The first step is a conversation with your solicitor to understand the funding options available to you. If you choose to go ahead with a Novitas loan and your solicitor thinks you are eligible, they will prepare a draft statement. A barrister will then review it and provide an opinion (which is owned by you) on the merits of your case.
Your solicitor sends us the statement, opinion and online application for approval. It can take up to three weeks to get the loan in place. It may take longer if queries arise from your application or credit search.
If we approve your loan, we will send you our agreement pack for you to consider. If you wish to proceed, you will need to obtain independent legal advice to ensure you fully understand all the implications of the loan, before signing and returning the loan agreement documentation, along with a letter confirming you have taken independent legal advice.
Once we have received all of the documentation there is a 14-day statutory cooling off period during which you can change your mind about continuing with the loan. Thereafter your solicitor can make requests to draw funds from your loan with your approval.
If you choose not to proceed with the loan after the cooling off period, you will be charged the administration fee of £500 or 1% of the facility, whichever is higher.