Independent Legal Advice is typically required by lenders to complete a transaction and is commonly required in the following circumstances:
- Director’s Personal Guarantees
- Third Party Legal Mortgages, where a third party offers additional security on behalf of the Borrower
- Occupier’s Consent to a Mortgage
- Joint Borrower Sole Proprietor Mortgage, where there are multiple Borrowers but only one of those parties is providing the security, allowing the other to claim ownership on the property.
- Joint Proprietor Sole Borrower Mortgage, where there is one Borrower but those funds are used to
- Legal Mortgages in general
How does the process work and what are the steps?
It is now a common requirement for lenders to request independent legal advice. We advise clients about the potential implications and liabilities associated with entering into a security documents, by undertaking the following:
- A review of the mortgage offer and legal charge and any other deeds;
- Providing a written report to you, advising you of the terms of the security documents;
- A 20 minute face to face meeting, confirming you understand the implications and liabilities under the security documents;
- Completion of a solicitor’s certificate that legal advice has been provided; and
- Sending the certificates to the lender or your instructed solicitors acting on behalf of the transaction.
We understand that obtaining Independent Legal Advice is often a last minute requirement and is therefore time-sensitive. We offer a fast, quick turnaround service to ensure your transaction proceeds smoothly.
If you require Independent Legal Advice, our team would be pleased to discuss your requirements with you and provide you with a costs estimate. Please get in touch with us here.