Independent legal advice

[smammen]

Does any one know why independent legal advice should be taken for obtaining loan for husbands business. The Solicitor suggesting to take it and it costs too much. How much does it cost and is there a way to avoid it.

I'm guessing that you and/or your husband are guaranteeing the loan. It is therefore important that you have a full understanding of the implications and the risks involved, which may be much bigger than you think. For example, if you are guaranteeing the loan your husband may be able to increase the size of the loan without youyr knowledge. The solicitor advising you may be able to negotiate better terms with the bank, limiting the risk you face.

There are solicitors who will give you advice for a fixed fee of around £500 plus VAT.

If the lender is insisting on you getting independent advice there is no way round it. They won't release the money until you have had independent advice. If the lender is not insisting but the solicitor thinks you should get advice I would strongly recommend listening to them.

Putting your house up as security or similar? It's a standard request I think, so you can't complain in a few years that you didn't realise the full consequences.

I have found that one solicitor in London is providing Independent legal advice for £250 plus vat. Seems that's half the price compared to the price quoted in the previous post. The link for the solicitors website is, www.jtsolicitors.com/independent-legal-advice-meaning

They have explained the reason for taking independent legal advice, meaning of it and also the information we need to provide them. Hope this helps you.

Sorry there is a mistake in my previous message. The fee that firm charge is £350 plus vat.