Selling after 6 months?

[2coffeesinbed]

We recently moved house but as soon as I moved I got diagnosed with a long-term health issue. Together with another long term health problem - I really want to sell up and buy a bungalow. It’ll be much safer and more accessible for me.

Has anyone ever sold a house so soon after buying? I’m worried that buyers will be suspicious and not even view / make an offer.

There’s no room for an extension or conversion of any type :(

Thanks in advance.

[Post edited by MNHQ at OP's request]

We can’t rent it out until 6 months either

Just explain your reasons for selling

As a buyer currently, I do try to find out why the sellers are selling.
If you gave that as a reason, or just a broad "our future has changed so we're downsizing" or whatever, I'd find that really reassuring actually.

We've been chomping at the bit to get to view a property that realistically will be our first choice, but the agent just says "not currently taking viewings" whilst updating the description frequently. Heard on the grapevine the people selling are shielding, well that's eased a lot of my worries now so I'm happier to wait for a viewing, instead of hesitating when it comes to it thinking the vendors are going to be hard work. Make sense?

Yes that does make sense and is also reassuring - thank you!

We just have to be patient now and wait 6 months!

You can just say that due to your recent health diagnose, you can't climb up and down stairs. It's truth and you are not disclosing the nature of your health issues.

I think I would maybe assume redundancy was to blame or circumstances have changed due to lockdown and COVID-19 so I think it will be common. I wouldn't worry just be honest.

Thanks everyone!

If any conveyancers or mortgage advisors come by - do you know if it’s completion that can’t happen until 6 months is up or can we not apply for a mortgage until 6 months has past?

Thank you

Nope sorry I made a big mistake in my previous post.

It’s not our mortgage we’re worried about.

It’s our buyers mortgage obviously - can they not apply for a mortgage until 6 months has past?

Your buyer's solicitor would have to report to their mortgage lender that you've owned it less than 6 months, and explain your reasoning. That's not necessarily the end of the world, the lender would just have to approve it.

Lenders require it to be reported to them as it's a flag for money laundering/mortgage fraud if someone tries to get rid very quickly after buying.

All in all, don't panic!

Property lawyer here: You can sell within 6 months; it's just the buyer's solicitor has to report the reason why to the buyer's lender.

A quick sale can be a sign of money laundering, so you have to show it's not. Which your reason does.

They won't ask for medical evidence.

as the problem is (sorry) with you and not the property, just say that you need to move to a bungalow as stairs will be difficult. Should not be a problem for any buyer.

worth saying something as otherwise they will think money pit, bad neighbours, bypass about to go nearby etc etc.

Wow thank you all for replying to me.

Makes perfect sense! I am absolutely beaming. Finally some good news

Sorry to hear of your health diagnosis - wishing you best wishes with the move.