Independent Legal Advice (ILA) is a type of legal advice that is provided by a solicitor who is not connected to either party to the transaction. The purpose of ILA is to ensure that the individual receiving the advice understands the risks involved in the transaction and is not being coerced into signing any documents.
ILA is commonly required in a number of situations, including:
- When an individual is asked to sign a personal guarantee for a loan or mortgage
- When an individual is asked to consent to a mortgage transfer
- When an individual is asked to provide security for a loan or mortgage
The process of obtaining ILA typically involves the following steps:
- The individual contacts a solicitor who is not connected to the transaction.
- The solicitor meets with the individual in person and discusses the transaction in detail.
- The solicitor explains the risks involved in the transaction and answers any questions that the individual may have.
- The solicitor provides the individual with a written certificate confirming that they have provided ILA.
- The individual signs the documentation.
It is important to note that ILA is not a formality. It is a valuable protection for individuals who are asked to sign documents that could have serious financial consequences. If you are asked to sign a document that requires ILA, it is important to take the time to meet with a solicitor and get the advice that you need.
Here are some of the benefits of obtaining ILA:
- It ensures that you understand the risks involved in the transaction.
- It protects you from being coerced into signing any documents.
- It gives you a choice about whether to sign the documentation.
- It can help you to negotiate better terms for the transaction.
If you are asked to sign a document that requires ILA, it is important to take the time to meet with a solicitor and get the advice that you need. ILA can help to protect you from financial loss and give you peace of mind.