Selling house after 3 months - charges??

aliby21

Tancred wrote: »

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.

That's rubbish. You can sell a house any time you want provided a) you can find a buyer and b) you are prepared to take the financial hit. a) some mortgage providers won't lend on a house that has been sold in the last six months, so selling quickly will limit your pool of potential purchasers. b) only you know the details of your mortgage and whether there are early redemption penalties.

OP I have also been considering selling within a few months and have had estate agents around. They were all pretty positive about getting the place sold and didnt see a) as a huge issue.

Halle71

Surely the OP would have owned the hose for at least six months by completion whatever happens as the process usually takes about three months?
Or longer - we just completed on what was supposed to be a simple chain free BTL after 4.5 months.

Badgerette27

The house we have just bought was being sold after being owned 5 months.
Our mortgage provider (Halifax) agreed to this as long as we completed after the 6 months.
Good luck with everything

kingstreet

Badgerette27 wrote: »

The house we have just bought was being sold after being owned 5 months.
Our mortgage provider (Halifax) agreed to this as long as we completed after the 6 months.
Good luck with everything

Which is contrary to its criteria, which states;-

Sub-sales and back-to-back transactions are not acceptable.

A sub-sale occurs when a property is bought and then sold on within six months, i.e. the borrower is buying the property from someone who has themselves bought the property less than six months before. The date of registration at the Land Registry is how we determine the length of ownership.

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

Badgerette27

kingstreet wrote: »

Which is contrary to its criteria, which states;-

Yeah, i read that too. Our broker phoned them and they said it was ok as there were only about 3 weeks till the 6 months were up.

cowiemonster

Just checked with mortgage provider, if we were to sell within a year we would take a 5k hit. I'm not sure it's worth it but I'm now facing the possibility of living in a house / area which I don't belong. My family are 600 miles away and I feel like making a fresh start.
I'm not sure if I could bear to be in the house for another year on my own. Couple selling the house with solicitors fees and removals and costs of finding new place, either way I'm not in the best of positions.
Not sure to go with head or heart.

Mickygg

What's £5k in a situation like this? If you can afford it (although a hit) I would get rid and go to your family. Moments like this I personally say life and health is more important - as long as you can afford it.

Sorry for your position.

TBagpuss

If you can't afford to sell immediately, would it be possible for your husband to remain in the house and pay the mortgage for the present and for you to rent? you would need to discuss between yourselves the costs and how this would be reflected - eg. if renting is more expensive and/or your income lower than his, he might need to provide you with some financial support, and vice versa if the mortgage or your income is higher.

IronWolf

cowiemonster wrote: »

Just checked with mortgage provider, if we were to sell within a year we would take a 5k hit. I'm not sure it's worth it but I'm now facing the possibility of living in a house / area which I don't belong. My family are 600 miles away and I feel like making a fresh start.
I'm not sure if I could bear to be in the house for another year on my own. Couple selling the house with solicitors fees and removals and costs of finding new place, either way I'm not in the best of positions.
Not sure to go with head or heart.

There is more to life than money. It depends how much that £5k charge will affect you. If it means you wont be able to go out or eat well for a few months then Id consider it carefully. If its just going to reduce your bank balance then I think your happiness and wellbeing should be put first.

hazyjo

You probably will be eligible for FTB mortgages if a brand new mortgage in your own name. It's not like you're remortgaging. You could always consider renting for 6-12 months first...

FTB mortgages are often not not as literal as they sound.

Jx