Property owned by seller less than 6 months

JulieJJJ

Hi all,
I just put an offer on a property which has been accepted – great news! However, upon talking to a solicitor, it feels that the fact that it has been owned by the seller for only a few months (smth like 4-5 months) could be an issue as banks are often reluctant to lend on such an occasion as they fear scam of some sort, bankruptcy etc. Now after talking to a few brokers, the mortgage should be ok, but the key question is my money safe? Is there a threat to get into any disputes, fraud etc?

My problem is that I got into major, major trouble by buying smth like this which has been bought and resold within months in a different country, I recognize that it is different, but if there is any residual risk, I know I will not be able to sleep well at night... The property is great, only saw 3-4 similar ones on the market in the 4 months I have been looking, but of course it is not the only one in London…
Any advice highly appreciated!
Julie

Gwhiz

If the lender is happy, and you are content that the seller is moving on for a valid reason, then I cannot see any problem.

John_Ma

Like stated above I dont see any problem. Try to find out the situation of the seller and maybe it will help you to understand why they are selling so soon.

quidsy

I would be concerned with what is the reason behind such a quick sale. May not be related to a scam but it could be another unsavoury reason. Issues such as terrible neighbours, vandalaism, crime etc.

Worth some additional investigation into the area.

Guest101

Speak to the local neighbourhood policing team

MonsieurFrugal

Perhaps they've carried out improvements on it and are selling it on?

Like these TV programs Home under the hammer etc.

JulieJJJ

Sorry, should have specified - the seller is a developer, they just renovated the flat and are selling it on

suelizab

well then!

Amatheya81

This is a perfectly normal sale them. Owner buys properties, does them up and sells them on as quickly as possible. Nothing strange in that.

[Deleted User]

If they have owned it for 5 months already, and you're starting the buying process now, then is it not likely that by the time the property changes ownership to you that they will have owned it for 6 months?

JulieJJJ

It will be 6 months, but my concern is less about the formality of the mortgage (that, according to a few brokers I asked, can be sorted), but more about legal stuff, is there any danger any past owners or their relatives will start claiming the flat back e.g on the ground they were pressurised into the sale, in bad mental health when they signed the document etc?

I know it sounds paranoid, but it did happen to me before, albeit as I said not in the UK, hence the reservations. And yes, it can happen later as well, but probably the ghosts of the past are very remote when smb owned for 5 years?