Raising finance for your business can pose a stressful challenge especially if you are a newly formed company or are looking to grow significantly in a single step. If you are in need of securing a loan to do this, you will find that the majority of financial lenders will require loans to be secured against personal assets or to be backed by a personal guarantee. The risk with this is that should there be any form of default on said loans, personal assets can be seized to compensate or the guarantor may find themselves being held accountable for the repayment.
It is very easy to work on the assumption that situations such as mentioned above will never happen to you, as you may be confident in your business or have successfully managed your finances in the past. However, when it comes to personal responsibility for debts almost all lenders will require proof of independent legal advice having been sought before they will proceed in the process with you.
At Morlings solicitors in Maidstone our team of corporate and commercial lawyers are experienced in providing independent legal advice in a business context, particularly to directors and shareholders who have been asked to provide personal guarantees and to spouses and civil partners who have been asked to agree to the family home or other jointly owned property being used as security.
Our independent legal advice service covers:
- personal guarantees required for corporate loans and mortgages;
- property owner’s consent to a corporate mortgage;
- property co-owner’s consent to a corporate mortgage;
- property occupier’s consent to a corporate mortgage; and
- property owner’s consent to a sale or transfer of equity for businesses purposes.
For independent legal advice in connection with residential property not related to a business matter, please visit our conveyancing services webpage.
Advising businesses throughout Kent and beyond
Independent legal advice needs to be given in person. We have offices in Maidstone, Gravesend, Tonbridge, Chatham and Tenterden to make the process of seeing us as easy as possible.
We can also offer meetings at your place of business or via a skype conference call where needed.
We offer an initial appointment to discuss your requirements at a fixed cost of £150 plus VAT. After that we can arrange flexible payment terms, including monthly billing to help you budget.
Get in touch
If you need independent legal advice, please get in touch to see how we can assist. You can call us on 01622 673081 or use our contact form and we will call you.