Law

Are You Paying The Right Fee For Your Certificate Of Independent Legal Advice?

If you are in the process of buying a property or if you are engaged in any form of property transaction then the chances are that there is a lender involved in this process. If there is a lender involved then at some point of time during the process of your loan application they are going to demand for a certificate of independent legal advice. Those who already have such experience would know what it entails and how to go about getting one’s independent legal advice. Things could get a bit challenging for someone that does not have any prior experience in this field. 

In this process, you could have many questions and you could face many challenges. One of the concerns that you are likely to have is whether you are paying the right fee for the independent legal advice service. In case you are going with the first legal advisor that you bump into then you may not now whether the fee charged by them is a nominal fee or whether you are paying more than what you should for the service. 

The only way to establish that you are paying the right fee is to compare the quotes and the fee charged by multiple legal advisors in the UK. However, you would not want to spend way too much time in just comparing the fees and charges because if you do not submit your certificate of independent legal advice then you are definitely going to delay the loan application process. 

Get started with your quotes comparison process as early as you could and find the best legal advisor not only based on their fee, they charge but on the quality of the services that they offer. The legal advisor cannot be your own conveyancing lawyer who is involved with the property transaction. This should be someone one independent and a third party who is not connected in any way with the property transaction. 

The best way to keep things simple here is to find a legal advisor in the UK that charges a flat fee for the service. If it is a flat fee then you would know how much it is going to cost you and you will not have to worry about any surprises. If it is going to be any other form of billing then you would not know what to expect, what to be prepared for and even whether you would be able to afford the service. 

In case you are selecting a legal advisor for your ILA or independent legal advice you must not forget to check whether there are any other hidden charges besides the fees and charges indicated as flat fee. It is best not to presume things here if you do not want to be greeted with any unpleasant surprises. Take your time therefore to select your legal advisor for your ILA keeping these factors in mind. 

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