Personal Guarantees
If you are asked to guarantee a loan, perhaps to help a family member buy a property or as part of the banking arrangements for your business, you will usually be asked to seek independent legal advice.
What is Independent Legal Advice?
Independent legal advice is tailored guidance provided by a lawyer (usually a solicitor) to help you fully understand the legal commitments and risks associated with signing important documents. Its purpose is to ensure you are entering into agreements voluntarily, with a clear understanding of your rights and obligations, without being influenced or coerced by anyone.
If more than one person needs independent legal advice in relation to the same transaction, we will assess whether we are able to advise as there may be a conflict of interest preventing us from doing so.
What to Expect from an appointment?
We will:
- Review and explain the document or transaction in detail.
- Discuss your rights, obligations and any potential legal risks.
- Suggest alternative options if the terms are not favourable.
- Provide a confidential opportunity for you to ask questions and voice concerns.
- Complete the necessary independent legal advice certificate confirming that you have received legal advice.
- Write to you after the appointment highlighting the key points discussed.
Our charges:
We charge a fixed fee of £750 + VAT for advice to one person. If the independent legal advice is for more than one person, we will provide a separate fee quote for the additional work.