There are many reasons one may need independent legal advice that may not be immediately obvious.
For one, it is common for mortgage companies to need independent legal advice certificates to be signed by a solicitor. This tends to be time-sensitive and could have an adverse effect on the transaction if not done in a quick and efficient manner. This is usually the final piece to click everything into place after a time-consuming and difficult journey. The mortgage company will need another independent solicitor to review the transaction.
Where to find independent legal advice
Working out where to start when seeking independent legal advice may feel overwhelming for those who have never needed to do so before. Legal specialists such as https://www.samconveyancing.co.uk/news/conveyancing/independent-legal-advice-4849 can be helpful in navigating such issues.
Reasons for needing independent legal advice
Employment disputes such as discrimination or wrongful termination are cases in which legal advice can help one find potential solutions that ensure the client’s wellbeing and satisfaction.
Complex financial transactions like investments or acquisitions usually require legal advice to protect the client’s interests and ensure legitimacy to prevent issues arising in the future.
Personal guarantees are becoming increasingly common with mortgage companies. This is especially true when young adults are applying for their first mortgage. To meet the lending criteria, mortgage companies often require guarantors to seek advice. For those interested in looking further into this issue, this article may prove useful.
An Occupier Waiver Form is a document that needs to be signed by a person who intends to live at the property but will not be an owner. A close relative or next of kin would fit into this category. By signing this document, they will not be able to interfere with the rights of the mortgage company if they need to enforce the mortgage or take hold of the property.
It is common for people to use a limited company to purchase properties. The mortgage companies need a personal guarantee of the loan, better known as a director’s personal guarantee. Seeking legal advice helps all the directors know and understand what they are liable for along with holding them accountable for it if the need arises.
Corporate loans are another area where one may require independent legal advice. Many secured loans need the group requesting the loan to get advice before lending. This precaution becomes especially significant when the loan is guaranteed by assets such as the matrimonial home. Seeking legal advice ensures that all parties involved understand the legal implications, rights, and obligations associated with the loan agreement. It helps lessen risks and ensures that the borrower knows the potential consequences of not fulfilling their end of the agreement.