Waiting 6 months to sell after buying

fazrewards

Hi all,

I have a request from a friend but was not sure of an answer after googling it. He is buying a property using cash. Once he buys the property does he have to wait 6 months to sell if someone wants to buy the property of him if they are taking out a mortgage?

This is a reference below but aware of the 6 month rule. I am just wondering is there anyway around this or is it pretty much locked up with all lenders? If someone has success around it?

I did come achttps://www.foxdavidson.co.uk/6-month-mortgage-rule/#:~:text=The 6 month mortgage rule,for less than 6 months.

[Deleted User]

Not waiting 6 months to sell will restrict the pool of potential buyers because some mortgage lenders do not lnd on properties purchased less than 6 months. If a cash purhase wouldn't matter but with mortgage might struggle 

fazrewards

Zoe02 said:

Not waiting 6 months to sell will restrict the pool of potential buyers because some mortgage lenders do not lnd on properties purchased less than 6 months. If a cash purhase wouldn't matter but with mortgage might struggle 

Yes aware of this, was trying to find out if has anyone had experience to bypass this?

Brie

I think also that some prospective buyers will see this as a red flag and be put off purchasing.  I would certainly question it and be cynical about the answers I receive.  Maybe the seller has discovered the neighbours are a right pain, maybe there are plans being discussed to put a big shopping centre nearby, maybe they've discovered their road is a commuters' rat run. 

If someone is selling so quickly I would wonder why bother with the hassle and expense - better to just put one's money in several savings accounts.

GrumpyDil

Unless of course the idea is to flip it by doing work on the property and sell it in for a profit. 

Brie

GrumpyDil said:

Unless of course the idea is to flip it by doing work on the property and sell it in for a profit. 

Yes but that will be obvious from the original online profile & price and the current ones.  Pictures of an old wreck of a place costing tuppence versus a shiny new looking architect's dream home costing millions.

Jonboy_1984

A whole of market mortgage broker should be able to find an appropriate mortgage quite easily for a standard buyer. Some of the mortgage companies will only lend if the buyer will be residing in the property (I.e not BTL etc). 

(Don’t forget that by the time the standard searches have taken place, the previous sale expedited at land registry and the rest of the normal sales process has gone through three of the 6 months will likely have passed anyway…)