What is Independent Legal Advice and why is it needed?
We must ensure that our customers fully understand the requirements, obligations and risks associated with being an income booster or deposit booster. For this reason, it is important you receive advice from a solicitor independent of the purchase.
Who can provide this advice?
It is important that this advice is received by a solicitor, who is not involved in the purchase transaction. You are able can use the same firm for this, it would just need to be a different solicitor from that firm.
They must also be registered with the Law Society.
Does Generation Home have a panel solicitor?
Generation Home does have a panel solicitor you can use for your ILA. However, you can choose to use a different solicitor if you wish.
Generation Home will cover the cost of your ILA if you opt to use our partner solicitor. Alternatively, if you choose to use your own solicitor, we will cover the cost of up to £300.
Reach out to your mortgage advisor and let them know your solicitor preferences for ILA.
If you have any questions regarding this, please feel free to ask!