Anyone had to get or had experience of a Bridging loan when buying a property ?
We are buying a property partly with an inheritence . It’s partly been held up for investigation into historical tax possibly owed by the deceased. The solicitor handling it all has aid it will probably take until July until the HMRC have completed investigations, possibly less and possibly more but unlikely . It’s working out our house purchase will probably complete beginning of July so we are under pressure to have alternative funds ready in case we don’t get the inheritance arrives in time . We can’t get a mortgage as we are close to retirement (tried this ) so a financial advisor we are using has said a bridging loan is only option . It’s going to cost us with fees and first month or twos interest about 5k , we need an extra 50k to buy the house .
Because of the bridging loan , the solicitor we are using for our house purchase who to be fair so far has been very good , has now sprung upon us that she’s not qualified to handle a Bridging loan so we would need to get another solicitor to handle this part of the purchase . It’s turning into a bit of a potentially very expensive nightmare , with the rest of our inheritence we were planning to use for improvements being swallowed up in fees .
Anyone got advice ? We have held off applying for the bridging loan so far , as soon as we apply, we will start the ‘fees’ rolling. If only we could find out when the HMRC will finish investigations but the solicitor handling that has been very uncooperative (a big and expensive corporate solicitor) and told us we will just have to wait .