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Cant buy,renovate, and resell in under 6 months.
frosty5660
Posts: 3 Newbie
Hi,just a bit of advise for any property developers unaware of new money laundering rules. You now need to wait 6 months before reselling a property and its not from the date of entry its from the date its registered on the land register which can be another 2 months on top of that.
I bought a house on the 5th April this year done the work needing done (full rip out) and was ready to put on the market end of August, had a buyer lined up but when they applied for a mortgage that's when the new laws came to light. The mortgage company wouldn't consider there application until the 7th December as the house wasn't registered until the 7th June.
It might be worth checking this out if your thinking of a quick turn round on a property.
I should add that I live in Scotland so don't know if its a all over uk.
I bought a house on the 5th April this year done the work needing done (full rip out) and was ready to put on the market end of August, had a buyer lined up but when they applied for a mortgage that's when the new laws came to light. The mortgage company wouldn't consider there application until the 7th December as the house wasn't registered until the 7th June.
It might be worth checking this out if your thinking of a quick turn round on a property.
I should add that I live in Scotland so don't know if its a all over uk.
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Comments
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Its not money laundering, its to do with mortgages. A cash buyer would have no issue purchasing.0
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AnotherJoe wrote: »Its not money laundering, its to do with mortgages. A cash buyer would have no issue purchasing.
And I understand it's not a blanket rule, but varies by lender.0 -
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frosty5660 wrote: »You now need to wait 6 months before reselling a property
No, you don't. Some buyers may find it easier to get a mortgage on a place that hasn't been owned for a short time.and its not from the date of entry its from the date its registered on the land register which can be another 2 months on top of that.
It may only reach the LR two months later, but the relevant date would always be the actual completion date, which is what's on the LR entry. And that's the date that's easily obtained by the usual historic price searches - unless, by some miracle, both this house and the one we sold happened to be processed by the LR on the same day as completion...I bought a house on the 5th April this year done the work needing done (full rip out) and was ready to put on the market end of August, had a buyer lined up but when they applied for a mortgage that's when the new laws came to light.
No new law, just the lender's preference...The mortgage company wouldn't consider there application until the 7th December as the house wasn't registered until the 7th June.
...with a healthy dose of Chinese Whispers.0 -
AnotherJoe wrote: »Its not money laundering, its to do with mortgages. A cash buyer would have no issue purchasing.And I understand it's not a blanket rule, but varies by lender.
And there's nothing Scotland-specific about it.0 -
Then both my solicitor and the buyers solicitor must be wrong in saying its not the completion date/date of entry,and its when its registered on the land register.0
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frosty5660 wrote: »it's not from the date of entry its from the date its registered on the land register which can be another 2 months on top of that.
It certainly shouldn't be 2 months - your solicitor should be sending your application off straight away, normally I'd expect only a matter of days between settlement and the date of registration. If you had a 2 month delay then something went wrong - any idea what?0
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