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Oakwood Solicitors

Joint Borrower, Sole

Proprietor Mortgage

Providing our ILA expertise when
you need it most

  • Friendly, impartial service
  • No hidden charges
  • Straight-talking and jargon-free advice
  • Free initial consultation

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0113 200 9720

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Testimonials

Amazing.

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

- Client

Quick, efficient and friendly.

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

- Louise

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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.

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.

What is a joint borrower, sole proprietor mortgage?

This is a situation when one or more borrowers take out a mortgage, but one of the borrowers is not the owner of the property.

Examples of this are:

  • A parent helping a child to buy a property
  • A borrower who owns one or more other properties but wants to avoid stamp duty
  • A partner who wants the property to be put into another parties’ name but will continue to make payments to the mortgage

The mortgage lenders in these circumstances will want you to choose a solicitor and then notify them of your choice. They will then send the relevant paperwork to ourselves and we will arrange an appointment to take you through this.

What does it involve?

The issue for the borrower is that they are on the mortgage but not on the title deeds of the property. This could mean that they may end up having to pay for the whole mortgage if the other borrower defaults and they have no legal entitlement to that property.

It is therefore important that the borrower understands the consequences of signing for the mortgage and this must be done by way of an independent solicitor to the transaction.

Frequently Asked Questions

How much will it cost me?

We charge £150.00 plus VAT (£180.00 in total).

What does the process involve?

We need to adhere to the following points to accomplish this for you:

  • Meet in a face to face meeting or discuss via video call
  • No other party should be present
  • Explain the full implications of the paperwork that you are signing and be aware that you could be potentially liable for large sums of money
  • Once you are satisfied with the paperwork then we would ask you to sign it
  • The paperwork would then be returned to the relevant lender

Why use Oakwood Solicitors Ltd?

We know that when a lender asks you to sign paperwork that could mean that you put your savings, house or other monetary items on the line that it can be very daunting. You could be guarantying to pay a large debt back that could have severe knock-on effects for your personal life.

We want to make sure that it is explained to you in a fully concise manner before you sign the paperwork.

What do I do now?

All you need to do is contact our team at Oakwood Solicitors Ltd, and we will do all we can to make proceedings as painless as possible:

Junaid Sohail
Junaid Sohail: Solicitor - Financial Litigation

Junaid Sohail is a determined and tenacious Solicitor in the Financial Litigation department, who is regularly instructed on a wide range of financial disputes. Junaid read law at the University of Sheffield (2008-2011), where he also achieved the University’s prestigious Graduate Award. He completed his LPC at Leeds Law School.

Before embarking upon a career in the legal profession, Junaid enjoyed worked as an independent contractor, specialising in the Financial Services sector. From 2011-2017, Junaid worked in Dispute Resolution for the Ombudsman Service in addition to providing professional consultancy services to a number of leading high street financial institutions.

Junaid joined Oakwood Solicitors in November 2017 and qualified as a Solicitor in March 2021. Junaid is a senior member of the financial services team at Oakwood Solicitors.

Junaid has a varied case load and is happy to accept instructions in relation to the following practice areas:

- Defendant and Claimant Civil litigation (Breach of Contract, Disputed debts etc)
- Professional Negligence claims against surveyors, Financial Advisors, Stockbrokers and other financial professionals
- Financial Disputes (Timeshares, Undisclosed Commissions, Pension miss-selling)
- Pre-action instructions relating to Defamation, Sexual harassment and Nuisance
- Commercial Disputes
- Independent Legal Advice in relation to property finance

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