What are the main causes?

Question

Accepted Answer

There are a large number of reasons why schedules become stretched. This includes an initial lack of management from all those involved; lenders over-promising; delays in completing tasks; not having searches available; failure to make payments to third parties promptly; working from home (making quick conversations slower); not having the ability to visit sites; backlogs of standard mortgages; increasing workload/availability of surveyors; delay in the instruction of the borrower&rsquo;s solicitor (or the solicitor responding); valuation considerations which may alter the commercial terms of the transaction; &lsquo;piecemeal information&rsquo; and the emergence of material that should have been disclosed earlier (including unexpected legal issues); slow borrower response times (or from their advisers), last-minute drafting changes suggested to the loan agreement; and any unforeseen issues with the title of the property.

Bridging lenders react to call for clarity on timescales