Bridging the gap!

[Malden]

Hello!

We are financing our French property purchase with the sale of our home in the UK.

The compromis de vente has been signed, the deposit has been paid and we now have a buyer for our property in the UK, so everything seems to be progressing okay.

Our major concern at this moment (we have a new one every other day!) is how to synchronise the sale of our UK property with the purchase in France, given that we have been told by our solicitors it could take anything from 4-10 working days for the balance of the purchase price to be transferred to the Notaire.

Okay, I know we could get a bridging loan (very expensive), but has anyone come up with a viable alternative ?

Ideally, we would have liked to synchronise the sale and purchase over a two day period, so we could have 'moved out and moved in' without incurring storage costs etc, without having to find somewhere to stay for two weeks whilst it all goes through and without having to just 'sit and wait for it all to happen'.

Yes - I do want my cake and eat it, but I thought it was at least worth asking if anyone had found an alternative solution.

Thanks

[Anton Redman]

Suggestion : If you have an existing mortgage, no matter how small, talk to your exisitng or previous mortgage provider. Borrow money on security of home in UK, transfer is either to the notaire or a local French Bank account, use borrowings to pay for French house.

When UK house sold first call on proceeds will repaying loan and will be secured on home therefore rate should be far lower than bridging loan.

[Malden]

Thanks to both of you for your help - it sounds like a good idea.

I will investigate and see what we can get arranged

Thanks again