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?selling recently bought house

rabialiones Posts: 1,962 Forumite

23 July 2010 at 8:53AM in House buying, renting & selling

just wondered if anyone knows how long you have to own a property before being able to sell it on?

Nice to save.

Comments

terryw Posts: 4,396 Forumite

23 July 2010 at 8:55AM

You can sell immediately.

"If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools"
Extract from "If" by Rudyard Kipling
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LandyAndy Posts: 26,377 Forumite

23 July 2010 at 9:23AM

terryw wrote: »

You can sell immediately.

As quickly as the lawyers can line everything up.;)

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sonastin Posts: 3,210 Forumite

23 July 2010 at 9:51AM

I hear mortgage companies don't like to offer a mortgage on a property that the vendor has owned for less than 6 months so you cut down your potential market until you've owned it for that length of time. But if you can find a buyer before 6 months is up you are free to sell it to them.

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googler Posts: 16,103 Forumite

23 July 2010 at 9:52AM

...except some lenders and purchasing solicitors are getting picky about this, and are being quite zealous in their interpretation of the money-laundering regulations, I've heard.

So you'll be fine if your purchaser's agents are quite slack, but not if they're in the category above.

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rabialiones Posts: 1,962 Forumite

23 July 2010 at 6:16PM edited 23 July 2010 at 6:25PM

what if its property that was in family, i.e. parents?

would 6 month rule still apply

Nice to save.
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terryw Posts: 4,396 Forumite

23 July 2010 at 6:33PM

There is no "six month" rule. This is merely the practice, so we are told, of some mortgage lenders.

"If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools"
Extract from "If" by Rudyard Kipling
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Bananamana Posts: 246 Forumite

23 July 2010 at 6:40PM

terryw wrote: »

There is no "six month" rule. This is merely the practice, so we are told, of some mortgage lenders.

CML handbook (which the majority of lenders subscribe to) REQUIRES their conveyancer to report the fact the seller has owned less than 6 months to the lender.

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dopester Posts: 4,890 Forumite

23 July 2010 at 6:52PM

terryw wrote: »

There is no "six month" rule. This is merely the practice, so we are told, of some mortgage lenders.

Doesn't it also act as a barrier to some buyers... where they might find it harder to get a mortgage if the property for sale has been bought recently? Depending upon the lender's policy I suppose.

The buyers will generally find it difficult to raise a mortgage to buy from you based on the market value because of the 6 month rule. They can raise a mortgage based on the purchase price you paid but obviously that's not much use

If you are selling to a cash buyer it's not a problem.

Snip of information from original post by Parmdeep Vadesha, made on 20-07-2010, at The Property Tycoon Discussion Forum.

(Limited access - can only view a certain amount of threads before required to subscribe; pay/subscription website)

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