Protocol for discharging mortgages of commercial property
The City of London Law Society Land Law Committee has produced a protocol for discharging mortgages of commercial property (incorporating input from the Association of Property Lenders and the CLLS Financial Law Committee). We will wait to see whether the industry takes up the protocol as its use is not a legal requirement. However, it should provide a helpful starting point for completion mechanic negotiations and help to save time and costs for all parties.
Need for change: different procedures across the city; repeated stand-offs between outgoing and incoming lender requirements; inefficiencies negotiating completion mechanics; and no Law Society-endorsed code of practice…
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