House sale less than 6 months after buying

ERICS_MUM

Apols if this is a silly suggestion but could you rent the house out for a while and use the income to pay the rent on a house in the area you need to live in now. If you did this for say one year, making it 18 months since you bought, it would make it easier to attract buyers.

Good luck whatever you do, sound a tough situation. Xx

D00gie72

Excuse my ignorance but how to property developers get around this rule? Surely developers would want to turn their projects round quickly and can't wait a year or 6 months before re-selling.
~just curious.

kingstreet

Halifax criteria on the issue;-

Sub-sales are not acceptable.

A sub-sale occurs when a property is bought and then sold on within six months, i.e. the borrower is buying the property from someone who has themselves bought the property less than six months before. The date of registration at the Land Registry is how we determine the length of ownership.

This means that the current vendor must have owned the property for at least six months before we can accept an application to purchase that property, unless the property has been inherited.

The following cases are exceptions where it is acceptable for the property to be sold on within six months of acquisition by the seller.

Where sales are by:

A personal representative of the registered proprietor; or
An institutional mortgagee exercising its power of sale; or
A receiver, trustee-in-bankruptcy or liquidator; or
A developer or builder selling a property acquired under a part-exchange scheme.

We will also accept Inherited properties where the applicant is a beneficiary but has not owned the property for 6 months. The conveyancer will be responsible for ensuring the application meets the acceptable criteria.

Applications which involve assignable contracts or irrevocable powers of attorney in favour of intervening sellers are not acceptable. Any other structure to the transaction which has a similar effect should be reported to us.

Haz29

Did you sell your house in the end?

ashe

This is a very old thread, view the op!!!8217;s history to see what she!!!8217;s been up to since.