Steadfast-ILA

Independent legal advice (“ILA”) is advice which is given by a solicitor who is not connected to, or involved with, a legal case/matter. It is required when a party is entering into a contract/agreement, such as a mortgage, where they will take on legal responsibility or give up certain rights, but will not benefit from the agreement/transaction. 

In such a scenario the person obtaining ILA must understand the risks and ramifications of the document they are signing, and must enter into it voluntarily without undue influence, pressure, or duress. This is to protect both them and the lender, and to prevent any argument from the client in the event that the lender enforces the agreement, that you did not understand what you were signing or were coerced into signing and are therefore not bound by the agreement.

You will need ILA on the following transactions:

• Director’s Personal Guarantee on Company Buy-to-Let;
• Joint Borrower Sole Proprietor (JBSP) mortgage;
• Occupier’s Waiver/Consent;
• Transfer of Equity;

We will prepare a full report on all relevant documentation and complete an ILA meeting (video call allowed by most lenders) to ensure that you have fully understand the documentation and the risks and ramifications of entering into the agreement. This is in line with the principles set out in Royal Bank of Scotland v Etridge (No 2) [2002] 2 AC 773.

We can typically complete an ILA for you within a few days of receiving the documentation.

• Your case will be handled from start to finish by a dedicated solicitor, reachable by phone and email. 
• We prepare a full report on all relevant documentation and talk you through any questions you may have to ensure you fully understand everything.
• We liaise with your conveyancing solicitor and lender to ensure everything runs smoothly. 
• We complete the ILA meeting on video call so we can be accessible to you at any time and place.