Independent Legal Advice for Business Owners
During a business transaction, you may find yourself in a situation where you are being told you require Independent Legal Advice. Typically, Independent Legal Advice is required for matters that are financial in their nature, such as loaning money.
Independent Legal Advice is commonly required in the following circumstances:
Director’s Personal Guarantees (on corporate loans and mortgages)
Personal Guarantees (where an individual guarantees repayment of a loan made to someone else)
3rd Party Legal Mortgages (where the borrower is not the same person as the person offering the lender security)
Occupier’s Consent to a Mortgage
Employment Settlement Agreements
By entering into 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. Lenders and solicitors insist that you obtain Independent Legal Advice under such circumstances.
That said, being told to get Independent Legal Advice is almost always an unwelcome surprise. Too often the requirement is communicated at the eleventh hour causing uncertainty, expense, and delays as you try to find a law firm willing and able to give you the advice you need in a reasonable timeframe.
Independent Legal Advice Certificate Service
At Attwells, we understand that obtaining Independent Legal Advice is often time-sensitive and always critical to your matter.
So, we have devised a simple and practical solution – we offer:
- A dedicated Independent Legal Advice Service
- Quick turnaround
- Fixed fees
Our aim, wherever possible, is to provide you with the Certificate of Independent Legal Advice within 72 hours of receiving formal instructions.
How much does Independent Legal Advice cost?
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What is included in the service?
- File opening and initial client ID checks
- Reviewing the documents and drafting a full written report on the obligations under the document
- A face-to-face/virtual meeting to explain the content of the report and to respond to any questions.
- Arranging the signature of the documents in the meeting and witnessing the signature of the documents
What is excluded from the service?
- Advice of a financial nature on the documents
- Negotiating the terms of the documents
- Legal advice outside the scope of the service described above
- Tax advice
- Accounting advice
Disbursements
None are anticipated or will be incurred without your consent.
How long will it take to get the meeting?
We will endeavour to arrange the meeting as quickly as possible and in any event within a week of payment on account.
When will I pay?
You will need to pay the fee in advance together with any disbursements identified.
What you can expect when instructing Attwells Solicitors
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