Do you know when to seek Independent Legal Advice (ILA)? Legal matters often need expert advice. That’s why receiving ILA, offered by an impartial solicitor, is more than just a box to tick; it’s an important step to ensure you grasp the risks before putting pen to paper.
When do I need it?
Perhaps you’re dealing with a tricky personal guarantee, a loan agreement or a mortgage. You may be providing a Director’s Personal Guarantee in a corporate setting, or perhaps you’re vouching for somebody else’s loan repayment. ILA could be extremely important here. The same goes for third-party mortgages, or any situations that may involve Occupier’s Consent To a Mortgage Transfer of Equity.
Don’t underestimate the importance of ILA – although it might seem a routine requirement from banks, it’s not just a checkbox or a formality. It’s your main defence against encountering significant legal problems, and it shows that you fully understand what you’re getting yourself into before you sign on that dotted line. ILA from an experienced solicitor can help you navigate tricky transactions and offer expert Loan Agreement Info.
What happens in an ILA session?
During an ILA session, you’ll sit down with a qualified solicitor. This will be on your own, away from the other parties, and you’ll break down the details of the documentation together. Your solicitor will discuss the financial risks, what will happen in the event of a number of adverse occurrences, and the seriousness of the risks tied to your financial transaction and terms. You’ll get the opportunity to understand how lenders work, too – your advisor can explain how lenders may adjust the terms without consulting you and determine whether you’re able to negotiate.
Overall, obtaining ILA will empower you to make confident, informed legal decisions.