Residential Bridging Loan Legal Advice in Manchester

Our experienced Bridging Loan Solicitors provide comprehensive legal guidance and representation to clients seeking short-term bridging finance. We understand that bridging loans are a crucial financial solution for individuals and businesses needing to bridge the financial gap between buying a new property and selling an existing one.

Our experts ensure that all legal processes related to bridging finance are managed with precision and professionalism. This includes ensuring that all relevant legal documents are correctly completed and liaising with lenders and other parties involved in the transaction.

We take pride in offering a streamlined and fully compliant service, keeping our clients well-informed and updated throughout the process. We’re always here to answer any questions you may have. We frequently represent clients across Stockport, Cheshire, and Greater Manchester.

Don’t hesitate to contact us if you require legal guidance and representation from our Bridging Loan Solicitors for your bridging finance needs.

What is a Bridging Loan?

A bridging loan is a short-term loan, normally used to provide finance for the purchase of property ahead of an associated sale of property that can’t happen simultaneously, for whatever reason. Bridging loans normally arise where a conventional mortgage is not appropriate either because it can’t be obtained, would be too slow, or relatively expensive compared to bridging.

A bridging loan is essentially a short-term loan aimed primarily at property buyers and investors. It serves to ‘bridge’ the financial gap that can occur when buying a new property before selling an existing one. This type of loan is crucial in situations where immediate funding is required but long-term financing options like traditional mortgages are not feasible due to timing constraints or eligibility issues.

What can a Bridging Loan be Used for?

Bridging loans are designed to provide quick access to funds when traditional financing may not be available or when a fast decision is needed. Some instances when you may need a bridging loan include:

• If you need to raise funds quickly for property transaction
• If a property chain has collapsed in the buying process
• If you want to fund your property purchase before you have sold your home
• If you are buying an unmortgageable property so you can make it habitable
• If you are buying land or arranging property development while you apply for a mortgage.

How can our Bridging Loan Solicitors Help?

Our team of experienced Bridging Loan Solicitors specialises in providing expert guidance and comprehensive legal support for individuals and businesses seeking bridging finance solutions.

Whether you are looking to purchase a new property, bridge a funding gap or require urgent refinancing, our dedicated team of Bridging Loan Lawyers are committed to ensuring a seamless and efficient transaction process.

We understand that each client’s situation is unique and we customise our legal services to suit your specific circumstances, guaranteeing that all contractual terms are transparent and advantageous.

You can rely on our professional bridging finance solicitors to adeptly navigate the complexities of bridging loans, securing the necessary funding with the assurance that all legal aspects are meticulously handled.

Contact our Bridging Loan Solicitors today if you need legal advice and assistance to bridge the gap in your property finances.

What are the Different Types of Bridging Loans?

An open bridging loan does not have a defined repayment date or exit strategy, making it suitable for borrowers who are uncertain about when their finance will be available. However, due to the uncertainty of the loan repayment date, lenders tend to charge a higher interest rate for this type of loan.

A closed bridging loan is a type of short-term financing where the borrower has a clearly defined exit strategy or repayment plan in place from the outset and agreed by both parties. This makes it more likely to be accepted by bridging lenders, resulting in lower interest rates.

A first charge bridging loan occurs when the bridging loan lender takes the first charge over the property, meaning that the lender will receive their money first before any other lenders. This option attracts lower interest rates due to the lower level of risk involved for the lender.

A second charge bridging loan means that the lender will take the second charge after the existing first charge lender. This type of loan tends to be for a short period of around 12 months, and due to the higher risk involved, the interest rates tend to be higher.

How do I Qualify for a Bridging Loan?

Bridging loans are paid over a much shorter time compared to a mortgage, so the most important things a lender will be looking for are the strength and security of your property.

This means that bridging loans are much less reliant on your credit score, or your income compared to mortgages or other loans.

Lenders will want to see a solid exit plan and how you intend to repay the loan at the end of its term. As most bridge loans are secured through a property, the most common exit strategy is selling or refinancing the property, or selling your existing property if you’re bridging the gap before you’ve sold it.

The time it takes to get a bridging loan can vary depending on the circumstances of the loan. It can take from 72 hours to a few weeks in certain cases. When you contact our Bridging Loan Solicitors, we will run through the process with you. This includes agreeing on the scope of what we are doing for the price, setting up our client record (including ID checks), and producing the bill (payment in advance is required for all new clients).

After that, the work on a bridging loan often takes several hours once we can schedule it in our workflow. This can depend on how busy we are at any particular time. We would not usually take on a job for which we could not engage within about a working week. We understand that bridging work is normally urgent, and our prices reflect the likely disruption these types of engagements can have on our working patterns.

How Much Will it Cost?

Your supplier is CLC-regulated Mounteney Conveyancers Ltd, that charges VAT some customers may be able to reclaim

We charge £1,450 + VAT = £1,740 (1st property)

We charge £400 + VAT = £480 (per subsequent)

There is more about our fees on our website.

If you have any questions, require any further information, or would like to engage us on the T&Cs linked Our Terms in the footer below, please don’t hesitate to Contact Us.

If you’re ready to discuss your bridging loan needs or have any other legal inquiries relating to applying for a bridging loan, our residential property solicitors are here to assist. We offer a responsive, professional, and personal service to ensure you receive the legal support you need.

Contact us today to book a consultation with one of our specialist Solicitors in Stockport, or visit one of our offices in Bramhall, Cheadle, Hazel Grove or Heald Green. We serve clients throughout Manchester and the North West, including Blackburn, Leeds, Liverpool, Preston Sheffield and Warrington.

Let us help you navigate your legal challenges with expertise and dedication. Discover the difference of working with a solicitor who truly understands your needs and strives for your success.

Contact our Bridging Loan Solicitors today and take the first step towards resolving your legal matters with confidence.