Selling home within 6 months of acquiring

JM786

Hi all, I have been given property from my parents for free, I want to sell this property but have heard that it’s very difficult to sell within 6 months of acquiring the property because mortgage companies make it difficult for prospective buyers.

Does this apply in my scenario considering I did not pay for the property.

I don’t want to put the house up for sale and have it lingering for few months or just cash buyers.

Thanks for any help.:)

Guest101

Is it a good 'rental' property? If so, LL's may bite your hand off as cash buyers

JM786

Guest101 wrote: »

Is it a good 'rental' property? If so, LL's may bite your hand off as cash buyers

not really a rental type area but you never know.

00ec25

some lenders will not give mortgages on properties owned for less than 6 months, there is no way around that , you are limiting your market if you try to sell early

BTW - who lives in it now, did your parents ever live there? If not have they paid the capital gains tax they possibly owe on their gift?

somethingcorporate

Spam-off hanliang!

zzzLazyDaisy

Any attempt by a potential buyer to obtain a mortgage within the first 6 months of your ownership will trigger an investigation under the money laundering rules. Giving a house away or selling it for an undervalue so the new 'owner' can sell it on, is classic money-laundering behaviour and will be treated with extreme caution by any lender.

Also, depending on your parents own financial and personal situation, this transaction can come back to haunt them (and possibly also you) sometimes years later.

Why didn't your parents just sell the house and give you the money?

japmis

somethingcorporate wrote: »

Spam-off hanliang!

come again? :huh:

zzzLazyDaisy

japmis wrote: »

come again? :huh:

Don't worry, SomethingCorporate hasn't lost his marbles - the original spam post by hanliang has been deleted by MSE!

japmis

zzzLazyDaisy wrote: »

Don't worry, SomethingCorporate hasn't lost his marbles - the original spam post by hanliang has been deleted by MSE!

Gotcha!!! thanks for the clarification!!

JM786

00ec25 wrote: »

some lenders will not give mortgages on properties owned for less than 6 months, there is no way around that , you are limiting your market if you try to sell early

BTW - who lives in it now, did your parents ever live there? If not have they paid the capital gains tax they possibly owe on their gift?

thanks for the advice, parents and i lived together but they have given the house to me, as they have retired abroad now. i want to sell this property and get something smaller for myself.

i am thinking of putting the house on the market, even though its been 3 months since me owning it, and only completing the sale once the 6 months period has passed. because selling a house can take a long time. do you thinks that's a good route?

thank you once again:)

JM786

zzzLazyDaisy wrote: »

Any attempt by a potential buyer to obtain a mortgage within the first 6 months of your ownership will trigger an investigation under the money laundering rules. Giving a house away or selling it for an undervalue so the new 'owner' can sell it on, is classic money-laundering behaviour and will be treated with extreme caution by any lender.

Also, depending on your parents own financial and personal situation, this transaction can come back to haunt them (and possibly also you) sometimes years later.

Why didn't your parents just sell the house and give you the money?

i just want to get a smaller place, which didn't cross my mind before. otherwise i would've told them to sell it.