Moving after 3 months

looknohands

Before I contact my lender I was just wondering if anyone had experience with moving very quickly? What are the realistic possibilities of buying a property are after 3 months in our current property.

Our mortgage is a 2 year fixed with Virgin Money, when we bought our house we were new customers with them. Would be looking to stay with them and move the mortgage to a property that was £40k more expensive.

We can easily sell our house for cost + cover fees and we have the additional deposit.

frugalsmurf

I once sold a house 6 months after moving in although we completed in month six so sold it at month four.we didn't have any issues other than people asking why we were moving so soon.

But from reading mse I think there's issues with selling Before 6 months

Contemptuous

Your buyers will possibly have a problem obtaining a mortgage if you've not owned the property for at least 6 months.

looknohands

Why would it be my buyers problem getting a mortgage? Seems strange? could you explain a bit more. The house is in fine condition we have surveys both stating this and lender was fine for us.

We've just seen something we prefer around the corner and it would be a shame to miss out.

Trying_to_be_good

It'll take weeks to sort out, in any case, so will it be six months at the point of completion if all goes smoothly?

elverson

You can expect your buyer's solicitors to look at it with suspicion.

looknohands

Suspicious as in they think I'm doing something dodgy?

I bought a house I really liked, but in the past three months my business has made a lot more money so I want to buy a house I like even more that is bigger than the current house. Not sure why that would be a concern to a buyer?

What happens when people buy houses to do up and then sell them after a few months? Essentially we've done the same, decorated it, changed the carpets cleaned up the kitchen and bathroom and had it re-plastered.

I can prove all the money has come from a business if that's what you mean?

And yes It would most likely be at 6 months by the time the chain completed.

Brock_and_Roll

A sensible buyer is likely to be suspicious about such a short ownership. For example:


1) Has the owner discovered they have a neighbour from hell?


2) Is there some defect with the property or other issue?


3) If the price has increased substantially, do might suspect that the owner is trying to turn a quick profit by just tarting the place up.


4) Buying and selling a property is expensive - why is the seller wanting to incur most costs only months later?


Reasonable questions - as a seller, the OP will just need to be able to logically explain why they are selling.

looknohands

Thanks I'm not too worried about selling the property, it's a great house, really good location and the neighbours are lovely, which is why I bought it, they had around 50 viewings and 10 offers when we bought it and houses on our road sell in less than 5 days recently. Understand the concerns though.

Plan was to sell for cost we bought to ensure quick sale (as houses on street sold for 15 & 20k more this month), we're not bothered about losing money on the cost of moving and will put it down to in-experience. We should have waited 6 months longer and we would've been in a better situation to buy the bigger house but we didn't know we'd have the additional deposit back then.

My concern was more why would the buyer not get a mortgage on the property?
and whether I can port the current mortgage in such a short time (under 6 months), we would be borrowing the same just adding more deposit, or do I need to cancel the deal pay the fine and reapply to get the new house?

Contemptuous

Due to lenders' policy. They call it a sub sale.

looknohands

I've just read about sub-sale, not sure i follow, I own the property and have completed, it sounds like this is before completion?