lenders

Hello123_2

Anyone know of any lenders who will lend on a house that has been owned for less than 6 months?

From what i gather the owner got into financial problems and sold to a company that buys houses cheaper/quicker. Presume that company are now the legal owners? I purchased the deeds and it was registered to person not a company but may be too soon for land reg to update?

Not sure how it works but the house came on market last week. It has sold stc already but just want to be armed with info should it come back on as im really hoping!

thanks in advance

ACG

Have you asked the company?
They may know of some who have purchased off them in the past. They must come across this periodically.

Zero_Sum

Why wouldn't they lend, just because its only been previously owned for 6 months?

GMS

On the land registry search you have how long has the proprietor been registered. What does it state as the purchase price and what date? Is there a charge on the property?

What was/ is the sale price now?

Lenders do not like 'back to back' type transactions.

Hello123_2

ACG wrote: »

Have you asked the company?
They may know of some who have purchased off them in the past. They must come across this periodically.

don't know which company it is and the EA wont tell me

Hello123_2

Zero_Sum wrote: »

Why wouldn't they lend, just because its only been previously owned for 6 months?

Sorry i'm saying it has not yet been owned for 6 months by the company.

From what i gather many lenders conditions are that it must have been owned for a min of 6 months (possibly to stop money laundering? not sure)

Hello123_2

GMS wrote: »

On the land registry search you have how long has the proprietor been registered. What does it state as the purchase price and what date? Is there a charge on the property?

What was/ is the sale price now?

Lenders do not like 'back to back' type transactions.

hi gms.

deeds say that it was purchased in june 09 for £190k....no recent charges though not even a lender/bank (so presume was a cash purchase?) and no charge by a company.

current sale price is £149,950 and exchange needed in 28days.
thanks

Zero_Sum

Hello123 wrote: »

Sorry i'm saying it has not yet been owned for 6 months by the company.

From what i gather many lenders conditions are that it must have been owned for a min of 6 months (possibly to stop money laundering? not sure)

would that not happen all the time with houses that have been part-ex'd on new builds? Owned by the developer for a couple of months only?

GMS

Zero_Sum wrote: »

would that not happen all the time with houses that have been part-ex'd on new builds? Owned by the developer for a couple of months only?

Generally ok in the described situation.

Hello123_2

GMS wrote: »

Generally ok in the described situation.

What are your thoughts about this situation? It was the EA that 'warned' me of potential problems with lenders 6 months rules. Thanks

GMS

Usually the EA would say nothing in my experience. To tell you then refuse to give details makes no sense.

Have you not been told you need to see the EA mortage broker?

A distressed sale will almost certainly have been at way under market value with the purchaser then looking to make a quick profit. The fact that the land registry doesn't show new owner means it is pretty recent.

Is there not another property you could go for? Why struggle to get this one and potentially have to pay a higher rate, if you can get any mortgage at all?