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6 month rule on selling a house
mozzer1966
Posts: 30 Forumite
My friend has recently bought a property CASH and has refurbished it and wants to move it on but has been told that they must have owned the house six months before they can do this is there away around it
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Comments
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Who has told him this?0
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Get a cash buyer?0
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apparantley mortgage companies are not willing to offer a mortgage funds if the house has not been owned for six months due to money laundering regulations they have looked on mortgage websites but canot find anything in their terms and conditions but has been told of a FA that they do .0
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mozzer1966 wrote: »apparantley mortgage companies are not willing to offer a mortgage funds if the house has not been owned for six months due to money laundering regulations they have looked on mortgage websites but canot find anything in their terms and conditions but has been told of a FA that they do .
So it's not a 'law' then, it's just general business practice.0 -
the only thing is how do other people get around it ??? many do but are not forthcoming in how they do it.0
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mozzer1966 wrote: »apparantley mortgage companies are not willing to offer a mortgage funds if the house has not been owned for six months due to money laundering regulations they have looked on mortgage websites but canot find anything in their terms and conditions
It forms part of the Council of Mortgage Lenders Handbook (which details what the lenders' solicitors have to certify).mozzer1966 wrote: »the only thing is how do other people get around it ??? many do but are not forthcoming in how they do it.
I'm not convinced they do get around it. I'm not aware of any mainstream lenders who will (normally) take a view. I think they have differing policies on when the six month period ends (i.e. date of mortgage application, offer or completion) - there have been other threads here (and on the mortgage board) discussing it if you want to search.0 -
it will take the 6 months to sell it so take the time they bought it to now how long is left. market it and complete after the 6 months0
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they saidthey looked at the CML but carnt see anything some must because they know many who have mangaed to do this is it a case of the person who is selling the house paid cash and the purchaser is getting a mortgage.
when you look at progrmmes like Homes under the Hammer this is never mentioned and people sell the houses well with in the six month period.
did hear that if you have a portfolo of works that are carried out this is taken into account by the lender ?????????/0 -
When you say they paid "Cash" ? Do you actually mean they had cleared funds in an Account and transferred it by BACS ?0
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he person who bought the house paid cash cleared funds and tracable then they renovated it within 3 months and now want to sell it on0
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