Sometimes, you move house, and it just doesn’t work out. Other times, you buy a house purely from an investment perspective and are looking for the right time to sell. Occasionally, this opportunity arises quicker than you think, leading to the question of, ‘just how soon can I sell my house?’ Luckily, there is no law in the UK that states a certain timeframe must lapse between buying and selling.
As with anything property-related, selling soon after buying isn’t always straightforward. If you need to sell a house quickly after buying it, you’ll know exactly what to do after taking a look at the below.
Do I need to live in my current house for 6 months before I can sell it?
This is partially true, and all depends on the mortgage lender. For example, if you are a property investor, lenders may be more inclined to support you with funding.
The flip side is that many lenders tend not to support applications for mortgages on properties that haven’t been registered with the land registry for 6 months. This means that if you took a mortgage out on your current home, the lender would want the home to be yours for six months before they allow another party to take out a mortgage to buy the property off you.
Are there any exceptions to the rule?
Where we mentioned above that lenders may look more favorably towards investors looking to flip a property, there are a few other concessions that may allow for a house sale within that 6-month period.
Where there is no need for a mortgage lender, perhaps due to the house sale being completed in cash, the 6-month rule need not apply. In addition, if the sale of the property is required due to liquidating the estate of a deceased person, there will also be no requirement to leave the sale 6 months.
Most lenders will require additional information when a seller wants to complete within 6 months. In an effort to prevent money laundering and other illegal activity, they may ask the following:
- If there is any connection between the seller and buyer
- For information relating to any development work carried out on the property
- The name and address of the seller, or the person selling the property to the applicant’s vendor
- The amount the seller paid for the property
Is it easier to sell a house after 6 months?
Yes and no. Mortgage-wise, though, it is easier. Whenever a house is being sold relatively fast, prospective buyers will always want to know why you are looking to move so soon. Are there faults with the property? Is the neighbourhood dangerous, perhaps? If the interested parties believe you are leaving for particular reason such as these, they may no longer wish to buy. Be transparent with anybody looking at your property, as this could lead to a quicker sale!
However, if you are simply an investor who has seen an opportunity to make a decent ROI, then you should have no problem. Likewise, if a new job offer or change in personal circumstances has meant a move away is needed, as long as you are open with the interested parties, the sale should be relatively fast.
What are the rules around capital gains tax?
Often, the home you are selling is your only home, so the tax does not apply. However, if the property is a second home or simply an investment project you are looking to flip quickly, you are more likely to need to pay this. This is worth bearing in mind when it comes to adjusting your property budget.
If you are looking to sell your house within 6 months of its purchase, speak to the team at Doorsteps. We can provide you with an expert property valuation, ensuring that you can sell quickly and without worry. Contact our team today to find out more, no matter the stage of the property journey you are on. Whether you require free mortgage advice or online property auctions, house sales or house purchases, Doorsteps is the online estate agent that gets you moving.