All Topics / Finance / INDEPENDENT LEGAL ADVICE Pls help!

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  • Profile photo of LizzyLizzy
    Member
    @lizzy
    Join Date: 2004
    Post Count: 230

    I have a guarantorwho is required to sign an “independent legal advice form”

    I cannot find a solicitor willing to sign ‘the independent legal advice certificate’ form saying they have explained loan docs to guarantor. Guarantor is in SA and nobody signs them there. It’s almost as hard in NSW especially considering client is in SA.

    Apparently you cannot get indemnity insurance to cover you and a lot of solicitors are getting sued over signing these docs….

    however my client stands to lose out big time if their guarantor doesn’t have one signed by tuesday…

    a very very stressful situation as you can imagine

    Any clues anybody???????

    Liz

    Mortgage Lender
    1300 780 826

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Hi Liz,
    Have you checked with your BDM for a list of solicitors in SA who have previously signed the certificate on similar applications? good luck.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of LizzyLizzy
    Member
    @lizzy
    Join Date: 2004
    Post Count: 230

    The BDM has informed me that their risk department are well aware that nobody in SA will sign the doc. Also the SA Law Society cannot offer anybody either.

    They’ve basically made it impossible.

    As for NSW I cannot find anyone either, even people the NSW Law Society have suggested won’t do it. Apparently they can only witness a stat dec…

    Liz

    Mortgage Lender
    1300 780 826

    Profile photo of FWFW
    Member
    @fw
    Join Date: 2002
    Post Count: 478

    Sounds to me like lenders are going to have to start rethinking some of their legal requirements.
    Have you approached them, explained the “uniqueness” of the situation and requested an exemption?

    Keep smiling
    Felicity 8-)

    Profile photo of LizzyLizzy
    Member
    @lizzy
    Join Date: 2004
    Post Count: 230

    MANY many times. I’ve even provided their legal department with the caveat relating to this from the NSW Law Society.

    I can only hope the legal adviser is not a complete ignoramous – which so far is the case.

    Sad isn’t it

    Liz

    Mortgage Lender
    1300 780 826

Viewing 5 posts - 1 through 5 (of 5 total)

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