6 month rule?

Jmn

Hi everyone, myself and my pregnant wife are first time buyers in Scotland. We had agreed to buy a house in April moving in on the 29th, unfortunately 4 days before we were due to move in the sellers pulled out. Apparently there was nothing we could do as missives hadn't been concluded.
A month on and we seen another newly renovated house we liked, we made an offer which was accepted and done all the mortgage bumf over again receiving our official offer on Saturday. The completion date agreed is next Friday. I have today recieved a call from my solicitor advising that he will have to inform my lender (RBS) that the seller has owned the house less than 6 months. The seller is a developer. I until now, was unaware this was an issue and surprised that both sellers solicitors and mortgage valuer didn't flag this up until now.
Has anyone got any information on how this is likely to turn out? I understand this is a regulation to prevent money launderers.

davidmcn

How long until six months are up?

Have you concluded missives?

Jmn

Hi David, thanks for your response.

The seller bought the house on 29th February. Missives not concluded yet as my solicitor noticed this issue on receipt of my mortgage offer.

davidmcn

Ok, at least you have the freedom to wait (or pull out) if necessary. All you can really do is let your solicitor ask the bank and see what their reaction is, I can't recall any cases where that's been necessary (apart from the permitted exceptions to the rule - but this doesn't sound like one of them).