We have had an offer accepted on our house and were due to exchange contracts last week only for our buyer to withdraw suddenly from the sale of our property. We have placed our property back on the market, but are desperate not to lose the property we wish to purchase. Is there anything we can do to convince our vendor not to look for another buyer? Should we take out a Bridging Loan?

Your success in securing the house of your dreams lies entirely in the hands of your seller. If the seller is willing to wait a little longer in the hope that you can find an alternative buyer then you have a chance of rushing through a subsequent sale to a new purchaser and secure the house.

However, if you are under pressure to commit to the purchase while you still have no buyer for your existing property then this can only be done by arranging finance for the full purchase price of the new property leaving you with, effectively, two properties and, probably, two loans.

It is unlikely that any financial institution will look favourably upon providing you with “open bridge” facilities in the current financial climate. This is where the funds are provided for the full purchase price of the new property while your existing property remains unsold, and is a dangerous step as there is no determining when the loan will be repaid.

The simple advice would be – do not consider an “open” Bridging Loan”!