Buying house last sold under six months ago - problem?

firsttimesellerldn

Hi

Me and my partner had an offer accepted on a house which was sold the current owner on 25 March 2020. The estate agent said the reason for the sale is that they were intending to rent it out but then got into financial difficulties due to coronavirus so need to sell. 

Our mortgage application has just gone in to Platform. I read online yesterday about a '6 month rule' which means most lenders won't lend on a property which was last sold under six months ago, and that the relevant date is when it was registered with the Land Registry. I'd not heard about this before so am just wondering if it's going to cause us problems. I'm not sure how I tell when the sale was registered with the Land Registry. The title register gives a bracketed date of (26.03.20) and doesn't mention any date later than that, so is that the registration date? If so do you think it's likely to be okay, given we're very nearly at six months since the registration? Am surprised no-one mentioned this to us when putting in an offer! 

Thanks in advance for any advice 

Thrugelmir

You'll be well clear of 6 months by the time the transaction is completed. 

firsttimesellerldn

Thrugelmir said:

You'll be well clear of 6 months by the time the transaction is completed. 

Definitely! I'm just not sure whether the lender approaches it from that angle, or whether it's when you apply/when they value it? 

ACG

Thrugelmir said:

You'll be well clear of 6 months by the time the transaction is completed. 

You will be well clear of 6 months by the time platform even look at the case. You might be closer to 6 years! 

They are shocking at the minute. But yes there is a 6 month rule, you might want to check if the 6 month rule with platform is based on the date of application or not. If it is, Platform can be quite pedantic at times so could be an issue when they eventually get round to looking at your application.