We will provide a quote once we assess the full set of loan documents.
The potential monetary risk of providing the solicitor lawyer certificate for direct borrowers guarantors for bank loans by a lawyer is equal to the amount of loan or money being borrowed, or alternatively being guaranteed in the transaction plus interest and recovery costs.
Why might you need a solicitor
Direct borrowers or guarantors for bank loans or Legal Practitioner Certificate for bank loans for borrowers or guarantors]
- You are borrowing funds that are repayable upon your death
- You wish to be a guarantor of a loan
- Some guarantors have been able to avoid their obligations under a guarantee as a result of, for example, claiming that they did not know what they were signing, or that they were forced to sign a guarantee. As a result, many lenders now require guarantors to obtain independent legal advice and a solicitor’s certificate, or a solicitor to act for and be the witness of the guarantor.
- Some lenders now offer loans to senior citizens which are only repayable upon the death of the borrower, the sale of the property over which the loan is secured, or in other limited circumstances. Such lenders may require the borrower to obtain a solicitor’s certificate of independent legal advice prior to advancing the funds.
It is not just witnessing a document
At time lenders tell that the documents need to be signed in front of a practitioner, rather than they need to seek legal.