Do you need a Solicitors Certificate?
We have seen that in the current financial environment requests for solicitors’ certificates are on the increase.
What is a Solicitors Certificate?
A Solicitor's Certificate is a certificate of Independent Legal Advice to a borrower or guarantor in relation to a loan.
Lenders often indicate that solicitor certificates are straight-forward and only need a “signature” from a solicitor. This is not the case. Signing a solicitor’s certificate involves more than merely witnessing documents. The solicitor is certifying that they have advised the client on the general nature and effect of the loan or guarantee documents.
In providing legal advice, solicitors are governed by laws and regulations not only in relation to the Credit Code affecting banks but also by the Uniform Law and the guidelines provided by the Law Institute of Victoria.
What is the process for having a Solicitors Certificate signed by NLG?
In most cases we will only provide solicitors certificates for existing clients of the firm with some exceptions.
We require you to provide us with a copy of all of the security documents. The security documents can be delivered to our office in hardcopy or they can be emailed in soft copy. It is important to ensure all documents are provided so that there is no delay in receiving the advice.
A face to face meeting will be conducted at one of our offices. Any person receiving advice is required to bring their identification documents so that the solicitor providing the advice can verify their identity. Prior to the meeting we will discuss which identity documents to bring with you to meet the standard required by the Solicitors Rules.
During the meeting we will provide detailed legal advice regarding the security documents. Only the person receiving the advice and the solicitor providing the advice will be present in the room. Another person is not permitted to be present in the room as we need to ensure the advice is independent and you are not being forced, pressured or influenced to sign the security documents.
A Solicitors Certificate is not financial advice?
A solicitor only provides legal advice and does not provide any financial advice. We strongly recommend always seeking financial advice before signing security documents.
Contact us today to arrange an appointment for your Solicitors Certificate.
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