Halifax - 6 mth ownership rule

ruthiebee

Hi All

I posted on here yesterday about getting from the Mortgage Promise to the full app and credit approval. Well, that was successful and we're now onto the next stage.

Halifax have said that the current vendor must have owned the property for at least six months before we can accept an application to purchase that property.

We are actually buying the house from the estate of the late owner. I'm pretty sure she died over 6 months ago, but not absolutely sure. I will have to check with the agent on Monday.

I just wanted to see what the consensus of opinion was; as it is being dealt with by the Executor of the Estate, does the current vendor still count as the lady that has owned it since the 70s??

holly_hobby

The vendor is only really acting as an agent for the deceased to disolve her estate, which if so there has not been a change of legal owner - so this shouldn't cause an issue.

Sound it out with H. though - but my guess will be its ok given the circs of the sale.

Hope this helps

H

ruthiebee

Yeah, that's how I view it too, thanks for your reply.

kingstreet

It isn't an issue.

Halifax exemptions to the six month rule are;-

The following cases are exceptions where it is acceptable for the property to be sold on within six months of acquisition by the seller.

Where sales are by:

A personal representative of the registered proprietor; or
An institutional mortgagee exercising its power of sale; or
A receiver, trustee-in-bankruptcy or liquidator; or
A developer or builder selling a property acquired under a part-exchange scheme.

ruthiebee

Brilliant! Thanks Kingstreet, I tried searching their site, but to no avail! THANKS!

kingstreet

ruthiebee wrote: »

Brilliant! Thanks Kingstreet, I tried searching their site, but to no avail! THANKS!

The Intermediary site has more detailed criteria, for us more anally-challenged professionals.