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    • lauravenue
    • By lauravenue 28th Feb 17, 3:08 PM
    • 25Posts
    • 2Thanks
    lauravenue
    House sale less than 6 months after buying
    • #1
    • 28th Feb 17, 3:08 PM
    House sale less than 6 months after buying 28th Feb 17 at 3:08 PM
    Hi all,

    I posted a few months ago, before my house sale went through, saying that we had changed our mind about the area but it was too late to pull out. We bought our house on 16th December, and have been here 2 and a bit months now.

    I have spoken to Halifax and Purple bricks about re selling so soon, and both have said it's possible, however Halifax said that there is a law that under 6 months of buying a house you cannot sell it again. They were slightly vague, so I just wondered if someone can confirm?

    We have the money available for fees to sell our house, and fees to buy a new house, so that is covered, it's just when we are able to do it is our issue. They did say they think someone applying for a mortgage on our house wouldn't be able to get one if it hadn't been owned for 6 months yet, is that also true?

    I am just trying to work out whether I should put the house up for sale 3/4 months after buying, as chances are we won't get an offer straight away, I assume it will take a while, so hopefully not to have that 6 month issue, or should I wait until 6 months after just to make sure that there are definitely no issues.

    The estate agent said that as we had reason we wanted to move, and that reason was in place before we even purchased, that he thinks explaining to new buyers that it is life related, not house related, that shouldn't hopefully cause too much of an issue.

    Any advice would be greatly appreciated.
Page 1
    • Slithery
    • By Slithery 28th Feb 17, 3:13 PM
    • 2,059 Posts
    • 3,432 Thanks
    Slithery
    • #2
    • 28th Feb 17, 3:13 PM
    • #2
    • 28th Feb 17, 3:13 PM
    There's no law on reselling a property so soon, it's just that a lot of mortgage companies won't lend on a house that has been purchased less than 6 months ago thus severely limiting your market.
    • Pixie5740
    • By Pixie5740 28th Feb 17, 3:15 PM
    • 13,748 Posts
    • 19,908 Thanks
    Pixie5740
    • #3
    • 28th Feb 17, 3:15 PM
    • #3
    • 28th Feb 17, 3:15 PM
    The issue you face is if your buyer requires a mortgage. Mortgage lenders do not (generally speaking) grant mortgages to buy properties that have been owned by the seller less than 6 months. This is to help comply with anti money laundering regulations. If you can find a cash buyer then it should alleviate this problem.
    • eddddy
    • By eddddy 28th Feb 17, 3:19 PM
    • 8,668 Posts
    • 9,021 Thanks
    eddddy
    • #4
    • 28th Feb 17, 3:19 PM
    • #4
    • 28th Feb 17, 3:19 PM
    You can start marketing it before 6 months is up, but warn your buyers not to put in a mortgage application before 6 months is up.


    Here's what some mortgage lenders say about the "6 month rule": https://www.cml.org.uk/lenders-handbook/englandandwales/question-list/1813/
    • societys child
    • By societys child 28th Feb 17, 3:30 PM
    • 6,448 Posts
    • 7,631 Thanks
    societys child
    • #5
    • 28th Feb 17, 3:30 PM
    • #5
    • 28th Feb 17, 3:30 PM
    As above, you could put it on the market now but be open and honest with any prospective buyers.

    • G_M
    • By G_M 28th Feb 17, 3:58 PM
    • 50,138 Posts
    • 62,493 Thanks
    G_M
    • #6
    • 28th Feb 17, 3:58 PM
    • #6
    • 28th Feb 17, 3:58 PM
    Not a problem for a cash buyer.

    If buyer is getting a mortgage see advice above.
    • dirty_magic
    • By dirty_magic 28th Feb 17, 6:25 PM
    • 1,088 Posts
    • 1,871 Thanks
    dirty_magic
    • #7
    • 28th Feb 17, 6:25 PM
    • #7
    • 28th Feb 17, 6:25 PM
    In all honesty, I wouldn't even view a house that was put back on the market this quickly. Maybe I'm an unusually distrustful sort, but as soon as I saw the previous sale date I'd just assume bad area, bad neighbours or bad house and click on the next one.

    (Edit: Sorry, I seem to be a bit doom-and-gloom today. It's an awful situation you've found yourself in, I really wish there was an easier "fix".)
    Originally posted by Penitent
    We did view one that was on the market after 6 months. The owner said they were moving so soon because they were outside of a school catchment area for the school he wanted, but to be honest I didn't believe him. I wondered why he didn't pull out before the sale because the catchment areas hadn't changed.
    • teddysmum
    • By teddysmum 28th Feb 17, 7:13 PM
    • 9,174 Posts
    • 5,465 Thanks
    teddysmum
    • #8
    • 28th Feb 17, 7:13 PM
    • #8
    • 28th Feb 17, 7:13 PM
    If it's marketed now and , because of the 6 month period affecting people's chance of getting a mortgage, the house gets little early interest, later viewers may be put off by the fact that it's been on the market for so long, suspecting a problem.
    • ellie27
    • By ellie27 28th Feb 17, 8:53 PM
    • 1,067 Posts
    • 719 Thanks
    ellie27
    • #9
    • 28th Feb 17, 8:53 PM
    • #9
    • 28th Feb 17, 8:53 PM
    Just wondering what is so wrong with the area? Why don't you like it? Viewers will ask why you are selling? They will assume there is something wrong with the house/area.
    • AnieKitten
    • By AnieKitten 1st Mar 17, 11:11 AM
    • 7 Posts
    • 7 Thanks
    AnieKitten
    I would be inclined to leave the sale of the house as long as you possibly can - at least 6 months. Even with a genuine reason to sell, the buyers would be suspicious - I know I would, and I would be imagining the worse.

    I would say the risk of marketing it early (i.e. it staying on the market too long and buyers assuming they can offer below the asking price etc. etc.) is greater than holding on to it for a few months. I appreciate I don't understand the situation, its just my perspective on it.
    • ellie27
    • By ellie27 1st Mar 17, 12:47 PM
    • 1,067 Posts
    • 719 Thanks
    ellie27
    According to the OP's previous thread, their family situation changed rather suddenly, so they now need to move to a different area.

    http://forums.moneysavingexpert.com/showthread.php?t=5572110
    Originally posted by Penitent
    If I was a potential buyer I still wouldnt believe it if the sellers told me they had to move so soon due to 'family circumstances'. It would be enough to put many folk off.
    • ERICS MUM
    • By ERICS MUM 1st Mar 17, 1:39 PM
    • 3,506 Posts
    • 6,488 Thanks
    ERICS MUM
    Apols if this is a silly suggestion but could you rent the house out for a while and use the income to pay the rent on a house in the area you need to live in now. If you did this for say one year, making it 18 months since you bought, it would make it easier to attract buyers.

    Good luck whatever you do, sound a tough situation. Xx
    • D00gie72
    • By D00gie72 1st Mar 17, 1:46 PM
    • 149 Posts
    • 164 Thanks
    D00gie72
    Excuse my ignorance but how to property developers get around this rule? Surely developers would want to turn their projects round quickly and can't wait a year or 6 months before re-selling.
    ~just curious.
    • kingstreet
    • By kingstreet 1st Mar 17, 1:53 PM
    • 35,591 Posts
    • 19,463 Thanks
    kingstreet
    Halifax criteria on the issue;-
    Sub-sales are not acceptable.

    A sub-sale occurs when a property is bought and then sold on within six months, i.e. the borrower is buying the property from someone who has themselves bought the property less than six months before. The date of registration at the Land Registry is how we determine the length of ownership.

    This means that the current vendor must have owned the property for at least six months before we can accept an application to purchase that property, unless the property has been inherited.

    The following cases are exceptions where it is acceptable for the property to be sold on within six months of acquisition by the seller.

    Where sales are by:

    A personal representative of the registered proprietor; or
    An institutional mortgagee exercising its power of sale; or
    A receiver, trustee-in-bankruptcy or liquidator; or
    A developer or builder selling a property acquired under a part-exchange scheme.

    We will also accept Inherited properties where the applicant is a beneficiary but has not owned the property for 6 months. The conveyancer will be responsible for ensuring the application meets the acceptable criteria.

    Applications which involve assignable contracts or irrevocable powers of attorney in favour of intervening sellers are not acceptable. Any other structure to the transaction which has a similar effect should be reported to us.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Haz29
    • By Haz29 30th Mar 18, 2:24 AM
    • 56 Posts
    • 9 Thanks
    Haz29
    Did you sell your house in the end?
    • ashe
    • By ashe 30th Mar 18, 8:29 AM
    • 712 Posts
    • 494 Thanks
    ashe
    This is a very old thread, view the op!!!8217;s history to see what she!!!8217;s been up to since.
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