Your firm will undertake a fact find and prepare a draft statement of facts in the form required for originating process.
The statement of facts and supporting information is provided to the nominated Counsel with instructions in the prescribed form.
Counsel advises in the prescribed form. This is to be paid for by the client unless the fee is deferred by Counsel.
You send the completed application form and supporting documentation to Novitas.
If Novitas approve the loan application, loan documents will be sent to the client directly. The client is required to take independent legal advice (ILA), which they pay for directly, and they send evidence of this, and their signed documents to Novitas.
Once Novitas receive the signed documents (including the ILA document) there is a statutory 14 days cooling off period before the first drawdown can be made, with your client's approval.
If after the cooling off period your client chooses not to proceed with the loan, they will be charged the administration fee of £500 or 1% of the facility, whichever is higher.