AIB Group (UK) plc v Mark Redler & Co Solicitors [2013] EWCA Civ 45

Wills & Trusts Law Reports | October 2013 #133

In 2006, Drs Ravindra and Salma Sondhi applied to the claimant (AIB) for a loan of £3.3m, to be secured against their private home, in order to provide finance for their business. The application stated that the Sondhis’ home was worth £4.5m but was subject to an existing mortgage in favour of Barclays Bank to secure an outstanding loan of £1.5m. AIB agreed to the loan but required security over the Sondhis’ home in the form of first legal charge. AIB instructed the defendant (MRC) to act for it in connection with the remortgage and provided MRC with a facility letter which s...