Do I need independent legal advice (ILA)?
Gen H requires income and deposit boosters to obtain ILA. This is to ensure that they understand their legal obligations as a booster, the risks involved, and their rights regarding the transaction. 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 to use the same firm that is doing your conveyancing, but it must be a different solicitor from that firm who provides you ILA.
They must also be registered with the Law Society.
Does Gen H know of a solicitor’s firm for ILA?
Some of our customers have used Lester Aldridge in the past and have provided positive feedback on their experiences. They are fully briefed with all the details of the legal agreements applicable to all types of boosters. Learn more about Lester Aldridge here.
However, you can choose to use a different solicitor.
ILA will be payable and you will need to pay this directly to your chosen firm.
When you contact your chosen solicitor they should be able to give you a quote as to how much this will be. We are unable to give an accurate estimate of this, as it will vary a lot depending on which firm you instruct, but we always recommend asking for a clear quote before proceeding.
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!