Just a thought - if the second house is in "a better area" could your son rent out the new house and move back to the original? Would rent in the new house cover the interest payments on the bridging loan?
By moving back to the old house within a year he wouldn't have to worry about CGT or about having to pay stamp duty on the original house (if he rented it out). I presume he paid stamp duty on the new house when he bought it as he was a second time buyer.
The furniture issue could be sorted out relatively cheaply so don't let that put him off renting.
I agree with the other poster who said that it's unacceptable that the lender won't arrange a meeting until the person who arranged the loan is back from leave. What if that person had left the bank in the meantime then they would have to arrange the meeting with someone else. The bank is profiting from the bridging loan at the moment so my cynical head isn't surprised that they are slow to change the situation. Go back and badger them until they agree to set up the meeting. Make a nuisance of yourself until they do it.
Don't discount going to another lender althogether and remortgaging both properties. Of course that means your son becoming a landlord and maybe he is totally against that idea.
Does he have much equity in the original property? How much realistically can he reduce the original property by in order to get a sale? I don't think it is the case that nothing is shifting in the current market. Houses are certainly selling in my own estate, although it is taking a lot longer than it used to. If something is a bargain then it will sell. That house is a big weight on his shoulders and I think I would do anything I could to offload it.
I wish him the best of luck. I have a feeling that he is not alone, although that is no consolation. And good luck to you - I'm sure it worrying for you too.
By moving back to the old house within a year he wouldn't have to worry about CGT or about having to pay stamp duty on the original house (if he rented it out). I presume he paid stamp duty on the new house when he bought it as he was a second time buyer.
The furniture issue could be sorted out relatively cheaply so don't let that put him off renting.
I agree with the other poster who said that it's unacceptable that the lender won't arrange a meeting until the person who arranged the loan is back from leave. What if that person had left the bank in the meantime then they would have to arrange the meeting with someone else. The bank is profiting from the bridging loan at the moment so my cynical head isn't surprised that they are slow to change the situation. Go back and badger them until they agree to set up the meeting. Make a nuisance of yourself until they do it.
Don't discount going to another lender althogether and remortgaging both properties. Of course that means your son becoming a landlord and maybe he is totally against that idea.
Does he have much equity in the original property? How much realistically can he reduce the original property by in order to get a sale? I don't think it is the case that nothing is shifting in the current market. Houses are certainly selling in my own estate, although it is taking a lot longer than it used to. If something is a bargain then it will sell. That house is a big weight on his shoulders and I think I would do anything I could to offload it.
I wish him the best of luck. I have a feeling that he is not alone, although that is no consolation. And good luck to you - I'm sure it worrying for you too.