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11. COMPLETION

 

11.1 Offshore Seller

 

If the seller of the property is not incorporated in England and Wales, the Bank's solicitors will need confirmation that the seller is active/solvent as at the date of completion before drawdown can take place. Please either provide a legal opinion, a certificate of good standing and a certificate of incumbency or a clear winding up/solvency search on the seller dated the date of completion. Please also ensure that the Seller is registered at Companies House and provide the Bank’s solicitors with the Seller’s official Overseas Entity number following completion.

 

11.2 Notice of Completion to the Bank

 

The Bank requires five business days' notice of the intention to complete. All conditions must be satisfied five business days before completion for drawdown to take place.

 

11.3 Funds Remittance – when will they be available?

 

Funds are sent from the Bank to the Bank's solicitors on the day of completion.

 

The Bank's solicitors will deduct the necessary disbursements (as per the contribution statement sent to the Client's Solicitor) and send the balance to the Client's Solicitor by CHAPS. This is held to the Bank's solicitors' order. You must confirm to the Bank's solicitors when funds are received so that you can be released from your undertaking to hold funds to order.

 

If completion does not take place on the day the funds are remitted, you must return funds to the Bank's solicitors by 2 pm next working day as funds will need to be returned to the Bank.

 

The Bank’s solicitors may charge an admin fee if they are required to send funds to you again so please ensure that all parties involved are ready to complete before requesting funds.

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