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Owner only had house for 6months
Comments
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Maybe they want to be sure the property is his to sell, if there has been some fraud then perhaps it isn't
I'd trust your solicitor to do his job properly and if the question aren't answered to his and your lender's satisfaction then I'd be very wary. 0 -
I have had this before when I was buying property to refurbish and sell on for a higher price. The mortgage companies wanted to know why the value had increased so much over a short period and not at the level of house price statistics etc.
The mortgage companies were fine once given a list of the work done to improve the property.
Has the property you are buying being improved at all? If its being sold for more than the previous person bought it for presumable it wouldn't be worth more without some work being done to it?0 -
Makes sense but then why would the vendor be getting annoyed, especially if he was an experienced developer he'd know such questions are routine and would be only too glad to list improvements made ...I have had this before when I was buying property to refurbish and sell on for a higher price. The mortgage companies wanted to know why the value had increased so much over a short period and not at the level of house price statistics etc.
The mortgage companies were fine once given a list of the work done to improve the property.
Has the property you are buying being improved at all? If its being sold for more than the previous person bought it for presumable it wouldn't be worth more without some work being done to it?0 -
http://www.lawscot.org.uk/Members_Information/rules_and_guidance/guides/Rules/Simple_Guide/AMLTips/AMLTips2.aspx
BTL/Identifying Mortgage Fraud
One of the first questions is if it's been owned less than six months.0 -
I know of solicitors who have retired because they have been banned from practicing:
http://www.sra.org.uk/consumers/solicitor-check.page0 -
well i think my solicitor mentioned he bought the property off his mother for about 50k and put it on the market for 95k after a month
he not done any work to it
i think his mum has gone into care and he wants to avoid her paying for care so he took the money out her estate so it valued less but i put alot money into this and really i think the estate agents should report him if the sale doesnt go aheadwisemanswebdesign.co.uk0 -
Report him! what for? People are allowed to sell a home for more than they paid for it.
For whatever reason, he got it cheap and now he's selling it on.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
i dont care why he paid under for it, but if he gona refuse to answer the questions or make answers up then i will report him
they are not difficult questions but he could be commiting benefit fraud and if sale doesnt go ahead i will report himwisemanswebdesign.co.uk0 -
i dont care why he paid under for it, but if he gona refuse to answer the questions or make answers up then i will report him
they are not difficult questions but he could be commiting benefit fraud and if sale doesnt go ahead i will report him
Do you know he is claiming benefits? or is this a clutching at straws statement?
You have already answered the things the mortgage co need to know in prior post, bought £50k selling £95k no work done. Tell your solicitor this and see if it makes a difference.
If the vendor will not answer then he won't be selling to someone who needs a mortgage.0 -
we wouldnt tell us even if he was claiming benefits lol
the mortgage co. dont no yet how much it was baught for as he not answered questions i just waiting for estate agent to ring me and tell me what the vendor gona dowisemanswebdesign.co.uk0
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