6 month rule

davidmcn

eddddy wrote: »

Out of interest, is the previous sale showing in Land Registry's price paid data?
http://landregistry.data.gov.uk/app/ppd/

Thinking about it, Nationwide's valuer would have done a search for 'comparable' transactions - so he/she should have found the previous one.

Depends when it was registered and how quickly transactions show up in the data.

I would have thought the valuer would then mention the previous transaction in their report to Nationwide - but who knows?

Don't think they're generally asked the question - it's for the solicitors to check.

xjambix

Yea it’s on the land registry.

teneighty

There are experts on the mortgage board that will probably know.

I bought a house a couple of years ago with vendor owning less than 6 months and I had terrible trouble getting a mortgage. I approached Nationwide and they were a definite NO but that might have changed by now.

I was on the verge of giving up when the third mortgage broker managed to find a lender but I got the impression that was just him talking directly to the underwriters and explaining the circumstances of the vendors selling early.

elsien

When you say your buyers are moving in on 31st, have you exchanged with them? Or is it a provisional date completion that they don't want to change?

Richard_Webster

It might be a good idea to contact Nationwide directly rather than waiting for your solicitor to do it.

Who are you going to contact at Nationwide? The branch wherr you submitted your application? They won't have a clue about this level of technicality - all they do is pass stuff on the head office and there's a good chance it will get lost. Solicitor contacts people who are closer to those who actually deal with such matters so easier for him to get an answer and even if Nationwide tell you something on the phone your solicitor will still want it in writing from them - so press him to make the contact.

xjambix

It’s a provisional date that they don’t want to change. They offered us waaaaay over what it was valued at so we don’t really want to push back too much incase they pull out. We might never find a buyer offering that much but we’ll probably find another house.

kirtondm

In that case consider putting your stuff in storage and getting a holiday let / stay with friends family for the GAP.

We did that last time as we had such a good over for selling our house we didn't want to loose it.

IF possible exhcnage contracts at the same time but with diffrent completion date's to enable the 6/12 minum peroid in the purchase.

hazyjo

If the lender isn't happy, I second a holiday let. Try to see it as a little break or adventure (I know it's hard!)! Separate your stuff into what needs to be with you and what can go into storage. Personally, I would get removal bods to pack it all up, cart it off, and then deliver it when you complete on your purchase.

You can prob exchange on your onward purchase (solicitor can check with lender) if the actual completion date falls after the 6 months. That would take the pressure off. tbh it's only another 4 weeks or so after completion on your sale. Presuming you have around a week between exchange and completion on your sale, it only makes it around 5 weeks between your exchange and completion on your purchase. At least the stress will be eased if you exchange on your purchase and that's not in limbo.

The positives:

It's not school holidays so accommodation/hols will be quiet and cheaper.
You don't have to worry about schools.

Could your cat stay with family or friends or even a cattery for some of that time?

Is there anyone nearby who could put you up? Family?

Try to break it down rather than seeing it all as one big problem and deal with each problem individually. You could even throw in a holiday for 2 weeks if you have the money and annual leave, then just stay elsewhere for 2 weeks.

You'll be dining out on it for years to come...

oystercatcher

Someone in my family is experiencing exactly this problem at the moment. They are buying a property which was inherited less than six months ago. They were going to move in with us for what they thought would be just a few days until the six months was cleared . However they are on very good terms with their vendor and have been allowed to move in to the empty property 'as guests' which is far more convenient for them and saves rent and commuting costs. Very risky from the vendors point of view considering they haven't even exchanged contracts !

However the couple of days is now almost 2 weeks and still no signs of contracts. I am sure it will all work out though as all lovely people involved. If only everyone was 'nice' .