Joint Borrower Sole Proprietor Mortgage

Independent Legal Advice – Joint Borrower Sole Proprietor Mortgage

Joint Borrower Sole Proprietor mortgages are becoming more and more common as family members help their relatives onto the housing ladder by acting as a supporting borrower for their mortgage, but without taking ownership of the property. This structure can also save thousands in Stamp Duty Land Tax by avoiding the higher rate for additional properties.

Your lender will always require the supporting borrower to take Independent Legal Advice, which is where we can help. ILA-Connect is the UK’s leading provider of Independent Legal Advice, and we deal with hundreds of these each week.

We work with Joint Borrower Sole Proprietor mortgages from:

Barclays Bank – Generation Home Loans – Family Building Society – HSBC Bank – Metro Bank – Virgin Money – Hinkley & Rugby Building Society – Darlington Building Society – Vida Home Loans…… and many other mortgage lenders providing Joint Borrower Sole Proprietor mortgages in the UK mortgage market.

Our goal is to provide your ILA as quickly and cheaply as possible and in the comfort of your home or office, via a short Zoom video conference call.

We’ve helped thousands of people just like you with their Independent Legal Advice.

Special Delivery Postage Fee:

If required for sending time-critical wet-ink signed documents, a Special Delivery postage fee of £15.00 plus VAT (£18.00 total) will apply.

Before You Book:

1. No Obligation: Making a booking does not require you to proceed or make any payment.

2. Address Any Queries: After booking, the solicitor will send you an introductory email. You can raise any questions or concerns, such as fees or specific details about your matter, before the appointment. You can also reschedule or cancel the appointment if you’re not fully satisfied.

Why does Independent Legal Advice need to be sought?

With a Joint Borrower Sole Proprietor mortgage, the individual(s) listed on the mortgage who will have no legal title to the property take a great risk in becoming liable for the repayment of the mortgage. From the lender’s perspective, it must ensure any party who does not benefit directly from the loan understands the full extent of their liability before the mortgage commences. As there is such high risk for the person signing the mortgage, such as their own personal solvency, yet without having the benefit of co-owning the property, the mortgage lender considers it must take proactive measures to prevent the joint borrower in question claiming in the future they were not fully aware of the terms and financial implications of the mortgage.

That’s where ILA comes in. In order to adhere to their duty of care, lenders want to ensure the relevant parties to a JBSP mortgage have full awareness of their personal liability, especially as they are not benefiting directly from the loan. By obtaining ILA, the mortgage lender gains protection from such claims, while the borrower benefits from the advice of a qualified solicitor before entering into an agreement.

How can I obtain Independent Legal Advice?

If your lender has asked for Independent Legal Advice to be obtained for your Joint Borrower Sole Proprietor mortgage, then we’re here to help, as we’ve made it easy for you to get Independent Legal Advice no matter what your particular situation is. At ILA-Connect, we work with law firms nationwide who understand and deliver the necessary independent legal advice you need. Simply Book Now or get in touch with us at contact@ila-connect.co.uk or call our office on 0333 300 1879.