Why is Independent Legal Advice needed?
The idea behind an ILA is to protect an individual from signing any document before understanding the risks of the transaction. A lender will require you to take advice to ensure that the risks have been explained to you and that a formal certification exists to document that you understand the same. Usually, the lender won’t proceed with the main transaction without it.
When is Independent Legal Advice needed?
An ILA is commonly required in the following circumstances:
1
Director’s Personal Guarantees (on corporate loans and limited company buy to let mortgages)
2
Personal Guarantees (where an individual guarantees repayment of a loan made to someone else)
3
Third Party Legal Mortgages (where the borrower is not the same person as the person offering the lender security)
4
Occupier’s Consent to a Mortgage Transfers of Equity.
5
Bridging loans
Timing
We understand that obtaining Independent Legal Advice is often a last minute requirement and is therefore time-sensitive. We offer a fast, quick turnaround service to ensure your transaction proceeds smoothly.
Costs
We charge a fixed fee of £250 plus VAT per independent legal advice certificate.
Discounts available for multi-party agreements.
What we will need from you?
We will need to set you up as a client of our firm and will ordinarily require the following:-
- A copy of your passport or valid UK photocard driving license
- A utility bill or bank statement dated in the last 6 months
- The documentation from your lender
- Details of the solicitor acting on the main transaction as we may need to issue the documentation directly to them
- We offer in person meetings at our offices in Wimbledon, London. Alternatively, we may be able to provide you with the relevant advice by way of online meeting (Zoom/Whatsapp/Teams etc) but will require confirmation from your lender or main solicitor that they will accept advice provided to you in this manner.
Lenders
Here is a selection of lenders that may require you to obtain an ILA and which we can usually assist with. Kindly contact us with your requirements for confirmation or let us know if you have a lender that is not listed below:-
- Accord Mortgages
- Aldermore
- Assetz Capital
- Atom Bank
- Bank of China
- Bank of Cyprus UK
- Bank of Ireland
- Bank of Scotland
- Barclays Bank
- Bluestone Mortgages
- Buckinghamshire Building Society
- Cambridge Building Society
- Chelsea Building Society
- Chorley Building Society
- Clydesdale Bank
- Dannske Bank
- Darlington Building Society
- Dudley Building Society
- Fleet Mortgages
- Foundation Home Loans
- Halifax
- Help to Buy
- Hinckley & Rugby Building Society
- HSBC
- Infund
- Interbay
- Ipswich Building Society
- Kensington Mortgages
- Kent Reliance
- Keystone Property Finance
- Landbay
- LandInvest
- Leeds Building Society
- Lloyds Bank
- M & S Bank
- Market Invoice
- MarketInvoice
- Marsden Building Society
- Melton Mowbray Building Society
- Mercandile Trust
- Metro Bank
- Monmouthshire Building Society
- Mortgage Express
- National Counties Building Society and Family Building Society
- Nationwide
- Natwest
- New Street Mortgages
- Newcastle Building Society
- Norwich & Peterborough BS
- Nucleas Commercial Finance
- Octupus Properties
- Paragon Bank
- Precise
- Proplend
- Royal Bank of Scotland
- Saffron Building Society
- Santander
- Secure Trust Bank
- Shawbrook Bank
- Tesco Bank
- The Cumberland
- The Mortgage Lender
- The Mortgage Works
- Tipton & Coseley Building Society
- Together
- Vida Home Loans
- Virgin Money
- West Bromwich Building Society
- Woolwich
- Yorkshire Bank
- Yorkshire Building Society
