Independent Legal Advice
During a transaction, whether as a business or in your personal capacity, you may need to take Independent Legal Advice (ILA). Typically, Independent Legal Advice is required for a matter that is incidental to another transaction that you may be involved in.
In circumstances where ILA is required, 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.
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
Family “Springboard” Mortgages
Transfers of Equity
Employment Settlement Agreements
Why do I need Independent Legal Advice?
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. It is right that 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.
FAQ’s for Independent Legal Advice
How much does Independent Legal Advice cost?
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
What you can expect when instructing Attwells Solicitors
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