We know that navigating requirements for independent legal advice can be a minefield for many clients. We also know, as the need for independent legal advice typically becomes evident as transactions near completion, that clients will often have to secure independent legal advice quickly without compromising on cost or quality. That’s why we make it simple with our national network of senior solicitors, competitive fixed fees and a guaranteed 48-hour turnaround that enables transactions to progress without delay.
Need to know more? Take a look at our frequently asked questions or get in touch with our friendly team for more information.
Any transaction involving a personal guarantee or where a party is entering into obligations relating to borrowing by another party will require independent legal advice.
This is as a result of historic cases where parties signed documents without taking legal advice. The facilities subsequently went into default and the bank attempted to repossess the properties. However, the individuals who signed the document objected to the bank repossessing the property on the grounds that they did not understand what they were signing/were pressured into signing. Consequently, banks were put on notice that wherever such scenarios arose, independent legal advice should be obtained.
As a result, where an individual potentially has, or may have, an interest in a property or they are being asked to provide a guarantee in support on another party’s obligations, banks and lenders generally insist that the individual obtains independent legal advice to ensure that they are fully aware of what they are signing and also to ensure that the solicitor checks and confirms that the individual is not being unduly pressured into signing the documentation.
Generally, independent legal advice is required for: personal guarantees; joint borrower/sole proprietor mortgages; equity release mortgages; and sometimes occupier waiver forms and gifting of deposits.
The main risk is that banks will not lend on a matter where they have stated that independent legal advice is required, until the independent legal advice is given.
Phelan Independent is uniquely positioned to offer fast, competitively priced, expert independent legal advice anywhere in the UK.
You may find that traditional law firms are unwilling to take this type of work on or take a long time to provide services and at a high fee. We are not like traditional firms – we love providing independent legal advice and do so quickly and at very reasonable prices.
Unlike traditional law firms, we specialise in independent legal advice provision and have a national network of qualified solicitors at our disposal. This means we are able to help you keep your transaction timelines on track when it matters most by guaranteeing to provide independent legal advice within 48 hours of acceptance of an instruction and receipt of documents (usually the same business day).
Additionally, unlike other companies offering online independent legal advice, Phelan Independent solicitors are able to travel anywhere in the UK, where face to face services are required by lenders.
No. Phelan Independent is able to offer online independent legal advice using a variety of video conferencing software so as to be most convenient to the client (including Teams, Google Meets and Whereby).
Following instruction, we would ask that you provide us with the bank documentation that the independent legal advice is required on. Alternatively, we ask for the details of the solicitor acting on the transaction who we can then contact to request the paperwork.
We will then review the documentation and arrange a time with you to hold the video call/meeting.
We are required to provide the advice to you in a room without anyone else present. Therefore, if the advice is given via a video call, we will ask that you rotate the camera to ensure you are on your own.
During the call, we will explain the contents of the documentation and the implications of what you are being asked to sign.
Following the meeting, we will send you a letter (via Docusign) setting out what we discussed and asking you to sign the letter if you are happy to proceed following receipt of the advice.
Appointment times will vary on a case-by-case basis. We do not put a time limit on our appointments and work hard to ensure clients are given thorough independent legal advice, along with the opportunity to ask any questions throughout the session.
Phelan Independent operates a fair and fixed fee structure starting at £225. If more than one person requires independent legal advice as part of the same transaction, each additional person will be charged £175. We also offer discounts for clients of NACFB member organisations and for multiple instructions.
Unlike traditional law firms, Phelan Independent is agile and able to guarantee that expert independent legal advice is provided to clients within 48 hours of acceptance of instruction/receipt of documentation. In most cases, we provide our services on the same working day as the instruction is received/accepted.
If lenders stipulate that in-person independent legal advice is required for deals to complete, Phelan Independent solicitors are able to travel to firm or client premises anywhere in the UK to provide face to face independent legal advice at no extra cost.
No. Our fair and fixed fees remain the same, even where face to face appointments are required by lenders.
Our national network of qualified solicitors means we are able to offer fast, high quality independent legal advice anywhere in the UK – either via video conferencing or in-person (where demanded by lenders) – within 48 hours of acceptance of instruction/receipt of documents.
As an Associate Patron of NACFB, Phelan Independent is proud to offer a discounted fixed fee to NACFB members’ clients. Please contact us for details.
We offer a reduced rate of £175 for each additional individual on a transaction.
Yes. If advice is required for more than one person as part of the same transaction, the first person will be charged the standard fixed fee and each additional person will be charged £175.