When researching how to obtain and why you may need to obtain this service, there are 6 commonly asked questions to consider.
When do you need this service?
Independent advice can often be a condition of a mortgage lender and a mandatory part of the process for the following scenarios: a joint mortgage, sole proprietor mortgage, a transfer of equity where one party is being removed from the legal title, personal guarantees for directors of a company if the company is purchasing a property, or Occupiers Consent if someone is living in the property and does not have an interest.
How much does it cost?
Normally in the region of Ł150-Ł400, however, this is generally before VAT is included. Many companies will offer a free 15 minute consultation, however, it is important to find out what the fees are after this time. It is quite unlikely that the full advice required can be given in 15 minutes, so do bear this in mind. It is also important to do your research to ensure you are dealing with an experienced professional such as Sam Conveyancing, an example of the many companies who can offer a remote service via Skype. With the offer of a ‘Fixed Fee – Up to 1 hour of legal advice with a 14 years qualified solicitor, Skype calls with availability next day and flexible meeting times between 9am to 7pm.’ Online delivery is becoming an increasingly popular way for clients to access legal services as the need to travel to a solicitor in person is no longer essential. The firm you choose must also comply with the Solicitors Code of Conduct published by the Solicitors Regulation Authority.
How long does it take to obtain?
With the ability to communicate remotely becoming more commonplace, depending on your circumstances and availability, legal advice can be sought in a relatively short time frame and normally within 2-3 working days.
Can the need for this advice be waived?
The simple answer is usually no, if you want to satisfy the lender’s requirement and allow the transaction to proceed. You can refuse to take this step, but in all likelihood, your lender will simply refuse to proceed unless you comply with its requirements.
Why do some solicitors decline to provide this service?
Several recent cases have been brought where solicitors providing this service have been found to have done so inadequately, and have ended up bearing liability for the debts that were the original subject of the legal advice. As a result, some solicitors will decline requests to provide independent advice on the basis that it is “high risk and low reward”. Some solicitors’ Professional Indemnity Insurance policies preclude them from giving independent advice.
How can independent advice protect me?
On the surface, independent advice can seem like just another fee for lawyers to charge. In reality, it is crucial to maintaining fairness in contracts. The overall purpose of independent advice is to confirm a client’s understanding of the legal document, to provide an objective review of a legal document and to verify that the client has not been pressured into signing their document either under duress or undue influence.
