Get your Indepnendent Legal Advice today
Whether you need independent legal advice in the capacity as a director for a personal guarantee, are a joint borrower sole proprietor, whatever the reason we are here to help.
PRICES START FROM £150 + VAT
Prices start from as low as £150 + plus VAT. No payment upfront required, fees are payable once documents are completed.
INDEPENDENT LEGAL ADVICE CERTIFICATES
Your lender requires you to obtain a certificate confirming you've been given independent legal advice. Our panel solicitors can help.
ONLINE VIDEO APPOINTMENT
Require independent legal advice from home? Sure, why not? We offer online appointments to clients in the UK and overseas.
GUARANTEED APPOINTMENT WITHIN 24 HOURS
Once you have made contact with us, we guarantee one of our panel solicitors will be in contact with you to provide independent legal advice within 24 hours.
Three Simple Steps On What Happens Next
1
Submit your details below and someone from the team will pick up your information.
2
One of our panel solicitors will be in touch to book an online appointment to provide Independent Legal Advice.
Your solicitor will provide independent legal advice and certify your ILA certificate. We then send you our invoice for payment.
We charge a fixed fee of £150 plus VAT to provide Independent Legal Advice. However, some lenders may require additional work to be carried and if this is the case we will always let you know in advance.
GET STARTED NOW
Submit your details here and one of our panel solicitors will be in touch to guide you through the process.
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Why you might need Indpendent Legal Advice
Occupiers Consent to Mortgage
The lender will request what is known as an occupiers consent to mortgage when there are additional occupiers living in the property not named on the property title or mortgage deed. The additional occupiers may need to take independent legal advice and enter into an agreement waiving any rights over the property.
This is to ensure the lender can take possession of the property without issue should a default or breach occur.
Lenders sometimes use different terms for such agreements such as:
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Occupier’s Waiver
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Deed of waiver
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Deed of Postponement
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Deed of Consent
Transfer of Equity
Equity in a property is defined by market value less the amount of outstanding mortgage. ILA’s are required when there is change to the mortgage/ownership of the property.
An example of this, would be the transfer of equity into joint names as a result of marriage. Alternatively there may be a need to transfer equity from joint to sole ownership. Gifts may be made between family members.
Bridging Loan
Bridging Loans are typically short-term high interest loans designed to “bridge” a funding gap. It may be the borrower is looking for a quick turnaround or is unable to secure a mortgage and has taken out a bridging loan as a temporary fix.
Independent Legal Advice will need to be given to the borrower explaining the possible financial risks with bridging loans.
Family Mortgage Collateral Charge
A family charge is used to help someone with a small deposit obtain a mortgage. The lender will generally require a secondary charge over a family member's property and this typically tends to be parents. The second charge is registered on the parent's property and acts as additional security. This is also known as a collateral charge which is to be registered on a collateral property.
Joint Borrower Sole Proprietor
Situations sometimes arise were multiple borrowers are named on the mortgage deed but only a single proprietor registered on the title deeds. Technically this would mean the additional borrower named on the mortgage deed would be liable for the full loan amount but have no legal right or interest in the property. This situation normally arises where a family member has agreed to act as further security for the lender so that additional borrowing can be sought.
You will appreciate taking on the liability of the mortgage but having no legal interest in the property can give rise to a multitude of issues.
Therefore, it is vital the additional borrower seeks Independent Legal Advice. The solicitor in all cases must ensure the additional borrower is not under any undue influence and fully understands the extent of the liability being undertaken.
Director's Personal Guarantee
Director’s personal guarantees are becoming ever more commonplace in the buy to let market due to the tax benefits of purchasing a property via a private limited company. Lenders will almost always insist on the company directors enter into a guarantee and indemnity agreement. Essentially, a guarantee and indemnity agreement makes the director liable for the full loan amount.
It is important the director obtain Independent Legal Advice on the extent of the liability and fully understands the financial risks with being personally liable.
Equity Release
An equity release is commonly used by retirees looking to take money out of their property for investments purposes or to help with living expenses, holidays etc...
The funds provided by the lender will need to be repaid eventually and is usually on the death of the homeowner. Lenders will always request for the borrower to take Independent Legal Advice in such circumstances.
Family Springboard Mortgage
Lenders have more recently come with up with creative ways for individuals to obtain mortgages with 0% deposit by allowing family or friends to deposit 10% of their savings into a Helpful Start Account. This serves as security for the lender and also provides attractive interest rates for the helper. The helper (family or friend) in this case would need to obtain independent legal advice.
Expat living overseas requiring an address for service?
Some lenders require overseas borrowers to provide a UK address for service such as Saffron Building Society. This is basically an address where the lender can serve notice on you for a breach or default of your mortgage. Here at Independent Legal Advice we can put you in touch with the right people. Depending on the lender some may require a solicitor to accept notice on your behalf. If you would like more information, please feel free to contact us.