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 occupiers waiver.
We can arrange a face to face meeting at very short notice.
What is an occupiers waiver ?
You are effectively agreeing to postpone rights a primary (or senior) lender. It effectively means if the lender tries to sell the property to pay the loan then you will not be able to send in their way. It is to prevent you from raising an issues to prevent the primary lender from exercising its right to realise its security. If the lender tries to evict you then you will not be able to prevent sale.
The occupiers waiver does not actually come into affect unless there has been type of events which occur such as
- Insolvency, in this case the primary lender can sell the property to realise its assets
- Default, again the first lender can realise its assets to pay off the loan
- Insurance, say if the premises/business burns down the proceeds are first paid to the first lender, you have no rights above the primary 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 entering an arrangement with the lender and you either have an interest or live at the property.
- The money is lent to a company and you have an interest in the property which you are waiving in favour of the primary lender.
- You are parents lending to you child and you are waiving your interest
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 ourself 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 the lender or to your nominated solicitors by recorded delivery or DX . 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 documents seeking any clarification from the conducting solicitors and finally certifying the documents with a letter of comprehensive advice
£250 + VAT
|For any additional person, we need to advise|
£150.00 + 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