Selling house before 6 months

Haz29

So basically bought my bungalow last month and fell out of love with it. Have not even moved into it and not planning on. And circumstances changed from when i first started the buying process meaning i no longer need to move out . And in future will want a property closer to home.
So i heard i cannot sell within 6 months. How does that work? I cannot advertise until 6 months are up or is it so the completion date has to be atleast 6 months after i bought it so for example i can put it on the market after 5 months?
How does it work ? I really need help with this topic its really bothering me now
Thanks

mije1983

It's not that you can't sell it, it's just that banks won't generally lend on houses that were purchased less than 6 months previously. So you can put it on the market today if you wish, but you would either have to wait 6 months before your buyer could get a mortgage, or limit yourself to cash buyers.

However, you also will have suspicious buyers who wonder what is wrong with the property for you to be selling so quickly. Some will think your story is just a cover as there are issues with the property, area etc.

Murphybear

Can you rent it out for a while? In our part of the world (South West) bungalows for rent go very quickly and at much higher rents than equivalent size houses.

Slithery

You can sell it, it's just that most mortgage providers won't lend on a property that's been purchased in the last 6 months.

That means you're going to have a much smaller market as it will be cash buyers only that can purchase it.

G_M

Murphybear wrote: »

Can you rent it out for a while? In our part of the world (South West) bungalows for rent go very quickly and at much higher rents than equivalent size houses.

That is, of course, the other option - but not to be entered into lightly. Read

* New landlords: advice, information & links

Haz29

Its in a nice quiet mews area and nothing wrong with the property. All done up doesnt need for nothing.
As for morgage lenders mot lending it.
What if i advertise after 5 months by the time a sale is complete minimum time owned will be 7-8 months , or is that not how it works.?
Thanks

Thrugelmir

Might as well start to market the property. Time soon passes.

mije1983

Haz29 wrote: »

Its in a nice quiet mews area and nothing wrong with the property. All done up doesnt need for nothing.

I'm not disputing your reasons, but potential buyers may think something is fishy.

Haz29 wrote: »

What if i advertise after 5 months by the time a sale is complete minimum time owned will be 7-8 months , or is that not how it works.?
Thanks

You can advertise whenever you want. Bear in mind that if you do put it on the market after 5 months, or sooner, you will need to tell any prospective buyers that they won't be able to apply for a mortgage for a month.

Haz29

If i market it now its will put off buyers wont it, so its best to just wait till the 6 months pass?

So buyers cannot apply for morgage before 6 months ( because bank will refuse) ? Is that it, or the 6 month rule comes in force when the bank is about to release the money

Haz29

Also is it better to do viewings myself or let estate agents handle it?
Thanks

AdrianC

Haz29 wrote: »

So basically bought my bungalow last month
...
And circumstances changed from when i first started the buying process meaning i no longer need to move out

Move out from where? Where you used to live? Sure, you don't NEED to, but don't you WANT to?

And in future will want a property closer to home.

How can anywhere be "closer to home" than your home?


You're talking about your parents' home, aren't you? Just because they live there, doesn't mean you always have to unless and until you somehow can't. It's an essential rite of passage into adulthood to get your own life established, and you cannot do that while you live with your mum.

So i heard i cannot sell within 6 months. How does that work?

You can advertise, you can sell.
Potential buyers may not be able to get a mortgage.


Either way, it's going to cost you a small fortune. It's a big step, buying your own home - and so's moving out from your parents. I can't imagine what doing both together must feel like... Daunting doesn't begin to describe it.


But, unless you're going to be one of those people still living with their ancient parents well into late middle age, you really do need to do it some time. Why not now...?