If you're a homeowner considering selling the property you recently purchased, a common question is "How soon can I sell my house after buying it?" This may arise due to changing life circumstances requiring you to sell a property quickly. At Clarity Simplicity, we understand the complexities of capital gains tax and other factors involved when buying and selling property. Here we'll explore key factors determining how fast you can sell after buying, so you have clarity on the process.
In the UK there are no laws stating you must own a property for a minimum period before selling. However, restrictions often apply in practice due to mortgage lender policies. Most lenders will not finance a purchase if the seller bought the home within the past 6 months. This aims to prevent predatory quick resales and money laundering. As a result, finding a new buyer and selling a house fast can be difficult unless the buyer may have sufficient cash.
The 6-month timeline generally starts from when sale completion is registered with the Land Registry - not the date of the sale contract. If you need to sell within 6 months, some limited concessions may help you secure a mortgage buyer:
However, selling within 6 months will still drastically limit potential buyers able to get financing. Most will need to pay cash which is rare. Expect this to hamper interest and your ability to sell fast.
Why might a homeowner want or need to sell their recently purchased property fast? Some common reasons include:
If you must sell fast despite the 6-month lender limit, here are tips that can help:
If you can find a buyer able to pay the full purchase price in cash, there are no barriers to completing a quick resale transaction. Cash removes the need for the buyer to acquire financing. However, all-cash buyers can be hard to find and will negotiate more aggressively on price since they know you have fewer options.
It's recommended to speak with your Clarity Simplicity mortgage advisor before attempting to sell soon after purchase. We can provide tailored guidance for your unique situation. With the right strategy, selling faster than 6 months may be possible, albeit often at a lower price. Contact us today to discuss your options.