Relocated and bought house but don't like it.

Sparklypot

Last year we decided to move 250 miles to be closer to family(grandchildren mainly). Lived with family for a few months and had no luck with buying as prices went through the roof. So in desperation moved back to where we came from and bought a house. We now regret buying the house. Is there any time limit on how long you can live in it before selling?would we pay cgt? We also have a fixed rate with Halifax,I guess we'd have to pay a redemption fee as well? Has anyone done the same thing? So stressed and anxious,wish we'd not come back...☹

lesalanos

There will be an early redemption fee stated in the mortgage 

theoretica

If it is your main residence there will be no capital gains.  It can be harder to sell within the first 6 months as it can be hard for the next buyer to get a mortgage.

theartfullodger

You can sell same day or next you move in. (A bed and breakfast deal)

But depending on what you've agreed to (insurance, broadband, mortgage, contents you've bought.... Etc etc...) There may be ££££ or other penalties.

NameUnavailable

Best to wait at least 6 months (less than that and potential buyers could have problems with mortgages).

Just get it on the market and start again. You may be able to port the mortgage to another property. There are the legal and other associated moving costs to swallow but if you're not happy then you just have to accept the costs/losses as a consequence of making the decision.

I lost a huge amount to get out of an unhappy position and don't regret it.

simon_or

No CGT as it's your main residence. Halifax mortgages are usually portable.

As mentioned, it might be worth waiting for 6 months from purchase date before going back to market.

ironlady2022

You can start the leg work now and get estate agents in, get photos done and put it up nearer the 6mo mark. 

Alfrescodave

What are your plans when you've sold the house? Do you intend renting locally or again move nearer to family? Either option could easily take 6 months 

london21

Better to sell after owning for at least 6 months, it gives your buyer option of more lenders and widens your buyer pool. 

Sparklypot

Now we've moved back we realise we've made a mistake and we should've stuck it out where we were. Feel so stupid. The house we've bought has more issues than we realised (we did have a survey but things are now going wrong). We've already started working on the house to improve it so it's going to be 6 months at least anyway. I think we will go back to be with family. Don't want to make anymore mistakes,this has been an expensive one.

SuseOrm

Just don’t spend too much money on it because you might not get that money back in fact the chances are you probably gonna lose 10 grand most people spend that on solicitors estate agent stamp duty etc each time they move.  

I’d just give it a bloody good clean and a lick of paint