A new client contacted us at 10 o’clock on a Thursday morning. He was acquiring a property in Docklands for around £1.8 million. Unfortunately, his mortgage lender let him down the day before his notice expired, because the property had dual commercial and residential use.
We valued the property on the same day, made all the usual pre-contract enquiries and executed the legal documents within 24 hours, allowing the purchase to be completed within the deadline. Had we not performed on time, and completed the bridging loan, our borrower would have lost a substantial deposit and could have been sued by the vendor.