How soon can I sell after completion

nmiah786

I'm buying a newbuild house soon. Have already exchanged contract and hope to complete soon.

However, I no longer want to live in it and fortunately I have found someone who wants to buy it.

So here are my questions;

How soon after I complete can I sell my house?
Should I get them to use the same solicitor I used for this purchase to make things quicker as they will have all the information?
Will the builder allow my buyes mortgage company to survey the house before I complete with them?

Anything else I should know about?

I cant assign my contract and I will also have mortgage on it but it has no ERC at all!!!

Astaroth

You could effectively sell it instantaneously - the second it becomes your property it is up to you what you do with it unless there are any unorthodox clauses in your contract buy your solicitor will be able to confirm this.

Personally if I were your buyer I would most likely still want things checking and would consider using the same solicitor firm as a potential conflict of interests for them so personally wouldnt be keen but this is down to both the buyer and the solicitors.

As to a survey - at the end of the day you can just say that a further survey needs to be done and neglect to mention that it is for another person.

silvercar

You were buying a new build, so the valuation may not have been based on the actual property (if it wasn't built!). Your buyer is not buying a new build but a "second-hand" property so the mortgage lender may require the house to have been built.

I also don't know whether the builder will have a responsibility to the second owner for the snagging list.

Real shame you can't assign the contract.

I wonder what happens to stamp duty if you sell within 28 days of buying?

nmiah786

Thnks so far.

I think it might be best if I get them to start the ball rolling with the solicitors a few weeks before I am ready to complete with the builder. The same for them arranging their mortgage. This way everything will be in place for me to sell to them straight after completion.

Does the builder not have a duty to rectify any issues that might pop up in the first two years, regardless of who bought it initially.

I suppose it might be best if I get them to do the mortgage valuation the day after I complete.

Yes, Silvercar your absolutely right about not being able to assign contracts, its a real shame.....could have saved me a packet in stamp duty!!!

Is there any such thing as claiming stamp duty back if you sell within 28 days? PLEASE TELL ME THERE IS??? ANYONE!

lynzpower

where did you buy it Nmiah, anywhere I know

nmiah786

lynzpower wrote:

where did you buy it Nmiah, anywhere I know

Not in Tower Hamlets, further east..................much further!!!!!

BTW not going to be buying in Tower Hamlets for the forseable future! Not even newbuild with the discount.

lynzpower

Well after my forays into considering leyton, walthamstow, woodford, Ive decided the place I like best is, errr, Bow. Might move nearer vicky park, but that will be my only sacrifice. if you can call it that! No wonder im dragging my heels.

Dare I ask where your off to ?

nmiah786

lynzpower wrote:

Well after my forays into considering leyton, walthamstow, woodford, Ive decided the place I like best is, errr, Bow. Might move nearer vicky park, but that will be my only sacrifice. if you can call it that! No wonder im dragging my heels.

Dare I ask where your off to ?

:rotfl:

I've looked all over Strartford, Forest Gate, Upton Park, Barking, Ilford and Chadwell Heath and beleive me I still think Stepney is the best for me.......I would not call it sacrifice, I'll call it MY CHOICE, MY COMFORT:D

I was contemplating going to Chadwell Heath, that where this place I'm referring to is. I think it was a implulse buy and hence I'm having second thought and luckily found a buyer who is very keen in buy the property which I havent completed on yet:T

Your not getting me out of Tower Hamlets that easily!!!!!!!!:rotfl:

lynzpower

:rotfl: me either!!

TH rocks doesnt it? OHs not so keen, but then hes only lived here a year and seems to think other places are "fine" and likes upper walthamstow woodford, snaresbrook, they are nice enough, but give me 3 tube lines,DLR, 2 nightbus routes, victoria park, lively markets, and 10 mins into L St over a waitrose anyday!