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Max Lowry
Max Lowry, Advocate
Category: UK Property Law
Satisfied Customers: 1457
Experience:  LLB, 10 years post qualification experience
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In UK property law is it true that you should not put a property

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In UK property law is it true that you should not put a property up for sale before you have owned it for a minimum of 6 months so that the future buyer can get a mortgage? In other words, if you try to sell a property before 6 months of ownership, is it true that the potential buyer could not get a mortgage? Is the property unmortgagable?

Max Lowry :

Hi welcome to Just Answer. I will help you with your question.

Max Lowry :

No, there is no general rule like this at all.

Max Lowry :

Each mortgage company has its own rules on things like this, and each may differ.

Customer:

I was watching the property auction show, homes under the hammer. On that show a buyer was cautioned of this.

Max Lowry :

Whilst some might not want to lend on property that changes with such frequency, others would be happy to do that. There is no one size fits all for this type of thing.

Customer:

ok, so perhaps on the show it was in the legal pack for that particular property.

Max Lowry :

There is no legal reason that you cannot sell within 6 months, nor is there are general rule that applies to all lenders, although I accept some might view an early sale like this as suspicious and might not want to lend on the property, but equally, some lenders would.

Customer:

Great! Thanks for your time and info!

Max Lowry :

Thank you too!

Max Lowry :

Have a good evening.

Customer:

You too :-)

Max Lowry :

I hope this answers your question. If you need further information, just let me know. Please do remember to rate my answer as highly as you can.

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