During a transaction, be it in a business or personal context, you may find yourself in a position where you are being told that you need to take Independent Legal Advice.

Independent Legal Advice is often required for a matter that is incidental to, but critical for the completion of a transaction.

Independent Legal Advice is generally required in the following circumstances:

  • Personal Guarantees (where an individual provides a guarantee on a loan made to someone else)
  • Director's Personal Guarantees (on corporate loans and mortgages)
  • Third party Mortgages (where the Borrower is not the same person as the person providing security)
  • Occupier's Consent to a Mortgage
  • Transfers of Equity

By entering into one of the above documents, you will usually be agreeing either to take on some form of liability, or to waive some of your rights, but without necessarily enjoying any direct personal benefit for doing so. It is therefore very important that you fully understand the implications and seek appropriate professional guidance.

However, being told to obtain Independent Legal Advice can sometimes be an unwelcome surprise. Too often the requirement is communicated late in the transaction, causing uncertainty, expense and delays as you try to find a law firm willing and able to give you the advice you need in a reasonable timeframe.

At Heald Nickinson, we understand that obtaining Independent Legal Advice is often time-sensitive and always critical to your matter. We don’t think that your transaction should be delayed any longer than it needs to be.  We therefore offer a quick turn around at a reasonable cost.

If you require Independent Legal Advice please contact us.