If you’re asking the question ‘how soon can i sell my house after purchase?’ You might’ve found that your ‘dream home’ is not what you expected ormaybe there’s a financial commitment that can’t be maintained – or maybe you’re looking for a quick investment and fast house sale. Regardless of the situation before you up and sell you need to know the ins and outs of selling a house after buying it in the U.K.
Selling a House Fast after Purchase
The good news is that you can legally sell a house as soon as you own it.
If you’re selling to a cash buyer then you’re almost guaranteed to have a straightforward sale, especially if you’re selling to a fast property buyer like us. The reason for this is that generally the challenges in selling a house soon after buying come down to mortgage lenders, banks and building societies.
Selling a house within 6 months of purchase: the challenges
Sometimes property buyers can struggle to secure mortgage deals if the house was purchased by the property seller within the last 6 months. Naturally this holds up sales and causes bother on both sides of the exchange.
Some mortgage providers will not lend to property buyers if they’re trying to buy a home that has been owned by the seller for 6 months or less due to the possibility of losses.
Simply put, buying and selling a home within 6 months makes mortgage providers nervous of the state of the home. They’re suspicious that there are issues with the property or the neighbourhood.
It’s worth knowing that if there are issues with the property and the property is being sold to a property developer there is a greater chance of the property developer securing finances.
It’s important to remember that you can’t fool your property buyer. It’s easy for mortgage lenders to check how long the house has been owned, as this is a necessary piece of information for a house sale and the property is likely to be listed on the land registry records.
The second potential problem could be related to your own finances. For example, by selling soon after buying you could end up losing money, having to pay capital gains (if you make profit) and paying penalties for your own mortgage.
If you’re looking to make a fast profit with a fast house sale after buying (also called flipping) just remember to factor in all of the charges associated with buying and selling. This decision needs to be financially viable.
How to sell a house in the UK after buying
There are a lot of reasons for wanting to sell a house soon after purchase and reasons might include finances, family problems, word-related problems, unexpected relocations and more. Sometimes a ‘dream house’ falls short of its promise.
If you want to sell a house fast and you bought it within six months perhaps your safest and fastest option is to turn to a fast property buyer like us.
We help our clients to sell their house fast – and the sale process can be as fast as 7 days. Because we buy any home sellers don’t have to worry about the condition of the home or any of the reasons that requires them to make a fast house sale. On top of that, we pay in cash so there’s no need to worry about buyers and mortgages.