What is ILA and do I need it?

ILA stands for independent legal advice, which is provided by a solicitor before you (the customer) enter into a financial arrangement to ensure everyone is aware of their obligations, the risks involved, and rights regarding the transaction.

Generation Home requires Boosters to obtain ILA. This is to ensure that they understand their legal obligations and responsibilities as a Booster.

Generation Home is a first-charge mortgage lender that enables borrowers to add an Income Booster and/or a Deposit Booster to afford more. We are regulated by the FCA.

To explain in more detail - Income Boosters.

An Income Booster can be added as a mortgage applicant to increase the loan amount.

While both owner(s) and booster(s) are named on the offer and are both jointly and severally liable for the mortgage payments, it is only the owner(s) who will be named on the title deed as legal owner of the property.

To explain in more detail - Deposit Boosters.

A Deposit Booster contributes towards the deposit in return for a financial interest in the property. Deposit Boosters do not go on the title deeds, but they can have an enforceable legal agreement in place acknowledging their legal status.

How do I get an ILA?

  • Generation Home will share details for panel solicitors we recommend. Alternatively, you can search for and choose your solicitor independently. In any case please let your customer champion know of your choice.

  • Please note that our conveyancing partner, Juno, is unable to provide the ILA.

  • Boosters will need to book a video call (it takes about 30 minutes) with their chosen solicitor.

  • After ILA is provided, the solicitors will send us the ILA certificate.

  • If you've chosen to proceed with a non-panel solicitor, they will send you the invoice and we'll reimburse it later (up to a max of £300).

  • If you've chosen one of our panel solicitors, we'll cover the costs directly and in full, taking care of it all for you.

More details for solicitors here.

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