iLA | Legal Charge

Legal Charge

A legal charge is also known as a secured loan. It is a legal document signed by you, the borrower, which is registered against the property at the Land Registry.

It protects the money that the bank or a lender has lent to an individual or a company, and gives the lender the power of sale over the property, should the repayments not be met or there is an event of default. The legal charge will also notify any potential buyer of the existence of the debt.

It is a legal document signed by the borrower which is registered against the property at the Land Registry to alert any potential buyer of the existence of the debt. A legal charge is also known as a secured loan.

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Why do I need independent legal advice?

The third-party formality is required to protect you from entering into a legal charge without knowing the potential risks involved (for example, you could lose your home if repayments are not maintained). iLA’s independent advisor will ensure that you are not being “induced” (persuaded or convinced) into the transaction and that you understand what it is you are agreeing to (your obligations and associated risks).

Whilst having ILA can feel like an inconvenience and an additional cost, it is important to bear in mind that it is not just a formality - it is a serious legal requirement to make you fully aware of future risks and possible liabilities, and without the ILA, you will not be able to complete the wider legal transaction.

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

  • Step 1 - BOOK YOUR ILA

    We offer a same day service, and our team of dedicated experts are available 7 days a week between 8am - 8pm.

    You can book your ILA online now, or request an immediate call back to arrange a convenient time for your ILA. You can also just call in to speak to one of our dedicated iLA team members.

    We will help guide you through the process and explain what documents we will need to provide your ILA.

  • Step 2 - ONLINE MEETING

    Once we have received the ILA documents and on-boarded you as a client (using leading technology to ensure the process is as quick as possible) we can usually provide you with your ILA (via an online meeting) within 2 hours. Or you can let us know a day and time that suits you best.

    We will provide you with the advice online, via our iLA personalised meeting room. You will just need a laptop, phone or tablet to join the meeting. From our years of experience, the meetings tend to last for no more than 30 minutes

  • Step 3 - SIGN AND RETURN THE DOCUMENTATION

    During our online meeting, you will sign the relevant documentation.

    We can guarantee that your ILA will be compliant and your documents are correctly witnessed, and we will also help you to return the documents to the correct party in the transaction. Our dedicated team is here to make sure that you do not experience any delays or inconvenience.

    Following our meeting, we will immediately contact the lender to advise that the ILA has been provided and so the whole process can be completed, from start to finish, in less than a day.