If you have recently purchased a house a now want to sell it, you may be able to depending on how you bought it and how you are intending to sell it. However, there are some exceptions. For example, if you have taken out a mortgage for the property, it is unlikely that you will be approved for another mortgage for at least 6 months.
Do I Have to Legally Own a Home for a Fixed Period of Time Before Selling?
In the UK, there are no laws in place that stipulate that you need to have owned a house for a certain amount of time before you are able to sell again. However, you may be legally bound by other factors. For example, there may be clauses in your mortgage agreement which stipulate that you are unable to sell immediately. This will depend on how you bought the property in the first place and how you are intending to sell the property.
If you are looking to sell the property for cash, there is unlikely to be a contracted rule that you have to have owned the property for an agreed amount of time before being able to sell. Thus, if you want to sell your property fast, you can sell as soon as possible if you have a cash buyer.
There is a norm known as six months of ownership. This was introduced due to previous losses suffered by lenders. Consequently, the majority of financial entities will not lend to new purchases if records from the Land Registry show that the current seller has only owned the property for a short period of time. Lenders generally tend to avoid back-to-back transactions if they can help it to protect them against money laundering or any other irregularities.
Will My Mortgage Affect How Quickly I Can Sell After Buying?
The exact rules about how long you need to stay in a property before selling will depend on your mortgage provider – some will have certain clauses that state that you need to stay in the property for at least 6 months before selling again. If you have bought your house with cash and have not required external financing, you can sell the property whenever you want.
What Else Might Affect How Quickly I Can Sell My House?
One issue that you may have if you want to sell your property shortly after buying is explaining to estate agents or potential buyers why you are putting the house back on the market again so quickly. If you are doing this for a negative reason, such as location, problems with neighbours, or structural issues, you may find it difficult to resell the house. However, if you are selling the property as an investment opportunity and can demonstrate this to your buyer, you may not have any issues.
How Can I Sell My Property Quickly After Buying It?
If you have recently bought a property and already want to sell it, there are certain options available for a quick sale. There are many companies who buy your property as a cash buyer – because these companies do not rely on a mortgage application, they are known to be one of the fastest ways to sell a property. They also tend to be a reliable way to sell and can handle all of the paperwork in one place. These transactions also do not come with a property chain which means that it is a faster way of selling and also less subject to disruptions or the transaction falling through.
Another option is to sell your property at auction. Auction sales ted to involve cash buyers meaning that, like the cash buying companies, there is no need to wait for a mortgage approval and thus it is far quicker. However, the downside of an auction sale is that you usually end up compromising on the price of the property.