Metro Bank Independent Legal Advice Form
Following the Etridge case, the House of Lords set out “basic minimum requirements” for a lawyer to provide independent legal advice. On the one hand, the meeting between the borrower/guarantor/mortgagee and the lawyer must be in person without any other party being present at the meeting. The lawyer must ensure that the language he or she uses can be understood by the person; It cannot be technical in nature and should not bombard individuals with incomprehensible legalese. In addition, the lawyer must explain their role in the transaction and clarify that the lender will rely on the lawyer`s participation to counter future claims that have undue influence or have not fully understood the transaction. Once you`ve already worked hard to get a mortgage or loan for a client, the need for independent legal advice may prevent a borrower from proceeding with the transaction. Therefore, it is in the best interest of the lender to assist his client with independent legal advice: the problem is that it is not always easy to find a lawyer who offers this service. “It was a very professional and helpful service from ILA-Connect, thank you. I wasn`t sure why I needed to seek independent legal advice, but you explained it and arranged things so I could complete my purchase without delay. For this reason, when a lender asks someone to give them a “personal guarantee”, it may often be accompanied by a requirement that the proposed guarantor seek independent legal advice to ensure that they are aware of the transaction in question and the extent of their financial liability.
When a guarantor or a person providing security for a mortgage receives the ILA, a lender receives confirmation that the guarantor has voluntarily entered into the guarantee, knowing full well the financial implications, consequences and risks of providing a personal guarantee to the lender. The need for independent legal advice can make many of them think and make it look endlessly for a lawyer to offer this service. Fortunately, we`re here to make things simple. We know the need for independent legal advice can seem like another frustrating hurdle in mortgage brokering, which is why we`ve teamed up with experienced lawyers across the UK to help our clients get the advice they need, with minimal effort. We understand the difficulties of meeting strict time constraints, so we have simplified the process: just contact us and give us some details and we will provide you with a quote for the service you need, which we know from many years of experience that independent legal advice is very competitive in the market. We can provide you with a convenient date to attend a law firm near you. “I had to consult a lawyer for independent legal advice regarding a mortgage on my son`s co-borrower and sole proprietorship. I booked it through ILA-Connect and did it easily via Skype, which saved me time and it was cheaper. From the point of view of the bank or construction company, the need to protect their interests from possible legal challenges is crucial. Written confirmation from a lawyer acting on behalf of the borrower, guarantor or mortgagee can serve as irrefutable evidence that the lawyer has explained to them in detail their role in the transaction and the practical implications of signing the document. The purpose of the lawyer`s written confirmation/attestation of independent legal advice is to satisfy the lender that it has fulfilled its duty of care to the person and to prevent the borrower, guarantor or hypothecary debtor from contesting liability for the loan: without this confirmation, the lender could lose the ability to enforce its security if successfully challenged. Simply put, the lender may require a party involved in a transaction to seek independent legal advice to ensure that they have not been unduly influenced and that they understand the nature of the proposed mortgage agreement or mortgage.
This way, people who sign loans, guarantees, and other similar documents will be less likely to avoid liability by claiming they are unaware of the consequences, as their independent legal counsel would have ensured that they were fully informed before signing. “I had received an offer of independent legal advice for a personal guarantee on my company`s rental purchase mortgage, but I did it for half the price via ILA-Connect!” Simply use our tool that allows you to enter your postcode and find your local BDM at the touch of a button – metrobankonline.co.uk/intermediaries/find-your-local-bdm/ or contact the broker`s helpdesk on 0203 427 1019 Whether your customers are first-time buyers or experienced owners, it`s important to find the right products with individual attention. We`ve designed our mortgages to be convenient, flexible and easy to understand, and our team of specialists are here to help, so expert advice is always on site. “I learned at the last minute that I had to seek independent legal advice and that I really couldn`t go any further until I contacted ILA-Connect!” In accordance with the direction of the House of Lords in Royal Bank of Scotland v. Etridge (No. 2) and other cases where a number of borrowers have successfully argued that they should not be bound by a loan, security agreement or mortgage because they do not know what they are getting into, it has been held that, in certain circumstances, it is necessary for a borrower separately from an independent and qualified lawyer before signing the mortgage or security document. During the meeting, the lawyer must explain the nature of the guarantee or mortgage/transaction, clarify the meaning of the accompanying documents and explain the practical consequences of signing the guarantee or mortgage and the risks involved. Finally, the lawyer providing independent legal advice must make it clear to the guarantor that it is up to them to decide whether to take the security or take out the mortgage and ensure that they are happy to proceed. The lawyer will then provide the lender with a written confirmation or certificate in accordance with the requirements of the respective lender.
To register and use the mortgage portal — intermediaries.metrobankonline.co.uk/Molregistration/ advice — prepare these documents, each in PDF format. For bank statements, upload them from your online banking instead of screenshots. This will help make the journey smoother. Metro Bank – Garner & Hancock Independent Legal Advice Mortgage products work similarly to other mortgages, the more deposits you deposit, the better the interest rate. It`s your home, no one can sell it unless you choose to do so. We can arrange the meeting within 24 hours. You must send us the signed document and we will then confirm the document. We`ve been around since 1996, won a few awards for first-time buyer services, pretty decent reviews of Trust Pilot. And we are fortunate to receive the trust of 90ish housing associations, allowing us to focus our time and energy on shared property buyers. Throughout the mortgage process, you can upload your documents and track the progress of your mortgage online via your phone, PC or tablet. Loans in England, Wales and Scotland (Scottish postcodes do not cover – HS, KW or ZE) subject to a minimum purchase price/valuation of £75,000. We have processed 100 such documents, we know what the lender requires.
We are specialists in this field and know that time is running out. We have over 75 five-star Google reviews Below are helpful documents and links to help you file an application and help your client`s lawyer see the mortgage until it is completed.