Selling house after 3 months - charges??

cowiemonster

Are there any restrictions on selling your house only months after you have bought it? My husband wants a divorce and has spoken about selling the house we bought only 3 months ago. I think this is ludicrous as we would likely have a mountain of fees? :mad: I want to keep the house for at least another year. Can anyone offer any advice? We are joint 50/50 owners.

browneyedbazzi

I've been told that some mortgage companies won't lend on a house that has changed hands within 6 months...if you find a cash buyer it won't be an issue, but if your buyer needs a mortgage they may have problems.

macman

Owned as joint tenants or tenants in common? If the latter, (as you imply by saying 50/50 ownership) then your husband can sell his share without needing any approval from you anyway. Husband and wife more often buy as joint tenants, with the ownership then passing to the surviving partner.
Subject to finding a buyer, you can sell the property whenever you wish.

antrobus

cowiemonster wrote: »

.... Can anyone offer any advice? We are joint 50/50 owners.

As a general rule of thumb, it takes about six months to actually get divorced. Or longer, if one of the parties wants to be difficult.:)

pinkteapot

I'm sorry about your situation.

The selling fees are no different whether you sell after three months or one year. There are no additional charges based on length of ownership.

Does your mortgage have an early redemption charge? How much is that? They normally decrease over time as they tend to be a percentage of the loan outstanding, so this would be the one thing that could be different in a year's time.

As mentioned above, a lot of mortgage companies won't lend if the house was bought less than six months ago, so be honest with viewers up front or your buyer may have to pull out during the process if they can't get a mortgage.

bouicca21

Not just time to get divorced, add in time to sort a financial settlement. Depending on length of marriage, dependent children, other assets including pension pots, it might not be a straight 50/50 split.

kingstreet

macman wrote: »

your husband can sell his share without needing any approval from you anyway

Although there aren't many buyers interested in half a house.

Usually, the part-owner seeks legal assistance in forcing the other to sell.

cowiemonster

Thanks for the replies.
:mad:Everything is moving do quickly and husband basically wants things over with ASAP (another story). He says I can live in house for as long as I need/want but now thinking it may be worth cutting all ties and just selling the house. We are joint on the mortgage. I thought we would incur some type of horrendous fee if we were to sell within months of buying. Mortgage is with Halifax. I'm gutted as I won't get the good of another 1st time buyer deal again in future.

apesxx

We're out of our fixed period now but we would have had quite a big fee if we had paid off our mortgage in the first 5 years whilst it was in its fixed rate. The only place you can find out what fees you will Incur is by looking at your mortgage papers x

CKhalvashi

If your earnings are such that it may be possible for you to pay the mortgage alone for the first 5 years, then remortgage in your own name (agreeing to pay his share of deposit + x% interest), then it may be a good option.

I'm not saying this is the best option, but as long as he's being reasonable (which is seems he is), then there shouldn't be an issue. I have a friend that did this some 20 years ago, and when the house was sold, on an initial £5000 deposit, he ended up with around £9000 back from the sale, when the actual equity accumulated (over original borrowing amount) was around £140k.

Mutual agreement will inevitably be the cheapest way, as long as you want to stay in the property, although I do appreciate that I'm looking at this with an idealistic view.

CK

Tancred

cowiemonster wrote: »

Are there any restrictions on selling your house only months after you have bought it? My husband wants a divorce and has spoken about selling the house we bought only 3 months ago. I think this is ludicrous as we would likely have a mountain of fees? :mad: I want to keep the house for at least another year. Can anyone offer any advice? We are joint 50/50 owners.

You cannot sell until 6 months have elapsed since the purchase. The only exception is when you buy a new build and use the current house as part exchange.