During a transaction you may find yourself being told you need to have Independent Legal Advice.
Independent Legal Advice or ILA is impartial advice provided by an independent solicitor.
The advice would relate to a matter which could affect the benefits, rights or liability of someone other than the person undertaking the main transaction. The idea is to help you understand the risk of signing documents, so you have protection in the transaction.
A solicitor would meet with you face to face, discuss the nature of the documents, provide advice about the risks and sign a certificate confirming that they have provided the advice. You would then be asked to sign the documents if you are happy to do so.
The most common examples of when ILA is required are:
· Occupier’s Consent Forms
· Transfers of Equity
· Equity Releases
· Mortgages – joint borrow sole proprietor mortgages
· Director’s Personal Guarantees (on Corporate loans and mortgages)
· Personal Guarantees (where an individual guarantees repayment of a loan made to someone else)
· Deeds of indemnity
It is important that you get advice in relation to any of the above, as signing these documents without advice could mean that you do not fully understand the nature and risk involved.
In some instances, obtaining ILA will be mandatory since certain mortgage lenders will insist on ILA being given so they have confirmation you have not been unduly influenced and that you understand the documents they need you to sign.
It can be difficult to find a solicitor who provides the necessary ILA as many see the work as high risk. However, at Pardoes we have solicitors who can help with a wide variety of transactions in a timely, cost effective and professional manner.
Our solicitors make sure that the proposed transaction and documents are explained in simple and non-technical language so that you can make an informed choice on whether to sign the documents.
If you have any questions relating to ILA or are in need of this service, then please contact one of our Residential team who will be able to assist you and provide you with a quote for their legal fees.
By phone: 01823 446200