The certificate of independent legal advice is to be obtained before your loan application could be processed or approved. All the lending institutions in the UK have made this a mandatory step in the loan application process. One of the questions that you are likely to have as a borrower is whether there is any benefit to you in getting the independent legal advice.
You will be paying for this service from your pocket and it is important to find out whether there is any benefit in going through this process. You have no other go but to complete this requirement regardless of whether there is any benefit to you or not. However, if you could recognize that there are some benefits for you as well then you would find the entire process worthwhile.
In fact, when the lending institutions demand that you should get your independent legal advice online or offline, you should know that both parties namely the lender as well as the borrower enjoy equal benefits. What exactly happens during the consultation with your solicitor for your independent legal advice? Your solicitor will explain to you in details about all the risks in signing the agreement. As a lay person, you may not fully understand the repercussions of getting into the contract because of the complex terminologies used and because of the legal jargons. There are chances that you are not fully aware of the legal obligations and legal implications. This is where consulting a solicitor for independent legal advice would prove to be of a great help.
From the lender’s perspective, they do not want their borrowers to shirk away their responsibility of paying their dues under the claims that they did not understand the legal implications. A third party or a neutral solicitor who is not part of any of the transactions pertaining to the loan processing or the property you are purchasing is hired to get the certificate of independent legal advice. This is to ensure that the solicitor hired does not have any vested interest.
You will therefore not have to worry therefore about going through this process of getting your certificate of independent legal advice. This will help you make well-informed decision whether you should proceed with the contract or not. The lending institution also stands guarded.
In order to keep your expenses low here, you might want to find a solicitor who charges a reasonable flat fee for this service. It is worth reviewing multiple solicitors and comparing the costs. Check whether your independent legal advice solicitor offers online services so that you could complete the process online if your lending institution also accepts online independent legal advice.
Do not wait until the last minute to search for your solicitor. Start screening for your solicitor as early as you could and finalize someone that you feel comfortable working with and you will definitely not regret having someone ready to approach for your independent legal advice needs.