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Our client was purchasing a buy-to-let apartment in Manchester. They reside overseas and were working with a specialist UK mortgage lender to finance this transaction. The transaction was taking longer than all parties anticipated and the vendor was threatening to pull out within the next 48 hours unless contracts were exchanged. The facility letter issued by the lender required the borrower to appoint an agent for service of process based in England prior to drawing down and exchanging contracts with the seller.

Client type:

Classed as a high-net-worth professional based in Hong Kong, the client was a first-time UK property investor. They were about to exchange contracts with a £67,500 deposit ready, having already spent two months and thousands of pounds advancing the purchase.

Situation:

Our purchaser stood to lose their lender, legal, mortgage broker and valuation fees, having already committed over £3,000 to lender, legal, broker, and valuation fees.

Their mortgage application started 8 weeks ago and involved unexpected legal and lender scrutiny due to their overseas status. Their income and ID documents were rejected on first submission, and significant delays in the valuation caused stress for the borrower and frustration for the vendor.

Just 2 days before the mortgage completion date, the process agent that the client appointed initially to meet the lender’s demands was rejected for not meeting their criteria. The issue being that this lender did not accept individuals to act, as the applicant had provided a UK-based family member’s details.

Our solution:

We provided the client with a solution within 30 minutes of reaching out and explaining their time-sensitive issue to our team. Once our online system was completed and payment was made, a process that took the client less than 5 minutes, they were instantly emailed a signed appointment confirmation letter that was accepted by the lender who was familiar with Point Processing already.

Results:

• • The client managed to complete their acquisition of the apartment on time.
  • The vendor did not pull out with their deadline being met.
  • The Buyer avoiding weeks or months of delay and repeated expenses from starting the mortgage and legal process over.
  • Our relieved client and their solicitors gave the team outstanding feedback on how confidently the high-pressure situation was handled. Both parties have since provided repeat business and formed a long-term relationship with Point Processing.

Key Takeaway:

A process agent is often a mandatory but overlooked requirement, only addressed at the final stage of a mortgage application — by which point it becomes an urgent need. A fast-acting and consistent service agent can be the difference between successful completion and a failed transaction.

The case study also highlights the importance of opting for a firm that mortgage lenders are familiar with. Point Processing understands lenders’ requirements; this can be truly valuable when large sums of money are at stake