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Buyer Pulls Out After Exchange Of Contracts: How Bridging Finance Saved The Day

  • November 13th, 2024
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Rated 4.97 out of 5 from 2,400+ reviews

A senior woman sits on a chair in a well-lit living area, packing boxes among plants and furniture as she moves out of a new apartment.
When a property chain collapses after exchange of contracts, the consequences can be devastating. For one family, a last-minute buyer withdrawal threatened to leave an elderly mother evicted from the home she had already moved into — with legal completion just days away. This is the story of how fast, specialist bridging finance resolved the crisis.

The Situation

A retired couple approached Private Finance with an urgent problem. Their mother had been in the process of downsizing and had already exchanged contracts on her new property — and had moved in. But without warning, the buyers of her original property pulled out of the sale, eliminating the funds needed to complete the purchase of her new home.
With exchange of contracts already completed, the mother faced serious legal and financial consequences if completion could not go ahead. The family needed to raise £165,000 quickly — and traditional mortgage routes simply would not move fast enough.

Why Standard Mortgages Were Not An Option

Conventional mortgage applications involve valuations, underwriting, affordability assessments and solicitor work that can take weeks or even months. With completion deadlines looming and the risk of losing the property entirely, there was no time for a standard lending process. The family needed a solution that could be arranged in days, not weeks.

The Bridging Finance Solution

Private Finance identified a 12-month bridging loan as the ideal solution. Bridging finance is specifically designed for situations where speed is critical, and can be arranged far more quickly than a conventional mortgage. Our broker immediately got to work securing the right product and lender for the family’s circumstances.
One key challenge presented itself: the mother’s new property could not be used as security for the loan because it had not yet been registered with HM Land Registry. This is a common issue following a recent purchase and meant placing a legal charge on the property within the required timeframe was not feasible.
To overcome this, the son and his spouse agreed to use their own home as security. Their property was owned outright and valued at £700,000, providing more than sufficient equity to support the £165,000 bridging loan. With security in place, the loan was arranged swiftly and the funds released in time to complete the mother’s purchase.

The Outcome

The mother was able to remain in her new home. The property transaction was saved. The family avoided what could have been a costly and distressing legal dispute following the exchange of contracts. The bridging loan gave them the breathing room to sell the original property in an orderly way and repay the loan within the agreed 12-month term.

If this scenario resonates with you or you’re seeking personalised mortgage advice for another situation, please get in touch — we’d be happy to see how we can help. Call us on 0800 652 0971 or email info@privatefinance.co.uk.

Disclaimer: The information presented in our case studies is intended for illustrative and marketing purposes only. Some case studies may be based on multiple enquiries or hypothetical scenarios to demonstrate typical processes or outcomes. Not all case studies represent completed business transactions, and the inclusion of a case study does not imply that the business was successfully concluded.

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