Lenders have stringent legal procedures, which can make borrowing money to finance your business an uphill struggle. You will need to allow plenty of time and we recommend that you follow up every stage of your funding application regularly, to avoid delays.

Your lender will usually appoint its own solicitor to handle the formalities in connection with taking a charge over your property. They will want to be sure that if they ever have to repossess a property, they will be able to sell the property without any difficulty. A legal charge must be registered with the Land Registry immediately after completion has taken place, as well as at Companies House where a company is involved.

You may be asked to nominate a solicitor to act for you. Acting for borrowers, it is important that we manage the process and the flow of information to the lender’s solicitor efficiently as there are often tight timescales to be met.

To create enforceable security the bank must demonstrate that the person giving the security did so of their own free will, fully understanding the implications of their actions.

Hence if a lender is taking security over jointly owned property and one of the joint owners is not involved in the business, they may require that person to take independent legal advice. We provide independent legal advice to third parties who are putting up their property as security for a business loan.

Mortgage lenders, Coneyancers and Solicitors in Surrey

Also where an individual is providing a guarantee for a business loan or banking facilities, banks again usually require that person to obtain independent legal advice as a condition of proceeding. We provide independent legal advice in these situations.