The largest local Law Societies in the UK have issued a new standard form for real estate finance solicitors’ undertakings.
The City of London Law Society (CLLS) published the new precedent document which covers all common actions conveyancing solicitors carry out, such as land registry, stamp duty, tax returns, deeds and notices, and will provide a more streamline process.
The first of its kind document, created by the CLLS’ Land Law Committee, it provides flexibility by giving options for real estate transactions.
However, the document currently does not include COVID-19 caveats for the undertakings, but these can be included by solicitors at the time of completion, if required, due to it being amendable.
You can access the new precedent on the CLLS’s website for use by solicitors and other practitioners.
Jackie Newstead, the chair of the CLLS Land Law Committee said:
“This new precedent document will help to streamline the financing process and provides City law firms with a flexible document which standardises undertakings for real estate finance deals. We hope this will be a useful resource, which can be amended as required to suit the requirements of individual real estate transactions.”
