Property Development Loans

🎧 𝗡𝗘𝗪 𝗣𝗢𝗗𝗖𝗔𝗦𝗧: 𝗪𝗵𝗮𝘁 𝗰𝗮𝗻 𝗯𝗲 𝗱𝗼𝗻𝗲 𝗮𝗯𝗼𝘂𝘁 𝗽𝗼𝘀𝘁-𝗲𝘅𝗰𝗵𝗮𝗻𝗴𝗲 𝗳𝗮𝗹𝗹 𝘁𝗵𝗿𝗼𝘂𝗴𝗵𝘀? Property transaction fall throughs is the topic of the latest 𝗧𝗼𝗱𝗮𝘆’𝘀 𝗖𝗼𝗻𝘃𝗲𝘆𝗮𝗻𝗰𝗲𝗿 podcast; specifically how to tackle situations when there is an issue between exchange and completion. Although admittedly rare, the consequences can be chastening; and this was certainly the case for the sister of former director of FTSE 100 wealth‑management business St James’s Place 𝗣𝗲𝘁𝗲𝗿 𝗧𝗵𝗼𝗺𝗽𝘀𝗼𝗻. A protracted sale of the family home, complicated by divorce proceedings, fell through on the day of completion. Although the purchaser forfeited their 10%, the knock on impact for Peter’s sister was much more consequential. The experience led to the creation of 𝗖𝗹𝗼𝘇𝗲𝘀𝘂𝗿𝗲. a property purchase option contract. Once a seller has accepted an offer, they may apply for Clozesure, which validates the agreed sale price and guarantees to buy the property within 10 days for 90% of the agreed sale price in the event of the sale collapsing; funds that allow the seller to complete their onward purchase and prevent a chain collapse. 🔗 𝗟𝗶𝘀𝘁𝗲𝗻 𝘁𝗼 𝘁𝗵𝗲 𝗳𝘂𝗹𝗹 𝗽𝗼𝗱𝗰𝗮𝘀𝘁 - cstu.io/5661df #TodaysConveyancer #KnowledgeIsPower #PropertyLaw #Conveyancer #Conveyancing