registry. Ensure compliance with the lender's requirements.
9. Follow instructions for proceeds application: Adhere to the lender's written instructions regarding the application of loan proceeds. Ensure that the funds are allocated as directed.
10. Provide information and advice to the potentially unduly influenced party: If applicable, provide the necessary information and advice to the potentially unduly influenced party, following the latest relevant procedures/guidelines. If not applicable, ensure that the borrower, mortgagor, and guarantor have their own independent solicitors.
11. Consider the qualifications and legal considerations: Understand the qualifications expressed in the document, which are subject to various legal factors. Take note of the limitations and assumptions made by the solicitor.
12. Conduct a physical inspection of the property: Although not part of the document, it is essential to physically inspect the property to identify any potential issues or unauthorized structures that may affect the title.
By following these steps, you can effectively utilize the 'Solicitor's Completion Certificate' and ensure compliance with the necessary procedures and requirements of the mortgage transaction.