Bridging finance to buy “rightsize” retirement apartment in Yorkshire

Area
North Yorkshire
Capital Raised
£375K

Privately arranged rent-to-buy arrangements are increasingly common to secure a future sale and allow purchasers to avoid a double move. But a non-refundable deposit and fixed future completion date can add pressure to a transaction.

The Scenario

Our retired clients had moved into a three-bedroom flat, putting down a deposit with a six-month agreement to purchase.

Moving out had allowed them to refurbish their previous 5-bedroom house and they had now secured a buyer. They just needed a short-term bridge to cover the gap between sale completion and their apartment purchase.

This was “downsizing” on a reasonably grand scale: their apartment comprised the entire ground floor of a wing of a Grade I-listed mansion, complete with minstrels’ gallery, surrounded by historic parkland.

The Solution

With time in hand, our clients were looking for an attractive rate rather than speed, which we managed to secure for them.

Last-minute excitement was provided by a requested increase to the borrowing of £75K when one of our clients’ investment properties failed to sell. (We lodged the request at 5pm and had the increased offer back the following morning.)

Plus, the clients’ solicitor had made an amendment to their address at the land registry, which meant that the lenders couldn’t register their charge against the title.

Some quick footwork got us back on track the following day when the bridging finance was being finalised, so the deal could be completed on time.  

Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.

Mathew Phillips

Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

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