Come to Lawson-West for 'Independent Legal Advice'

 

What is Independent Legal Advice?

Independent Legal Advice (ILA) is the advice provided to a client, by a solicitor that is not connected to the transaction in question.

When a party to an agreement will not benefit from the transaction (such as Guarantors), then Lender’s will require those individuals to obtain ILA in relation to the documentation that they will be signing as part of the transaction.

Certificate of Advice

The solicitor providing the advice will need to complete a 'Certificate of Advice', confirming to the Lender that they have provided ILA to the relevant individual(s).

The purpose of ILA is to ensure that the individuals know exactly what they are signing.

It is also imperative as part of the ILA process, to ensure that the person signing the documentation has done so without being induced or forced into it by another person (undue influence).

Without obtaining ILA, the agreements in question may not be enforceable by any of the parties that look to rely upon it in the future.

We can provide independent legal advice for the following documents:

• Personal Guarantees from Directors of a Limited Company (including on mortgages, debentures, loans and bridging loans)

• Personal Guarantees securing the liability of another individual or company (e.g., of spouses/family members)

• Joint Borrower Sole Proprietor Mortgages

• Family Springboard Mortgages

• Consent to Mortgage by an Occupier (also known as Occupier’s Consent)

If you are required to obtain Independent Legal Advice, please do not hesitate to contact Lawson-West Solicitors.

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