Despite paying a substantial deposit upon exchange, market conditions had softened since the purchase.
The client decided that she no longer wanted to complete and assigned the contract to a new purchaser.
However, the new purchaser withdrew their offer at the last minute, leaving the client at risk of losing her deposit.
The client managed to agree an extension, but facing an imminent ‘drop dead’ completion date, her mortgage broker contacted UTB for assistance.
UTB subsequently learnt that the deposit and additional funds to purchase the property were coming from the client’s father who was based overseas.
However, the father was unable to get to the UK, so UTB found an international law firm which could assist with the know your customer (KYC) requirements and provide him with the appropriate legal advice.
This allowed the loan to be completed on time and saved the client’s deposit.
Alan Margolis, Head of Bridging at UTB, said: “This scenario is not unusual for central London where the attraction of residential property to overseas purchasers is very well noted.
“However, as ever, behind the headlines lie individual stories and often, they involve families.
“Such was the case with this loan and it was pleasing to be able to assist and save our customers a substantial deposit.”
Case study facts:
Loan size: Circa £2m
LTV: 65%
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