Fast, Hassle-free Legal Charge Advice
- Professional, unbiased advice
- Quick turnaround
- Transparent, fixed pricing
- Secure online appointments, fully remote
- Personalised support from specialists
- Compliance with solicitor and lender requirements
What is a legal charge?
When securing a loan, whether it’s for a mortgage, business loan, or something else, lenders might require a legal charge on your property as collateral.
A legal charge is a formal security agreement that gives your lender certain rights over an asset. In real-world practice, this would imply that failure to meet your financial obligations would result in your lender recovering the outstanding debt owed from your asset.
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Lenders can force a sale of your asset (or property, in this case) if debts are not repaid within the stipulated time agreed upon in your loan document. Small business financing advice can help you understand the implications of legal charges, clarify complex causes and avoid legal challenges.
Given the serious implications, it’s crucial to fully understand what you’re agreeing to before signing. That’s where iLA steps in to help.
Legal charges are also known as:
- Security charges
- Charge over assets
- Fixed charge, floating charge
- Security interest
- Company charge
- Collateral charge
- Mortgage charge
It commonly appears on loan agreements, companies house filings, commercial mortgages, bridging and development finance, asset finance arrangements, and personal guarantees supported by security.
Ila provide clear,
jargon-free
guidance
Why Independent Legal Advice Matters for Legal Charges
A legal charge isn’t just a formality, it’s a binding commitment that could have significant consequences. Lenders require you to get independent legal advice (ILA) to ensure that you fully understand the risks, your obligations, and the impact of signing.
In simple terms, a legal charge secures your loan by allowing the lender to recover their money if your business can’t repay. Lenders typically require security over a business asset when you take a business loan. This asset may be your business’s property, equipment or any other valuable.
It's registered as a formal charge that helps lenders protect their funds and gives them rights over your property. If you’re unable to repay your loan, your lender can block the sale, remortgage and transfer of your assets until the debt is repaid.
You should be able to continue using those assets, but you’ll need your lender’s consent to sell or refinance them. In the event your loan is not repaid, your lender can enforce the legal charge and recover the outstanding debt as per the agreement.
Independent Legal Advice for Business Loan Security
Independent legal advice (ILA) may be required by lenders when legal charges on business loans are involved, but this depends on the lender’s own policy and documentation. Where ILA is requested, the solicitor providing the advice will ensure you have had the implications of the legal charge explained to you, including how enforcement could work in situations such as business insolvency.
Our role is to give objective, unbiased advice on the legal charge or personal guarantee itself. Because this advice must remain independent, it cannot be given by a solicitor who is also acting for the lender, as this would create a conflict of interest and would not usually meet the lender’s requirements for independent advice.
What you can expect from iLA
What a legal charge means for you:
Your obligations:
The risks and consequences:
Your next steps:
You really just want quick and easy ILA. But it’s also essential to make the best decision for your situation.
How it works
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Our simple process ensured you get clear and transparent independent legal advice, quickly. At iLA, we provide specialist advice for property and finance, assuring you of streamlined service available fully online for your convenience.
We carry out online video consultations and comply with all lender and solicitor requirements for legal charges. You can book your appointment online via our website or by telephone. We’re open 7 days a week, including weekends, to meet your most urgent ILA requirements. We’re committed to a fully transparent pricing model so that you can choose the right package based on your needs.
Find out more about how our process works and our fixed pricing plans.
1
Book your appointment
2
Get ready for your appointment
3
Get your legal advice
4
Sign and complete
Transparent, Fixed Fee Legal Advice
We believe in clear, fixed pricing so that you don’t have to worry about any hidden fees or charges. Our pricing is based on urgency, so that you have the flexibility to choose a pricing plan based on your requirements.
Our fee plans are structured as Diamond, Gold, Silver and Bronze. You can learn more here.
Why Choose
?
Here’s why clients across the UK trust us for legal charge advice:
Specialist focus on ILA:
Fast, flexible appointments:
Convenient online process:
Transparent pricing:
As one of the UK’s leading ILA firms specialising in property and finance ILA, we’re committed to ensuring you have a high-quality service from beginning to end. We also offer ILA on personal guarantees, bridging and development loans, third-party legal charges, deed of subordination, loan agreements, occupiers' consent and more. Our team of award-winning solicitors can deliver professional expertise quickly while maintaining privacy and adhering to the highest standards.
FAQs
This largely depends on your loan agreement and the lender’s policy. Some lenders may charge an early redemption fee, while others allow for early repayment without any charges.
Book Your Consultation or Call Today
Understand your legal charge before you commit. A legal charge is a serious financial and legal commitment. But financing advice doesn’t have to be complicated. We’re here to guide you through the process quickly and efficiently.
We’re regulated by the solicitors regulation authority (SRA), have a 5 star rating on trustpilot and were awarded the best specialist finance partner in 2024 by the Bridging & Commercial awards. Our co-founder, Anastasia Ttofis, has been consistently featured in leading legal publications and continues to make a difference with ILA.
We’re here to assist you 7 days a week from 8 am to 8 pm. Call us on 020 4571 9207 today. Alternatively, if you have any questions about getting independent legal advice for personal guarantees, email us at ask@ila.co.uk
