Lived in home for 3 months want to sell.

martin1959

Unless thing have changed recently under the MMR, lenders do not have an issue with properties that were previously sold within six months. All a lender is interested in is, is it adequate security for the loan being made.


In this area (Essex) there are properties being bought all the time for refurbishment. They are 'done up' and then put back on the market a few months later for £x more.


There are a few comments here about surveys....most people when arranging their mortgage DO NOT have a survey. They have a mortgage valuation. This is not a survey. It is not done for the purchaser, it is done for the lender to determine if the property is adequate security for the loan.


Most lenders offer a valuation (typically on £250k property) about £400, a Homebuyers report (or similar) for about £700, or structural survey which would normally be priced independently by the surveying firm contracted by the lender, but expect it to be about £1000.


There is NO comeback on a mortgage valuation, and limited comeback on a homebuyers report, as there will be numerous 'get out clauses'. For example, if you find damp in the kitchen which the surveyor would not have been able to see due to the kitchen units, or if there is rot in the floorboards which could not be seen due to fitted carpets the owner would not allow the surveyor to lift.

My advice would be certainly not to say that you bought the place and now do not like it, but to come up with a plausible explanation and stick to it ie now need to move nearer to work or you bought the property with a view to refurbish and then resell etc. But make sure the estate agent is told the same thing!
Whenever I sell a car it is never because there are a few things that are likely to go wrong shortly, it is because 'the company are insisting I have to have a company car' and I always go into details about the horrible model I am being forced to drive and moan about the tax implications and the fact I no longer have a choice....generally they feel quite sorry for me. Its all down to making it sound believable. Do I feel a bit guilty? yes.....does it sell the car?.....yes.


However, if I was buying your property, and this is advise I always gave to my mortgage customers who were purchasing, would be to visit the property at various times of the day/night and weekend to see if there is anything obvious. For example, we live about half mile from a football stadium. I would never host viewings on a match day as the traffic is terrible, and the bloody fans park everywhere, normally blocking our drive!


I would suggest that if you are buying a property (I ALWAYS do this), I would knock on both the neighbours doors, and tell them you are thinking of buying next door, and you want to know what the area is like. Whilst they may think your a bit strange, if will give you an insight into the neighbours.....was there 4 dogs barking when the doorbell went off, was there numerous prams in the hallway, was the decoration ok (gives an indication if they look after there own property), do they seem friendly.....


When you view the property, make sure you look over the fences (or from upstairs if house) into the neighbours gardens.....Do they keep them reasonably well maintained.


I had one customer who bought a bungalow and moved in, only to find his neighbour had a hobby of breaking and building cars, and the garden looked like a scrap yard. As there was a 6' fence, he did not see this when he viewed the property, and the seller 'forgot' to mention it...