It is strongly recommended to speak to a solicitor for independent legal advice when a lender desires to complete certain legal transactions. Obtaining such legal advice is usually a last-minute decision and can be time-sensitive. Grant Saw Solicitors can assist with fast turnaround time services and ensure a smooth transaction.
The lender should consult with a solicitor for Director’s Personal Guarantees, third party legal mortgages, occupiers’ consent to a mortgage, joint borrower sole proprietor mortgage where multiple borrowers are involved but only one provides the security and others try to claim ownership, joint proprietor sole borrower mortgage or general legal mortgages.
It is now mandatory for lenders to seek independent legal advice. Lenders will be advised about potential dangers, implications, liabilities and everything that is associated with entering into security document agreements.
Grant Saw will review the mortgage offer, legal charges and other deeds. Once the solicitors have reviewed the documents, they will provide a written report advising the terms of the security documents. All implications and liabilities concerning the security documents will be explained and confirmed to the lender in a 20-minute direct meeting. The lender will receive a certificate from the solicitor to confirm that independent legal advice was provided and discussed.
“Lenders usually need personal guarantees from a company’s director or from other individuals for the facilities they desire. Our effective team does their best to provide faster service to the guarantors required by the lender to acquire independent legal advice,” said Ray Crudgington, Managing Partner, at Grant Saw Solicitors LLP.
A bank or other lenders will contact the directors or shareholders of the company to personally guarantee the liabilities of their companies and it must be under a loan or mortgage agreement. The bank requires the directors to agree to enter into personal guarantees as an additional measure of security.
Grant Saw will advise the client when a personal guarantee has been entered into, the bank or financial institution can demand full payback from the guarantor should the company default in any way. Certain requirements need to be provided by the directors or shareholders to satisfy the bank that the deed of personal guarantee has been executed validly and later cannot be challenged should there be a default.
The dedicated team at Grant Saw has many years of experience providing independent legal advice and dealing with guarantees by banks and lenders. They understand that lenders have different requirements and do their best to ensure the lender understands the legal processes and all requirements are met before their report is handed over to the lender.
Grant Saw Solicitors in London were established in 1851 with offices in Greenwich and Blackheath, offering a variety of legal services to individuals and businesses. They received recognition for excellence in industry standards and are proud owners of numerous awards and accreditations. Practice Management Lexcel, Conveyancing Quality Scheme (CQS), the family law accreditation and Wills and Inheritance Quality Scheme (WIQS). In 2013, they received the global ISO 9001 recognising a standard given to firms that determine high excellence. As members of Lawn, a national network of law firms, they provide advice, ideas, and resources. With their friendly and modern approach combined with traditional excellence, they provide superior services to their clients. Full details can be found at https://grantsaw.com.