How Soon Can You Sell a House After Buying It?
Whilst most people will buy a home with the intention of living there for a while, there are many reasons why you might want to sell a property soon after buying it. It could be that you bought the property as an investment to flip it, or perhaps your circumstances have changed and you now plan to live elsewhere.
There is no law in the UK that stipulates a period of time between buying and selling a property. But there are some considerations to bear in mind if you want to sell your home soon after buying it.
Selling a House Before Six Months
If you have a mortgage on your property, you will usually have to own the property for six months before you will be able to sell it on. This is because most mortgage lenders won’t provide a new mortgage on a property if Land Registry records show it has been with the current owner for less than six months. So, a new buyer won’t be able to get the mortgage they probably need to buy the property. Most financial organisations will follow this rule in an effort to prevent money laundering.
The six-month period will begin from the date that the details are filed with the Land Registry, not from the completion date. Updating property ownership with Land Registry can take around 4 to 6 weeks.
Possible Concessions to the Six Month Rule
Not all lenders will follow this six-month rule, and there may be special circumstances where lenders will waive the rule.
For example, if you are a property investor and have bought the property with the intention to sell it on for profit, you may be able to open a discussion with a mortgage lender and explain your situation.
Mortgage lenders may also provide more flexibility if the property needs to be sold before six months because the original owner has passed away.
There is also more flexibility to sell a property soon after buying it if the seller, buyer, or both are cash buyers. If there is no need to involve a mortgage lender, then the six-month rule can be avoided.
Many mortgage lenders will require extra information to provide a mortgage on a property that’s being sold before six months. They will ask for details such as whether there’s any connection between the seller and the buyer, information about any development work that was done on the property, and the amount that the seller originally bought the property for. This is done as part of the efforts made to prevent money laundering and other wrongdoings.
Can I Sell My House After One Year?
Whilst selling a home after six months can be simple in terms of mortgages, there can be other barriers to selling. Potential buyers might question why you’re selling so soon after buying. They might wonder if there is a problem with the neighbours, the area, or the property itself.
If you have a legitimate reason for selling quickly – such as, you flipped the property or you’ve had a change in your circumstances that requires you to move elsewhere – you might be able to explain this to potential buyers. This can reassure them that there isn’t an issue with the property or area that will negatively affect them if they buy your home.
How Can I Sell My House Quickly After Buying?
If you want to sell your house soon after buying, SOLD.CO.UK can help. We first market your property to our network of trusted buyers, many of whom are cash buyers. This means they won’t need to apply for a mortgage so won’t need to adhere to the six-month rule put in place by most mortgage lenders. Our network of trusted buyers are often investors and are happy to purchase all types of property in all types of conditions – so if you’re selling quickly because you’ve found a problem with the house, we can still get you a sale.
The other option to sell your house soon after buying is to sell via an online property auction. Many people that buy property through an auction are cash buyers, again negating the issue that can come with applying for a mortgage before six months has passed. SOLD.CO.UK can also auction homes via our online marketplace.
As well as being able to target cash house buyers, we also provide a fully managed property selling service from marketing to completion. Plus, we’re completely free and will even cover your legal fees. Get an instant valuation then contact us for more information about how we can help with your property sale.