Personal Guarantee for an overdraft – independent legal advice
When the limited company you own needs to take out a loan, or an overdraft on your company bank account, your bank may require you to enter in to a Deed of Guarantee and Indemnity (also known as a Personal Guarantee). The effect of this is to provide the bank with security that should the company default on its obligations, you as an individual will have to meet the financial commitments instead.
A firm of solicitors may already be acting for the borrower company or the bank so they will not be able to advise the company director as an individual due to there being a potential conflict of interest. They will advise a company director to obtain independent legal advice on the implications of entering in to a Personal Guarantee. The independent solicitor may then have to sign a certificate confirming that advice was given, and witness the company director’s signature on the Deed of Guarantee and Indemnity.
In such circumstances, we can assist you, quite often on short notice.
We also assist with independent legal advice relating to Deeds of Consent / Letters of Postponement, HSBC indirect mortgages, Barclays joint borrower sole proprietor mortgages, Metro Bank mortgage guarantors, transfers of equity, adding debt on to your mortgage for someone else’s benefit, equity releases, statutory declarations, document certification, statutory declarations and ID1s.
Please call us on 0207 183 0084 or email us on info@olaleslie.com for a quotation and appointment; we are always happy to assist.
Ayesha Yunus, Senior Partner
Ola Leslie Solicitors LLP
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We are conveyancing solicitors, bridging loan solicitors, new build solicitors, shared ownership solicitors, right to buy solicitors, remortgage solicitors, equity release solicitors and transfer of equity solicitors in Borough High Street, London Bridge, Southwark. Our office is close to Bermondsey, Surrey Quays, Canary Wharf, Tower Bridge, Westminster, Green Park, Hackney, Peckham, Camberwell, Kennington, Oval, Vauxhall and Victoria. We can assist with HSBC indirect mortgages, joint borrower sole proprietor mortgages and personal guarantees for an overdraft or a mortgage.
