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When an individual guarantees that they will repay a loan made to someone else if they are unable to do so.
Where a director guarantees on behalf of the business for a business loan or mortgage.
A legal agreement between you and your employer, preventing you from pursuing employment tribunal claims or other legal proceedings against them.
Such as joint borrow, sole proprietor mortgages. This is when one or more borrowers take out a mortgage, but one of the borrowers is not the owner of the property.
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Independent Legal Advice for a joint mortgage , sole proprietor purchase. Quick efficient and friendly and reasonably priced.
- Louise
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Oakwood Solicitors have been amazing. Very prompt and helpful; can’t fault them at all.
- Client
Independent Legal Advice (ILA) is a signed document to confirm that you have received legal advice in relation to a particular matter. The advice must be taken from an independent alternate solicitor or Chartered Legal Executive who is not involved in the original proceedings.
When is an ILA required?
Examples of when an ILA is required are:
Where a person guarantees that they will repay a loan made to someone else.
Where a director guarantees on behalf of the business for a business loan or mortgage.
In employment matters.
Such as joint borrow, sole proprietor mortgages.
It is very important that you get advice with regards to any of the above as signing these documents without advice may mean that you do not fully understand the nature and risk involved.
Banks will ask that you obtain independent legal advice so that they have confirmation that you have no been unduly influence and that you understand the documents that you are signing.
What can our service offer you?
Often, a bank or your own solicitor may advise you that you need to take ILA at a critical time and leave you with only a short time frame to obtain this.
We therefore offer:
How much will it cost me?
Occupier’s Consent | £125 + VAT per consent |
Personal/Director Guarantee | Quote based on document needed |
Joint Borrower Sole Proprietor | £160 + VAT |
Other Independent Legal Advice | Please contact us for a quote |
We also handle:
If you have any other questions, please do not hesitate to contact us for a chat on 0113 200 9787.
How do I get Independent Legal Advice?
Just call our team at Oakwood Solicitors Ltd on 0113 200 9787, and we can take you through everything that you need to know.
Why do some mortgage lenders require this information?
In the case of Royal Bank of Scotland v Etridge, the courts agreed that borrowers for a mortgage or loan should be advised to have independent advice from an independent professional before they sign any documentation. Otherwise it was seen by the courts that the bank or mortgage companies or any other party to the agreement could be imparting undue influence upon the borrower.
For example: if an elderly father is asked to take out a mortgage or be a guarantor on a mortgage for their child. The banks would want to ensure that there is no pressure from the family to do this by having a separate meeting away from the main situation.
The lender will require that the borrower of the money enters into the guarantee knowing the risks, the penalties and the financial repercussions of the transaction.
If there is any doubt, then the independent solicitor should advise against signing the paperwork and give you full reasons ass to why this is the case.
Why do lenders want people to have Independent Legal Advice?
A bank or building society also wants to ensure that they are protected from scrutiny. By asking a borrower to get an ILA they safeguard that they have satisfied their duty of care to that borrower.
Why use Oakwood Solicitors Ltd?
It can often be very difficult to find a solicitor who will assist you in these matters at such notice. This is where we can step in and help.
There are certain requirements that a solicitor must provide to ensure that you receive the correct independent legal advice. We will therefore:
If you believe or feel you have a claim, contact us for a free initial consultation regarding your options:
Ian is a solicitor and qualified in February 2009. He specialises in and deals exclusively with Employment law.
Ian has a unique skillset that allows him to provide commercial and pragmatic advice, primarily focusing on the impact this has on the day to day operations of a business. His particular specialisms include large scale restructuring exercises and the Employment Law-related elements of TUPE associated with acquisitions and mergers.
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