Glossary definition
Solicitor's Undertaking
A binding promise given by a solicitor in their professional capacity to perform or abstain from a specific action, enforceable by the courts and the Solicitors Regulation Authority (SRA). In property finance, solicitors' undertakings are commonly given in relation to the application of loan proceeds, the discharge of existing charges, or the registration of security.
Definition
A binding promise given by a solicitor in their professional capacity to perform or abstain from a specific action, enforceable by the courts and the Solicitors Regulation Authority (SRA). In property finance, solicitors' undertakings are commonly given in relation to the application of loan proceeds, the discharge of existing charges, or the registration of security. Breach of an undertaking is a serious disciplinary matter that can result in a solicitor being struck off.
See also
Closely related terms.
Facility Agreement
The legal contract between a borrower and a lender that sets out all terms and conditions of the loan including the facility amount, interest rate, drawdown mechanics, repayment terms, covenants, and events of default.
First Charge
A legal charge registered against a property title that gives the holder (typically the senior lender) first priority over all other creditors in the event of a sale or enforcement.
Title Deed
A legal document that proves ownership of a property or parcel of land, now predominantly held in electronic form at HM Land Registry.
Further reading
Guides that touch this term.
Guide
Legal Due Diligence in Development Finance: What Solicitors Check
Legal due diligence is the backbone of every development finance transaction. This guide explains what solicitors investigate, common issues that delay completions, and how to prepare your legal pack.
9 min read readReadGuide
Development Finance Application Checklist: Documents You Need
A comprehensive checklist covering every document lenders require for a development finance application, from development appraisals to contractor tenders and planning evidence.
11 min read readRead
Where it shows up
Finance products using this term.
Ready to apply
Knowing the term is one thing.
Getting it on your term sheet is ours.
Send us the outline. We come back with indicative pricing from the right lenders inside a working day.