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This is where you are incorrect:
“However you need to factor that you won't be able to complete on a sale for 6 months.”
You clearly states that the OP cannot sell the property under 6 months, which is incorrect. Yes there are reduced lenders, but there ARE lenders. As someone who sells properties that have been owned UNDER 6 months to both homebuyers and landlords there is a market, as we do it, every month.
As already stated, the best and easiest way to do this is once the offer is accepted then inform the buyer of the lenders available, and do not take off sale until the mortgage offer and valuation are completed. Not had a buyer yet who has been bothered about having less lenders. If they are then they move on and you haven’t lost anything.
Your statement about there being a narrower potential audience is an audience of 0 if the OP doesn’t list for sale and just sits on it? I would rather have a reduced number of potential buyers for a couple of months than just sit on it and do nothing. If you don’t get an offer sold in the 6 months then you haven’t really lost anything as it is then on the open market. We have yet to have one not sell.
Therefore I stand by the statement that you were incorrect, as again you stated it was not possible to sell under 6 months ownership, when it infact is.
Yes you are correct Darren, my apologies, I probably should have clarified my statement better.
You can complete as long as it is not to a mortgaged purchaser whos mortgage company does not allow for the property to be held by the current owner for less than 6 months.
As for listing it, this is fine after month 3 or 4 as it can take you over the 6 months just going through the process. But should you not consider that leaving a property on the market can be quite disconcerting for some purchasers as they may think that there is something more sinister impeding the sale?
I personally would just hold onto it till I can sell it to the widest market without any curtailment.
I suppose we all do things differently, that is what makes the world the place it is, the way you may do things clearly suits you but may not suit me and vice-versa.
Landlord with 25 years’ experience in the property market and a specialist in tenant referencing, ID and credit screening. Creator of identity, credit and anti-money laundering system ValidID.co.uk
I believe there are now lenders who will fund refurbs/flips and refinance at the end of the project, if the owner wishes to keep the property and extract the cost of the refurb. They are not bothered about the six month rule. No doubt someone on here will have details.
I can confirm this also.