Why do I need independent legal advice?
The occupier ought to receive independent legal advice (ILA) so that they are fully aware of what they are signing. Normally a waiver of rights in the property i.e. they are confirming that they do not have any beneficial interest in the property or any other rights that would prevent a mortgage lender repossessing the property (in the unfortunate event that the mortgage was not paid). The occupier should be made aware that the effect of signing a waiver is that, amongst other things, if the property is repossessed they will have to vacate.
The mortgage lender also wants to ensure that the occupier will rank behind it i.e. that the occupier’s rights are ‘postponed’ and the lender’s rights have priority.
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