Undertakings

Discharges of Securities

The PSG have also provided two letters of undertaking dealing with the most commonly encountered situations for delivery of a discharge of a standard security:

Discharge 1: Loan transaction where Discharge is held by Lender’s solicitor and will not be delivered until repayment of the loan;

and

Discharge 2: Loan transaction where Discharge is held as undelivered by Borrower’s solicitor pending repayment of the loan.

Fee Undertaking

Undertaking to pay third party fees (v1)

Guidance Notes – Undertaking to pay fees (v1)

Leases

Lease transaction where the lease is not registrable (ie duration of the lease is 20 years or less)

To distinguish the post 2012 Act letters from the pre 2012 Act letters we refer to the new letters as letters of undertaking.

Sales

Letter of Undertaking where an Advance Notice has been ordered but will not be received prior to settlement (v2)
Archived versions: 1

Securities

The PSG has produced a letter of undertaking dealing with obligations by a Borrower to a Lender immediately following completion of a security transaction:

Letter of undertaking by Borrower’s solicitor to Lender’s solicitor about completion matters (v2)
Archived versions: 1

Guidance Notes for the letter of undertaking by a borrower’s solicitor to a lender (v1)