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Setting up a bridging loan
lunachick
Posts: 49 Forumite
My H and I are first time sellers and are buying a new flat. We have agreed on an offer for our old one. A date of entry for our new place has been set for 26th May and we managed to negotiate with our buyers to change their preferred date of entry from the 17th to the 26th to save us moving out and going to live with our parents for 9 days.
However our solicitor is not keen on both parties exchanging money and completing on the same day in case something goes wrong so she is recommending we set up a closed bridging loan to cover ourselves if this does happen. I am very reluctant to do this. Although we may not need it, it may cost us about £200 just to set it up which I feel is a waste of money in an already expensive time.
Do you think we are right to stick to our guns and not bother with this? We hope to get the missives signed in the next 4 weeks so that all we have to do is exchange monies and collect keys on the day ( we are in Scotland if that makes any difference)
Does anyone any opinions on this?
However our solicitor is not keen on both parties exchanging money and completing on the same day in case something goes wrong so she is recommending we set up a closed bridging loan to cover ourselves if this does happen. I am very reluctant to do this. Although we may not need it, it may cost us about £200 just to set it up which I feel is a waste of money in an already expensive time.
Do you think we are right to stick to our guns and not bother with this? We hope to get the missives signed in the next 4 weeks so that all we have to do is exchange monies and collect keys on the day ( we are in Scotland if that makes any difference)
Does anyone any opinions on this?
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Comments
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No personal experience I'm afraid, but I'd listen to my solicitor, just in case. I assume she is suggesting this bridging loan as a kind of insurance against something that could cost you much more. It maybe wouldn't hurt to wait probably wait a couple of weeks and see how your buyer is progressing before you make a final decision.
I'm sure someone will have better advice than me though.
I was dying to say NICE AVATAR really!Everything that is supposed to be in heaven is already here on earth.
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Doozergirl wrote:....I was dying to say NICE AVATAR really!
You've both sat for the same artist?A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
I think we must be related. The blue hair is a give away!Everything that is supposed to be in heaven is already here on earth.
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