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Amendments to solicitor’s undertaking (residential) to comply with SEPA regulations
The Conveyancing Committee wishes to advise practitioners that two small amendments have been made to page 5 of the standard Law Society form of Solicitor’s Undertaking for Residential Mortgage Lending (2011 edition) in order to comply with the new SEPA (Single European Payments Area) regulations. These amendments are:
- The insertion of ‘BIC’ instead of ‘bank sort code’, and
- The insertion of ‘solicitor’s client account IBAN’ instead of ‘solicitor’s client account number’.
The revised form of undertaking has been sent to the Irish Banking Federation for distribution to its members for inclusion in future ‘packs’ being sent out by the lending institutions to borrowers’ solicitors in residential lending cases.
