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Oakwood Solicitors
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Independent Legal
Advice (ILA)

Providing our expertise
when you need it most

  • Competitive fixed fees, with no hidden charges.
  • Jargon-free advice tailored to your needs
  • Same day service available
  • Remote appointments available

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Call for a free consultation

0113 200 9720

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    Services we offer

    Directors Personal Guarantee

    Where a Director gives a personal guarantee in relation to a debt owed by a Limited Company.

    Joint Borrower, Sole Proprietor

    Where an individual will be named on a mortgage, but not named as a beneficial owner at the title deed filed at the Land Registry.

    Equity Release

    Where an individual takes out a lifetime mortgage on their property to release money from their property.

    Transfer of Equity

    Where an individual transfers an interest in a property to another person

    Occupiers Consent Form

    Any person over the age of 16, who will be residing at a property that is subject to a mortgage.

    Bridging Finance

    Short-term commercial financing.

    Legal Charges

    Where an individual or a Director of a company is required to sign a Legal Charge to be secured against an asset they own.

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    Impartial and professional

    legal service with free initial consultation.

    Client Care

    The best client care

    with a dedicated representative from start to finish.

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    Award-winning firm

    lead by an in-house, experience team.

    Testimonials

    Quick, efficient and friendly.

    Independent Legal Advice for a joint mortgage , sole proprietor purchase. Quick efficient and friendly and reasonably priced.

    - Louise

    Amazing.

    Oakwood Solicitors have been amazing. Very prompt and helpful; can’t fault them at all.

    - Client

    The experts in Independent Legal Advice

    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:

    • Personal Guarantees

    Where a person guarantees that they will repay a loan made to someone else.

    • Directors Guarantee

    Where a director guarantees on behalf of the business for a business loan or mortgage.

    • Settlement Agreements

    In employment matters.

    • Mortgages

    Such as joint borrow, sole proprietor mortgages.

    • Transfers of Equity
    • Occupiers Consent Forms

    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:

    • Fast turnaround
    • Advice which can be given by appointment, Skype or Facetime to suit you
    • Fixed fees are available
    • Competitive rates
    • Paperwork to be signed and returned the same day

    How much will it cost me?

    Mortgagor          Price
    Barclays – Joint Borrower, Sole Proprietor£200.00 + VAT per person
    Advice on Equity Release or Lifetime Mortgage£300.00 + VAT
    ID1 / other ID certification£160.00 + VAT
    Occupiers Consent Forms£160.00 + VAT
    Deed of Waiver / Gifts£160.00 + VAT
    Transfer of Equity / TR1£160.00 + VAT
    Any other type of advicePrice on receipt of documentation.
    Personal Guarantees for Directors 
    Advice on Bridging FinanceFROM £300.00 + VAT
    Directors Personal Guarantee£250.00 + VAT per Director / Per guarantee

     

    If you have any other questions, please do not hesitate to contact us for a chat on 0113 200 9720.

    Frequently Asked Questions

    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:

    • Have a face to face meeting which can be done by way of an in-person meeting or by way of webcam, such as Skype
    • Ensure that any other party should not be present at the meeting to prevent undue influence from another party
    • Avoid legal jargon wherever possible – it is important that the paperwork is ‘translated’ so that you fully understand what you are signing or give you the opportunity to change your mind about the transaction
    • Explain what the consequences of signing the paperwork would be and any connected risks
    • Instruct that the borrower would then be asked to sign the paperwork which would be returned to the lender
    What do I do now?

    If you believe or feel you have a claim, contact us for a free initial consultation regarding your options:

    Ian Abel
    Ian Abel - Solicitor

    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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