Read through to find out how we helped the home buyer complete the transaction during the busy festive period and save their deposit of nearly £50k.
Situation
The Newable Finance team was approached by clients with a tight completion deadline after their previous broker had failed to arrange a mortgage on a newly converted residential property. After adding additional pressure, the developer had now served a notice to complete.
Challenge
The property had been converted from an office block into residential flats. We had 20 days to arrange the finance, valuation, and legal compliances to get this funded or the clients would lose the 20% deposit as the developer had already given an extension to the client after his mortgage broker failed to secure him a mortgage in the changing market conditions.
How we helped
The Newable Finance team actively managed the case, ensuring all key parties were kept up to date and working to agreed timelines. The valuation was instructed, conducted, and returned on time with the solicitors being engaged early. The deal was completed on 22nd December, just in time for Christmas.
Results
After being instructed by our clients to assist, we engaged with all key parties and provided comfort that the transaction would be completed on time. We were able to navigate a number of obstacles that were presented completing the transaction during the busy festive period and saving the clients their deposit of nearly £50k.