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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3497
Experience:  Solicitors 2 years plus PQE
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I need some wording to add to an existing assignment of a debenture

Customer Question

I need some wording to add to an existing assignment of a debenture / charge. I am told that it the wording needs modifying so that it assigns the security as well.
Submitted: 8 months ago.
Category: Law
Customer: replied 8 months ago.
I can email the document that needs some accompanying wording.
Expert:  Nicola-mod replied 8 months ago.
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I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
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Customer: replied 8 months ago.
The same thing happened the previous time I asked the question. I am not sure I received a refund the last feeI paid? I would actually like to wait to see if you can find someone. Is there a particular difficulty with ,my question?
Expert:  Nicola-mod replied 8 months ago.
Hello,
We will continue to look for a Professional to assist you.
I'm afraid I have not have had any feedback on the question from Experts.
You do need to let us know you would like the refund! I'll process that for your on your previous payment now.
Thank you for your patience,
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Expert:  Alex J. replied 8 months ago.
Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Do you have the existing wording of the assignment for me to review - can you post it into this link? Thank you kind regards AJ
Customer: replied 8 months ago.
Hi Alex, thanks for looking at this. I will put link in. I need some wording to 'perfect' the assignment. Another document that refers to the original and makes clear that the assignment is of both the debenture and the security.Many thanks
Expert:  Alex J. replied 8 months ago.
Thank you I have received this and will review it this morning. Kind regards AJ
Expert:  Alex J. replied 8 months ago.
Thank you. Looking at the assignment wording it does only assign the debt. DO you have a separate debenture and has it been properly registered? The easiest thing may be just to do a separate assignment for the debenture?
Customer: replied 8 months ago.
Hi Alex, yes the debenture has been registered at companies house since 2007. I think a separate assignment agreement for the debenture itself will do the trick.Many thanks
Expert:  Alex J. replied 8 months ago.
Hi, Thank you. Is the debenture an all monies debenture? Or does it just cover the assigned loan? Kind regards AJ
Customer: replied 8 months ago.
Hi Alex. here is the original document.
Expert:  Alex J. replied 8 months ago.
Hi thank you this is a fixed sum charge no all monies - it will only charge the principal sum of £37k odd - this wont include interest. Is this the intention - you only need security for £37k?
Customer: replied 8 months ago.
Hi Alex Also all monies advanced from that date also. currently it stands at about £70k. Here is charge document from Companies House.
Expert:  Alex J. replied 8 months ago.
Hi, Thank you. So the charge may cover further advances, can you prove the advances were made pursuant to the loan agreement? Kind regards AJ
Customer: replied 8 months ago.
Hi Alex, yes we have a complete schedule of advances made.
Expert:  Alex J. replied 8 months ago.
Hi thank you. Does the debtor agree to the assignmen? because it would be worth attaching that schedule to the security assignment to show these advances form part of the charge.
Customer: replied 8 months ago.
Hi Alex. The debtor was notified of the assignment in November last year. I guess the assignment can refer to the schedule & I can attach.Thanks
Expert:  Alex J. replied 8 months ago.
Hi thank you. The debtor will have to receive notice regardless as this is a requirement for a valid assignment under s136 of the Law Of Property ACt 1925. What you want to ensure is that the security assignment acknowledges that the security covers the drawings. Kind regards AJ
Customer: replied 8 months ago.
ok, we will send a further notification.Many thanks
Expert:  Alex J. replied 8 months ago.
Hi, Thank you. ***** can assist any further please do not hesitate to contact me. I would be most grateful if you would take a moment to rate my answer. Thank you kind regards AJ
Customer: replied 8 months ago.
Hi Alex, I can't see any wording attached.RegardsMark
Expert:  Alex J. replied 8 months ago.
Hi, Thank you. My apologies for the misunderstanding - do you want me to redraft your original proposed wording? I can do so but I cannot draft the whole assignment as we are not allowed to draft documents on this site. If you would only like me to redraft the assignment wording I will do so over the course of today and revert to you within 24hrs? Kind regards AJ
Customer: replied 8 months ago.
Hi Alex, yes just the assignment wording would be great. I look forward to hearing from you sometime tomorrow or over the weekend.Kind regardsMark
Expert:  Alex J. replied 8 months ago.
Hi, No problem. I am preparing the wording this afternoon. Kind regards AJ
Customer: replied 8 months ago.
Hi AlexHow. Are you getting on with the wording?RegardsMark
Expert:  Alex J. replied 8 months ago.
Hi, Thank you.I think wording should similar to: "The Assignor hereby assigns to the Assignee with full title guarantee all right title and interest in the Legal Charge dated 23 October 2007, including all benefits and rights to enforce the same, as of the [EFFECTIVE DATE]"."The debtor acknowledges and accepts that all sums detailed in Schedule [X] have been drawn down by the debtor and are secured by the the Legal Charge"I look forward to hearing from you.Kind regardsAJ
Customer: replied 8 months ago.
Thanks Alex. I am a bit ignorant on these matters. Does that wording mean that the debt is assigned as well as the security? That is why I am concerned. It was commented on that the assignment only transferred the debt and made no mention of the security itself.
Expert:  Alex J. replied 8 months ago.
Hi, Thank you. The assignment that you have only assigns the debt at the moment. Instead of amending this I think you need a new assignment just for the security, i.e the legal charge? Kind regards AJ
Customer: replied 8 months ago.
Hi Alex many thanks for this. So a new assignment with the wording that you have provided.
Expert:  Alex J. replied 8 months ago.
Hi, Thank you. I would recommend assigning the legal charge separately. Can you confirm - does the debtor consent to the charge?
Customer: replied 8 months ago.
Certainly the debtor acknowledges the charge and agrees that it is as yet unsatisfied.
Expert:  Alex J. replied 8 months ago.
Hi Thank you. Has the debtor done anything to further extend his debts? Ie has he charged his assets anywhere else?
Customer: replied 8 months ago.
No, no other borrowings or charges.
Expert:  Alex J. replied 8 months ago.
Hi, Thank you. I think that would be a main risk and consideration, making sure the security is still valid and is good security (i.e the debtor has not suddenly racked up more debts).

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