First-time buyer purchase rescue
What was the situation?
Our client, a first-time buyer, was about to exchange and complete on their purchase when their solicitor advised the mortgage offer contained a special condition, requiring the building insurance policy to be ‘index-linked’. The purchase was in a building of 700 flats and the lease contained a clause that the building’s insurance must be revalued every five years rather than index-linked. This directly contradicted the lender’s requirement.
What was the issue?
The original lender that had offered a mortgage refused to remove the special condition. The client was left without a valid mortgage offer and had two weeks to exchange. The vendor suggested they would terminate the sale and sell to another buyer if this wasn’t sorted immediately.
What was the process?
This clause was not something most lenders had come across before, it took two days to find a suitable lender and for us receive the appropriate reassurances in regard to the insurance issue. There were various other issues surrounding pushing various parties into action and I spent a significant amount of time managing the relationship between the client, their family, estate agent and solicitor to ensure the process was as smooth as possible given the time pressure.
What was the solution?
We had the application submitted, valuation complete and offer produced in just under ten days so exchange could take place. This allowed the concerned parties enough time to request funds and complete the transaction within the originally stated time frame. The client was extremely grateful for the effort we put in to help them to purchase their first home.
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Testimonials
Our happy clients
My fiancée and I were recommended to LDN Finance when we started our mortgage journey, and the service we have received, and continue to receive, has been outstanding throughout. Phil Levesley initially looked after us and made what can be a very daunting process feel straightforward and easy to understand. He took the time to explain everything clearly, never rushed us, and was always happy to answer any questions we had. Nothing ever felt like too much trouble. As part of the process, we also wanted to explore a number of protection policies, and Phil introduced us to his colleague,
As a returning customer, I would like to express my sincere thanks to the team for their outstanding support during the completion of my property purchase. In particular, Catherine and Darren have been incredibly helpful throughout the process. Their communication, professionalism, and customer service have been absolutely excellent, making the entire experience smooth and reassuring. Many thanks again for all your hard work.
Owen was absolutely amazing and supported me every step of the way throughout the mortgage process. He was always clear, patient, and incredibly reassuring, making what could have been a stressful experience feel smooth and manageable. Bharathy was also really helpful, promptly getting in touch and making sure all the relevant information was handled efficiently. I couldn’t be happier with the service and would highly recommend them both. Five stars without hesitation.
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