Our bridging loan which we took out 12 months ago was due to be paid back at the start of January. The due date came round, we had the money ready to go in our account. The solicitor we were going to use (who did the conveyancing for the sale 12 months prior) was suddenly not available and we had to look for a new lawyer. In the meantime, we had a house fire that has taken out several of the rooms. Very unfortunate (although we are all ok thankfully). So now there is an insurance claim going though, which has all been fine, but it is not quite settled yet how much of the planned works come under the policy and what is betterment. This hasn't been settled yet. We need to extend the bridging loan for a month so that we can resolve these issues and get a new lawyer, but to do this the bridging loan company want to be noted on the insurance claim. The insurer is blindsided by this as a concept, say they've never been asked such a thing before. Both parties (claims broker and bridging loan contact) have gone on leave till Tuesday, but the bridging loan lady wrote us an email saying if she doesn't have these things by the 5th, she will foreclose (or notify intent).
I think our new lawyer will be ready in time, but if not, what is going to happen? Does anyone know what they mean?
Really quite stressed...