An insight for Brokers As a commercial finance broker, a key part of your job is to keep deals moving. When your client is asked to sign a personal guarantee, director’s loan, or a third-party charge, the lender may insist that they take Independent Legal Advice (ILA) first. This is where delays and frustrations can […]
Conveyancing is rarely straightforward. With gifted deposits, co-ownership agreements, and personal guarantees becoming more common, solicitors are often managing more than just the legal paperwork. Relationships, financial risk, and professional responsibility all come into play, and that’s exactly where Independent Legal Advice (ILA) proves its value. What’s the role of ILA? In simple terms, ILA […]
Buying, transferring, or refinancing property often feels like a whirlwind of forms, signatures, and deadlines. With all the paperwork, you might be told you need Independent Legal Advice (ILA). Whilst it might seem like another hurdle, skipping it could be costly. What is Independent Legal Advice (ILA)? Independent Legal Advice involves advice from a solicitor […]
Conveyancing is going through one of its most turbulent periods in years. Between rapid regulatory shifts, tax changes, and heightened client expectations, solicitors are being tested like never before. Because of this, and more importantly now than ever, Independent Legal Advice (ILA) continues to be an essential part of best practices. Safeguarding clients, clarifying risks, […]
Independent Legal Advice (ILA) plays a vital role in certain property transactions, offering legal protection and clarity for individuals entering into potentially risky or complex arrangements. But when exactly is ILA required, and why is it so important? ILA ensures that a person fully understands the legal and financial implications of a document they are […]
Securing Independent Legal Advice (ILA) is a vital requirement in many legal and financial transactions, from guarantees and third-party mortgages to occupier waivers and gifted deposits. Without it, lenders cannot be confident that a client understands the nature and implications of their decisions, or that they are not being unduly influenced. If these assurances aren’t […]
The Stamp Duty Land Tax (SDLT) is an HMRC tax that must be paid when purchasing property or land in England and Northern Ireland. The Government introduced a temporary threshold increase to the SDLT thresholds in September 2022. This temporary threshold increase is due to end on 31st March 2025, meaning transactions completed after this […]
Banks often require personal guarantees when they lend money and can even be required by other entities when contracts are being entered into. It is important to understand personal guarantees and their implications. At Phelan Independent, we provide specialist legal guidance on personal guarantees to ensure clients understand their rights and obligations before entering such […]
Joint borrower/sole proprietor mortgages are becoming increasingly common as more family members, such as parents, help relatives, such as their adult children, get onto the property ladder. The family member helping will act as a supporting borrower but will not own the property.If you or your clients apply for a joint borrower/sole proprietor mortgage, the […]
If you or your clients are applying for a mortgage or loan, an occupier’s waiver form may be necessary, which is likely to need Independent Legal Advice (ILA). This may be required when you are planning to purchase a property, and anyone 17 years old or over and who is not the legal owner will […]
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