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Deed of Guarantee | Company Mortgages | Independent Legal Advice (“ILA”)

This is a lender requirement when a Company mortgages property. This may be on purchase or remortgage.

Companies have limited liability so if the lender repossesses it is difficult to recover the outstanding mortgage debt. 

For added security lenders insist the directors’ Guarantee the loan. The directors will have their own assets and the lender can claim against these under the Guarantee.

This is standard practice for company mortgages.

Remember your Conveyancer acts for BOTH you and the Bank.

As a result they cannot give the independent legal advice (ILA) since they may be conflicted. However, some lenders will allow another Conveyancer in the same firm to give the ILA.

If you need ILA get in touch now

07944 377029

Independent Legal Advice

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