Solicitors for ILA Certifcate (independent Legal Advice )
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Lenders often require third parties for loans they are giving, to obtain independent legal advice. The lenders require this aiming to increase the possibility of being able validly to enforce against those third parties, if the lenders later deem that to be necessary:
(1) The most common requirement is for anyone giving a guarantee of the borrower’s obligations, to be separately advised. This frequently arises with company borrowers whose directors are required to give personal guarantees
(2) It also commonly arises when property is being offered as security for a loan, in which a third party (i.e. someone other than the borrower) might have interests, for example an occupier, or a co-owner with the borrower.
We are willing to give the required legal advice, and then to certify as necessary that we have done so. The stages of our work include
A Our client retention including contract, ID and payment
B Our Review of lender requirements, then production of written advice
C Client confirmation of acceptance of advice / willingness to proceed
D Our production of advice certification.
How long will it take?
We don’t generally do anything for new clients until our process of client retention has concluded – this involves agreeing the scope of what we are doing for the price (our terms are below), setting-up our client record (that includes ID checks), and producing the bill (payment in advance is required for all new clients).
After that, the production of the advice and certificates is a job that we can undertake in about an hour once we can schedule it in our workflow, that can depend on how busy we are at any particular time. We would not usually take-on a job for which we could not engage within about a working week.
The certificates then have to be submitted to the lender.
We are normally ‘all done’ within a few working days, assuming our client gets on with their parts.
Your supplier is SRA-regulated Mounteney Solicitors, that charges VAT some customers may be able to reclaim
We charge £250 + VAT = £300 (first individual and property)
We charge £175 + VAT = £210 (per subsequent individual (same property) or property (same individual))
There is more about our fees on our website here
If you have any questions or require any further information, please don’t hesitate to Contact Us.