What types of transaction are Borrower and Proprietor?

These are transactions where a borrower who also is a proprietor (legal owner) is taking our a mortgage but the money is being used for something the borrower doesn't benefit from. Examples of this are: Mortgage used to invest in a property not in borrower's name Mortgage used to invest in a business not in borrower's name Mortgage used to invest in a boat not in borrower's name In all of the above scenarios, if you were unable to keep up with mortgage repayments then you wouldn't be able to get the money back to pay off the mortgage. This risk needs to be explained to you by the solicitor along with all the other required advice.

Can I take out a loan for someone else?

This article: 'Can I take out a loan for someone else?' discusses your four main options for borrowing money to benefit someone else, including two examples of scenarios where a Borrower and Proprietor mortgage is appropriate.

Borrower and Proprietor Independent Advice

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Our solicitor is available from 22/04/2024* and we offer Independent Legal Advice for all mortgage lenders** where a borrower is liable for a new mortgage however they don't benefit from the use of the money.

Our Fixed Fee is £299 INC VAT for the first borrower and £180 INC VAT for any additional borrower. This includes:

up to 1 hour with a solicitor to discuss the terms of the mortgage
meeting conducted by video conference
written letter of legal advice
certificate issued within 1 working day

Click to book your Borrower and Proprietor legal advice

Choose one of the below to book your meeting with our solicitor.

First Borrower	Additional Borrower
Complete this form if you are the first or sole borrower.	Complete this form if you are an additional borrower.

Short on time? We can expedite your appointment for no extra charge and use Recorded Delivery to send your certificate.

This type of advice is required on mortgages where the borrower is taking out a loan against their property but they will not personally benefit from the funds. For example, a parent mortgaging the family home to gift funds to their child, for their own deposit on their first home in their sole name.

Independent legal advice will always be required where the borrower is taking on a risk (ultimately the greatest risk of any mortgage is repossession) without the benefit of said risk. In this case, the benefit (liquid funds) are being invested into a new asset which is not in the borrowers name.

Does your Lender accept ILA by video conference?

Some mortgage lenders will not accept independent legal advice provided by video conference. It is your responsibility to check that they will accept a signature which has been witnessed by video conference. If your certificate is refused by your mortgage lender because your independent legal advice was conducted by video conference, Parachute Law reserves the right to withhold any refund of our fees.

Which lenders can we NOT help with?

Canada Life
Foundation Home Loans
More2Life
Together Money
Together Commercial Finance Limited

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Whilst we understand you have the best of intentions, we cannot disclose any information regarding any of our clients to a non-client. We can only discuss a case, or confirm that we are acting on behalf of a client, with you, with express written permission from that client. We appreciate that this may be frustrating. Please understand that we are bound by strict data protection laws, which are in place to keep our clients' information safe.

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Parachute Law Limited trading as Parachute Law is a company registered in England registration number 10437783. Our registered office is 21 Silwood Road, Ascot, Berkshire SL5 0PY. Parachute Law is authorised and regulated by the Solicitors Regulation Authority (SRA) number 646947. The safety of your data is our concern and we are registered for data protection at the Information Commissioners Office registration number ZA461672. VAT registration number 306751707.

To help protect clients of Parachute Law from the risk of cyber-crime, please be aware that we will not advise of a change of bank details by email. If you receive notification of a change in bank account details purporting to come from us please telephone your legal adviser at Parachute Law immediately. Please check details with us in person where you have any doubt. Parachute Law will not transfer funds to a bank account where the details are given to us by email, unless that email is confirmed by you in person.

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Borrower and Proprietor

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