Time was of the essence for Jamie Rigby of Arc & Co. to arrange mortgage funding on a complex property in the Cotswolds. Jamie’s client had agreed to purchase a derelict property together with adjoining farmland, and there were pressures upon the client to complete the purchase quickly.
“Derelict properties are difficult to fund due to a number of the larger mortgage lenders shying away from uninhabitable properties or properties with development risk”, Jamie comments on the scenario. “In this particular situation, the property also included an agricultural element and so was arguably mixed use, which can be another barrier for some lenders. Given the timing pressures in addition it was important to get our approach to a lender right first time, ensuring that all potential concerns were addressed prior to bank presentation”.
Jamie’s excellent local professional relationships came in to their own. “Understanding the bank processes meant that I had to anticipate the hurdles leading up to a concrete mortgage offer. I worked closely with a local valuer, making a formal inspection of the property ahead of instruction” Jamie explains. “This meant that by the time the bank was able to formally instruct the valuer, a draft report was already prepared, shaving days off the lead time. The choice of Solicitor is paramount when deadlines are tight and so I introduced my client to a Solicitor who I knew would be able to handle the conveyance within the time-frame. All this meant that from the formal application we had a fully credit backed mortgage offer together with completed valuation report within 6 working days. For me, it really highlights the need have the right professionals on the job.”
The client was absolutely delighted with Jamie’s hard work, commenting “all professionals worked hard on our behalf but Jamie really was the driving force here”.
To arrange an appointment with Jamie at Arc & Co.’s Oxfordshire office please find his contact details below: