Why do I need independent legal advice?
Applying some or all of a family member or friend’s income to their mortgage application means that they are jointly liable for the mortgage debt (joint borrowers). In reality, for many families, the parents or grandparents might be waiting in the wings as a backup in case the buyer cannot make their monthly repayments. For others, they will opt to contribute to the monthly mortgage repayments. It’s important to note that the joint borrower is legally responsible here, so they will be obligated to step in if there are any issues!
While the joint borrower has responsibility for the debt, they don’t have any ownership of the property and won’t be listed on the deeds (sole proprietor).
ILA is required when you are entering into a JBSP, as you are being placed at risk but not receiving a benefit from entering into the transaction. The third-party formality is required to protect you from entering a transaction without knowing the potential risks involved, and make sure that you understand what it is you are legally agreeing to.
How can you help?
Our dedicated team is here to make sure that you do not experience any delays or inconvenience and, by using our decades of expertise helping clients with banking, finance and property matters, and deploying leading technology, we can deliver the ILA need in the most fast, efficient and cost effective way