Objective
Our client had been living abroad until he returned to the UK to care for his elderly mother. After his mother sadly passed away he planned to relocate to France, using the property he had inherited to fund the purchase of a property there.
Obstacle
The client had placed a €20,000 deposit on his dream home, paid all the necessary fees and was nearing completion. However, an error made by his buyer’s solicitor was uncovered and threatened to delay completion for a further two months. The sellers were not willing to wait this long meaning that he would lose the property, along with the deposit and fees, if he didn’t meet the deadline agreed at outset. The deadline was now less than two weeks away and the client’s inherited property was yet to be registered in his name, meaning he wouldn’t be able to borrow against it.
Outcome
One of our bridging finance specialists, Neal, secured a 12-month regulated bridging facility for the client for the £210,000 needed. He overcame the issues regarding legal ownership and arranged for the funds to credit the client’s account ahead of schedule. Funds were available In just 11 days from the very first phone call.
The client was then able to complete on the purchase of his dream home and no monies were lost, despite the near impossible timeframe and legal complications.
Subject to status. Product and criteria availability is subject to change or withdrawal at any time. For intermediaries only.
