A professional individual purchasing a new build residential property for herself.
The client was in the process of buying a new build residential property for herself, she had put down a £60,000 deposit and has moved in with her mother having sold her previous property.
Over the Christmas period (Dec 2021) the developer issued a 10-day notice to the client to complete on the purchase, meaning the client lost valuable days to find the remaining funds to complete the sale, the developer was not offering any degree of flexibility to the client. With the deposit at risk, a very tight turnaround time and no valuations or AVM available the need for finance was urgent.
As speed was of the essence, the team used the purchase contacts and sales particulars coupled with our own thorough due diligence on the properties therefore an AVM or physical valuations were not required.
Luckily the client was not over-stretching herself, so it was easy to get comfortable. This was for the clients own residential purchase, incorporating the client's mother's property who was awaiting an equity release in order to gift the client the funds to part redeem our loan and both properties. Our team allowed the mother to use the solicitor that she used when she purchased the property in November and our partner solicitor firm, Flahive Law managed both solicitors.
The clients both had responsive solicitors, and the broker was always on hand to answer queries, and to manage the clients and their solicitors making completion possible.
Unlike traditional lenders, West One approach complex cases entirely hands-on, taking a pragmatic view to ensure success. The key element is having a can-do attitude to assist the client through to completion. The key, in this case, was in the underwriting and the flexibility and expertise of our team.
Our underwriters work very closely with the credit team, if they need to take a view on certain points they can make a decision very quickly, and gain comfort that credit will be comfortable at sign off.
A very quick turnaround from application to completion. Due to the pragmatic approach, knowledge of the underwriter and combine efforts of the teams, this case was completed in 3 days with money landing on the 4th. The deposit was saved the client was able to buy the property without any complications.
Quote from the solicitor: "Many thanks all - I have a very happy client.".