Garner & Hancock are specialist property lawyers with a vast experience of advising clients on property transactions. We offer a speedy, professional service to get your transaction finalised with a Certificate of Independent Legal Advice to for a deed of postponement.
We can arrange a face to face meeting at very short notice.
What is a deed of postponement ?
You are effectively agreeing to postpone rights a primary (or senior) lender in favour of another secondary (or subordinate) lender. It does not mean the secondary lender does not get paid but rather it gets paid after the first lender has been paid.
The deed of postponement does not actually come into affect unless there has been type of events which occur such as
- Insolvency, in this case the primary lender gets paid first and then what is left over the second lender get 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 certificates to be signed by a solicitor in the following circumstances:
- The legal owner is different to the those taking on the responsibility fo 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 you child/children or personally guaranteeing the loan and again they 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.
What are the steps?
The first step is to send us the pack received by mortgage company to us by email at firstname.lastname@example.org.
We will then arrange for you to come in and go through the documents and satisfy yourself 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
Who should I contact?
For a quick turn around and response within 1 hour* please call Garner & Hancock Solicitors 020 3962 0319
Or complete the form below
We also provide a service where we can come to your home or business. *Within business hours