To complete a transaction, whether in a business or personal context, you may be told to seek independent legal advice – also known as ILA – prior to signing any documents.
In these times of economic uncertainty, the scope of transactions requiring independent legal advice is growing. Examples of situations demanding ILA include, but are not limited to:
- Giving a Personal Guarantee
- Occupier’s Consent Form
- Owning property or land that a Tenant is offering as collateral to a lender
ILA is usually necessary for contracts that require you to accept accountability or forgo a number of your rights without receiving any personal benefit. Therefore, it is imperative that an individual understands exactly what agreement they are entering before signing. ILA ensures that an individual has an explanation of, and advice on, the specific risks they are taking by agreeing to the transaction. It can also mean any subsequent legal dispute in relation to said document has no case for ambiguity.
Seeking Independent Legal Advice
In most instances, you will be informed by a legal representative or lender should it become necessary for you to gain independent legal advice. Obtaining ILA can all happen quite quickly:
- Find a solicitor independent to all those involved in the transaction.
- Share all relevant paperwork with them at least 24 hours prior to any appointment.
- Attend a face-to-face meeting alone to review the transaction documents in question.
- If acceptable, your signature will be witnessed and the Adviser’s Certificate processed.
- If requested, the advisor will send the completed paperwork back to the original party.
- Post-meeting, you will receive a summary letter to retain and refer to.
How much does Independent Legal Advice Cost?
At Backhouse Solicitors, our experienced advisors provide clients with an accurate, efficient and stress-free service on a fixed fee per person, per document for a price agreed from you in advance. To discover more about independent legal advice, visit our ILA FAQs, or arrange an appointment.
Tel: 01245 893400
Email: [email protected]
Visit: 17 Duke Street, Chelmsford, CM1 1JU
Or Contact Us here.