Back to back sale (seller has owned less than 6 months)

rose7_2

Hi,

Bit of a long shot but does anyone know whether West Brom BS have a policy on agreeing a mortgage when the house you are buying has been owned for less than 6 months by the current owner.

As I understand it some lenders won't lend in this type of scenario due to money laundering regulations. If they simply say they will agree the loan but we cannot complete until after the 6 month mark I can live with that but if they simly reject any application made within the six months that would be more problematic.

I tried ringing West Brom earlier and the person that I spoke to said it wouldn't be an issue but I wasn't totally sure she understood what I was asking.

Thanks

kingstreet

Most lenders who operate the six month rule won't accept an application until the property has been in ownership for that duration.

I have no idea of WBBS policy on this issue. Sorry.

Thrugelmir

Who are you purchasing from? Is the transaction at arms length or a party connected to you.

rose7_2

Thanks for your replies.

We're not purchasing from anyone connected to us. As far as I understand it the owners purchased the house for their daughter who doesn't want it (wish someone would buy a house for me!).

magpiecottage

rose7 wrote: »

Thanks for your replies.

We're not purchasing from anyone connected to us. As far as I understand it the owners purchased the house for their daughter who doesn't want it (wish someone would buy a house for me!).

I have to say that would set alarm bells ringing for me.

As you infer, not many people would buy a house for their daughter and then find out she didn't want it.

Look at an alternative scenario.

Somebody connect to a drugs gang, or people trafficking or terrorism needs money to appear to come from a legitimate source. So they buy a house for their daughter. They pay cash.

A few months later they sell the property without the daughter
ever moving in (not because she doesn't like it but because she doesn't exist).

They receive a nice "clean" cheques from West Bromwich Building Society and your solicitor's client account. All seems above board - but it is not.

I would be wary about this if I were you.

GMS

For sale. Toaster. Unwanted gift. Sounds possible.

For sale. House. Unwanted gift. Sounds a bit odd!

Get a copy of the title from land registry and check details of purchaser and price paid. Look to see if there has been any improvement work carried out and if it justifies the asking price.

getmore4less

magpiecottage wrote: »

I have to say that would set alarm bells ringing for me.

As you infer, not many people would buy a house for their daughter and then find out she didn't want it.

Look at an alternative scenario.

Somebody connect to a drugs gang, or people trafficking or terrorism needs money to appear to come from a legitimate source. So they buy a house for their daughter. They pay cash.

A few months later they sell the property without the daughter
ever moving in (not because she doesn't like it but because she doesn't exist).

They receive a nice "clean" cheques from West Bromwich Building Society and your solicitor's client account. All seems above board - but it is not.

I would be wary about this if I were you.

And 1 day make it different HOW.