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
Email: Enquiries@pardoes.co.uk
PardoesSolicitors