Independent Legal Advice
Independent Legal Advice is a common requirement during the conveyancing process. Independent Legal Advice is legal advice that is independent of any of the other parties involved in an agreement or transaction.
This is normally requested by the lender to protect themselves from potential claims. This evidence can prove, should it be necessary, that the individual has been made fully aware of all associated risks.
The need for Independent Legal Advice can arise in many situations, whether business or personal. Normally you would be informed by a legal representative, a lender, or other parties to gain independent legal advice when it becomes necessary.
Independent Legal Advice is commonly required in the following circumstances:
Directors of a company are required to get legal advice when obtaining a mortgage. The guarantee makes the director personally liable to pay back the mortgage if the company defaults on the mortgage.
For example, where one person is giving a share of a property to someone else or putting their house into more than one name. We provide the certificate of independent legal advice. The transfer can then take place.
Where a party is liable for a mortgage/second charge and the money is being used for something they don’t benefit from, the mortgage lender requires them to get legal advice of the risk.
There may be a time when a house comes on the market or a business proposition becomes available and short term funding is needed quickly. Bridging loans are available typically for a 6-12 month period at a high rate of interest when high street banks are not able to help within the timescales.
ILA’s are needed as assets such as the property will be used as security against the loan advance. The financial implications and their associated risks need to be fully explained to the borrower by a solicitor.
Where an employee is given an Employment Settlement Agreement to have signed by a solicitor. The employee is told to obtain a Certificate of Independent Legal Advice from a solicitor before the agreement can go ahead. We provide that certificate. We aim to give the information and that certificate of independent legal advice the same day. In these cases, the fee is always paid by the employer. We guarantee that we do not exceed that fee.
By entering any of the above documents, you will usually be agreeing to either take on some form of liability or waive some of your rights but without necessarily enjoying any direct personal benefit for doing so. It is therefore very important that you fully understand the implications and seek appropriate professional guidance.
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