What documents will Generation Home provide to the panel ILA solicitor?
1. ILA letter of instructions
2. Mortgage Offer
3. Mortgage Deed
4. Mortgage Terms & Conditions
5. Template ILA Certificate
6. Home Agreement / Deposit Booster Agreement (whichever applicable)
What documents will the panel ILA solicitor need to return to Generation Home?
1. All required ILA certificates on the mortgage transaction in one go (rather than separately).
2. Confirmation of whether the Booster(s) require any preference changes to the Home Agreement / Deposit Booster Agreement (as applicable).
Does the panel ILA solicitor need to provide a copy of the ILA certificate to anyone else?
No, although you may wish to provide a copy of the ILA certificate to the ILA party (if requested by them).
Will Generation Home provide a copy of the ILA certificate to anyone else?
Yes, we will provide a copy of the ILA certificate to our panel conveyancing solicitor who may wish to pass a copy on to the applicant(s) or the applicant's conveyancer.
Does Generation Home require the original signed ILA certificate or is a scanned copy acceptable?
We only require a scanned copy of the original ILA certificate. However, this needs to be sent to Generation Home directly from solicitor. The panel ILA solicitor is to hold the original ILA certificate as per their regulatory requirements.
Do the Booster(s) need to sign the mortgage deed, Home Agreement / Deposit Booster Agreement in front of the panel ILA solicitor?
No. Although should this change we will keep you updated as to any changes to the process or changes to the form of ILA certificate.
If preference changes are made to the Home Agreement / Deposit Booster Agreement following the ILA video meeting, will further ILA be required and a further ILA certificate required in relation to the updated agreements?
How will payment of an invoice be made to the panel ILA solicitor?
The panel ILA solicitor will provide a monthly batch invoice to Generation Home as per the panel ILA agreement and terms of business.
How will the Booster(s) instruct the ILA panel solicitor?
The Booster(s) will confirm with their Generation Home customer champion as to whether they will require ILA from a panel ILA solicitor.
If so, Generation Home will provide the ILA letter of instructions direct to the panel ILA solicitor, who will then contact the Booster(s) direct to set up a video meeting and confirm their requirements.
By when should ILA be completed?
As per the special conditions of the mortgage offer, the ILA must be completed and the signed ILA certificate(s) must be received by Generation Home prior to exchange of contracts.
Will Generation Home confirm receipt of the ILA certificate(s)?
Please send all ILA certificate(s) to the email address indicated in the instructions.
We will not confirm receipt. We only contact you in relation to the same should we have any questions or need to clarify any matters.
How many ILA certificates are required?
The same type of Boosters (all Income Boosters / all Deposit Boosters) may take ILA together or separately, as they wish. We will confirm the Booster(s) wishes with our ILA instructions to you and provide the necessary amount of ILA certificates to be completed and returned to us. Different types of Boosters cannot take ILA together.
If the same Booster is an Income and Deposit Booster, are two ILA certificates required?
No, one ILA certificate will cover this.
Does the ILA legal fee cover all ILA certificates for the same mortgage transaction or is the ILA legal fee payable per ILA certificate on the same mortgage transaction?
Payment is made per ILA certificate.