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Selling a house 3 months after buying?
19parker91
Posts: 5 Forumite
Hi wondering if anyone can help. We did a rent to buy scheme on our house where after 5 years we could buy, which we did in September. We needed to put it straight up for sale as need a bigger house and got accepted on a new house. I've now been told it could cause issued for the buyer of our house which are first time buyers. Does anyone have any experience with this? With their lender be ok with the fact it's a rent to buy? Valid reason for moving? And making no profit?
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Yes, it could be a problem, as mortgage lenders generally at least want it to be flagged up to them that the seller has owned for less than six months. So it's possible they'll view it as too risky/complex to think about. The circumstances might help.0
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It might have been me who raised it I would ensure your solicitor knows and ask them if the buyers solicitor knows and if it will cause any problems.
The circumstances might help because it's not a flip which is why they don't like it - a money laundering thing. Generally though, the majority of lenders want 6 months between different ownerships so definitely raise it now just in case.
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Its bound to be over the six months once you get to completion."You've been reading SOS when it's just your clock reading 5:05 "1
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Yes it was you housebuyer143 that raised it and thank you for informing me as I wasn't really aware. As said before our solicitors are aware of it because currently our land registry application has been expedited. It would be within 6 months before we move as the house we're moving into has no onward chain and the people buying ours is first time buyers 😥. Really put a damper on things now and I'm hoping it doesn't jeopardise the whole move.0
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Oh sorry!! I'm sure it's fine if your solicitor knows but doesn't hurt to ask them to put your mind at ease. Your situation is not typical so it might be that it's not an issue.19parker91 said:Yes it was you housebuyer143 that raised it and thank you for informing me as I wasn't really aware. As said before our solicitors are aware of it because currently our land registry application has been expedited. It would be within 6 months before we move as the house we're moving into has no onward chain and the people buying ours is first time buyers 😥. Really put a damper on things now and I'm hoping it doesn't jeopardise the whole move.1 -
No don't be sorry, I'll take all advise and risks given being my first time selling. I'm going to speak to my solicitor again today and hopefully will shed a bit more light on the situation, specially as we can provide proof of the scheme etc.0
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Even with such a short chain conveyancing is taking a long time. I wouldn't expect completion within the next 3 months which will then take you over the six month timescale.19parker91 said:Yes it was you housebuyer143 that raised it and thank you for informing me as I wasn't really aware. As said before our solicitors are aware of it because currently our land registry application has been expedited. It would be within 6 months before we move as the house we're moving into has no onward chain and the people buying ours is first time buyers 😥. Really put a damper on things now and I'm hoping it doesn't jeopardise the whole move.2 -
We usually suggest about 12 weeks as being a minimum timescale for a freehold purchase - if there is anything leasehold in there the minimum usually increases to around 16 weeks.
Allowing that you have a legitimate reason for the sale which can be reported back to the buyer's lender via their solicitor, I wouldn't worry too much.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her1 -
I think the 6 month thing is a money-laundering related requirement, which lenders are usually pretty hot on. Given AML compliance is generally administered by unthinking 'computer says no' box ticking types of automatons, I'm not sure I'd even begin the conveyancing process before 6 months had elapsed, given it's such an obvious thing for a lender to reject.0
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Could be, why not just wait another 3 months to start selling?0
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