What are the most common examples of Independent Legal Advice – typically they are relating to commercial finance or personal legal matters.
Independent Legal Advice for Commercial matters
- A director providing an independent guarantee (guaranteeing the loan in their personal capacity) to a commercial loan (Company BTL Mortgage, Commercial Mortgage etc)
- Joint Borrower/Sole Proprietor Mortgage- this is where the borrowers (e.g., parent and their child) are different to the parties that will legally own the property (usually just the child). Barclays are the most common lender who offer this at present.
- Occupier’s Consent to Mortgage- this is where an occupier (over the age of 17) of a property (e.g., children or a current tenant) consent to a mortgage over the Property where they are an occupier but not an owner of the Property or party to the mortgage
Examples for Independent Legal Advice – ILP for Personal Legal matters
- Transfers of Equity (someone being transferred off or on to a title)- These are dealt with separately by the Private Client Department and is outside the scope of our work
- Employee Settlement Agreements- these are outside the scope of our work and is dealt with separately by the Employment Department