The term Independent Legal Advice (‘ILA’) is unbiased and unprejudiced advice given by a solicitor who is not in any way connected to the parties involved in a legal matter or transaction.
Some of the instances that you may require ILA include inter alia – personal guarantee, occupier’s consent, joint borrower sole proprietor, legal charge, corporate guarantee etc. Signing any contract, form or agreement in relation to any of the above is an Epochal and profound decision which may have a life-time/life changing impact and responsibility and in order to fully enter into these contracts, there should an understanding of the consequences of doing so.
What is the purpose of Independent Legal Advice (ILA)?
The main purposes of ILA:
- ILA is required in order to protect the party deemed as not benefiting from the transaction and making sure that they understand the risks of being part of the transaction. Therefore, it is vital that you seek ILA before signing any documentations.
- To make sure there is no undue influence before signing any binding documentation.
Although it is correct that the lender is protected where a party not benefiting from the transaction, loan or mortgage obtains ILA as this would eliminate any argument of lack of understanding of the documentation signed, however obtaining ILA also mainly protects and benefits the party obtaining the ILA as sometimes this party is not fully informed of the nature, implications or their responsibilities until they seek and obtain ILA. ILA is required to be given to the relevant party alone without anyone else in the room, thereby ensuring that that there is no undue influence, that there is no impartiality and that the individual is not being taken advantage of when the contracts are agreed and signed by all the parties involved.
How can Carter Bond help you with Independent Legal Advice (ILA)
The ILA Solicitors at Carter Bond Solicitors will ensure that the relevant party obtaining ILA understands the documentation and make sure that there is no pressure to sign the document. Although it may seem trivial initially, however it is worth obtaining ILA in the long run.
Are you required to seek and obtain ILA? we are the right Firm for you. Carter Bond Solicitors have a dedicated team for ILA who are knowledgeable and experienced with such matters. We give the same day appointments, and we offer competitive rates. Contact us today to book your ILA meeting.