Other Services

ILA for Deed of Postponement

Garner & Hancock are specialist property lawyers with vast experience in advising clients on property transactions. We offer a speedy, professional service to get your transaction finalised with a Certificate of Independent Legal Advice for a deed of postponement. We can arrange a face-to-face meeting at very short notice.

What is a deed of postponement?

A mortgage is a secured loan where the lender has a legal charge on your property. You are effectively creating a legal agreement between lenders to postpone the rights of a primary (or senior) mortgage lender in favour of another secondary (or subordinate) mortgage lender. It does not mean the secondary lender does not get paid but rather it gets paid after the first lender has been paid.

Deeds of postponement do not actually come into effect unless there have been type of events that occur such as:

  • Insolvency, in this case, the primary lender gets paid first and then what is left over the second lender gets paid.
  • Default, again, the first lender ranks ahead of the secondary lender
  • Insurance, say if the premises/business burns down, the proceeds are first paid to the first lender then the second lender

Why do I need Independent Legal advice?

Lenders will require an Independent Legal advice certificate to be signed by a solicitor in the following circumstances:

  • The legal owner is different from those taking on the responsibility for the mortgage.
  • The money is lent to a company and you are personally guaranteeing the loan (you become the secondary ranked lender) with a legal charge and a debenture
  • You are giving a personal guarantor for someone else and you rank behind the primary lender.
  • You are parents lending to your child/children or personally guaranteeing the loan and again they are behind the primary lender

Such a step is usually time sensitive and could jeopardise the transaction if not completed in a timely fashion. This is often the final piece of the jigsaw in a long and laborious process.  Your own conveyancing solicitor will be unable to offer this service as the mortgage company requires another independent solicitor to advise on the transaction. 

This is where we come in.

We are there for when you might need another solicitor standing by to deal with the final part of the transaction. We have a fixed-fee advisory service.

Request for a Legal Consultation

Garner & Hancock realise that the prospect of pursuing a legal matter can be challenging, so we offer an initial phone consultation to discuss your options, and to give you information that will help you make the right choices affecting your case.

Call Us Now: 020 8232 9560

What are the steps?

The first step is to send us the pack received by the mortgage company to us by email at vtanna@garner-hancock.co.uk.

We will then arrange for you to come in and go through the documents and satisfy ourselves that you understand the transaction and that there has been no pressure placed upon you to sign the forms.

When you come in you will need to produce ID and once the advice is given the certificate is sent to Precise or to your nominated solicitors. We shall write to you with confirmation of advice and a copy of the certificate.

We provide efficient service with the minimum of fuss.

How long does it take?

Once you receive the forms we can usually see that day or the next business day.  The mortgage company ILA certificate will be sent out usually the same day.

What is the cost?

Independent Legal Advice certification

This includes a meeting, reviewing the deed of postponement seeking any clarification from the conducting solicitors and finally certifying the documents with a letter of comprehensive advice. There may be further charges if there are other documents which we need to advise on.

£350+ VAT

Our Guarantee

We believe our business begins and ends with you and your needs, as our client. Therefore, we are committed to providing the best client care and advice which will give you confidence that your matter is handled with the utmost care.

How Can We Help?

Happy to help! Feel free to contact us at any time for a consultation on your legal matters.

Our offices will be closed for the holiday season starting on Friday, December 20, 2024. We will resume normal business operations on Thursday, January 2, 2025. Our team will be unavailable to assist with inquiries or processes during this time.