Our specialist team understand the importance of funding in realising your commercial property transaction. As such, we offer legal advice for borrowers and lenders on aspects of commercial property investment including:
- Negotiating and drafting standard securities
- Renewing or transferring securities
- Drafting funding applications
A standard security (legal mortgage) can be granted over land and buildings. The obligations of a loan can be inserted into the standard security itself or in another deed. A set of standard conditions has been created by Parliament, which are automatically incorporated into every standard security. The standard conditions relate to terms that include insurance, repair and prohibiting the grant of leases and sub-leases without the lender’s consent. However, these conditions may be amended by the security deed itself.
If the borrower has breached the conditions of the standard security, for example by failing to make repayments, then the lender is entitled to serve a notice of default or calling-up and enforce their remedies. Remedies include forced sale or the right to receive rents.
Contact our Commercial Property Lawyers in Edinburgh, Scotland
At MBM Commercial, our specialist commercial property lawyers are ready to guide you through the various stages of your commercial property transaction, from initial investigations and property searches to completion of sales and purchases. Please contact us on 0845 345 5004.