First-time buyer siblings under vendor pressure for rapid property purchase
Estate Agent concerned ex-Local Authority property deal may stall
3-day turnaround of mortgage offer of £280,000 on £450,000 property
Our clients, brother and sister, were looking to purchase their first home for £450,000.
What was needed
The siblings were looking for a mortgage of £280,000 and needed to progress the purchase as fast as possible.
What was the challenge?
Our clients wanted to advance the purchase as rapidly as possible, as they were under pressure from the vendors to get everything sorted swiftly. In addition, the Estate Agent was concerned about possible delays, and hence loss of the deal, because the property was ex-Local Authority-owned which can often lead to complications.
How we provided the solution
Bethany Smith, Associate at Rose Capital Partners, responded to the need for a rapid purchase by quickly identifying a suitable lender and working closely with Rose Capital’s recommended solicitors. This meant she was able to really chase and work simultaneously with them to keep things moving at a really good pace.
In addition, Bethany kept in regular contact with the Estate Agent and was able to reassure them that the case was progressing without delay.
A speedy ‘desktop valuation’ (completed by a surveyor using publicly available information to assess the property value) helped Bethany to submit the mortgage application on the 24/08 and a mortgage offer was issued on 27/08. An amazing 3-day mortgage application turnaround.
The clients were extremely grateful to Bethany that she was able to liaise with all parties involved to rapidly expedite the process, saving many hours of their time and worry.
What was the rate?
The rate was a 5-year fixed at 1.19%.