Immediately sell a new build house?
8:46 AM, 11th January 2019, 7 years ago
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Hi, New here, so apologies if I’m asking an obvious question (though you don’t know, what you don’t know!)
I’m hoping to purchase a plot and have a house built on it (full turn-key). Can I market and sell the house immediately upon completion of new build? (Unlike the ‘6 month’ rule as used when selling property)
Looking forward to hearing from someone soon!
Many thanks
Anthony
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Member Since February 2011 - Comments: 3454 - Articles: 286
8:53 AM, 11th January 2019, About 7 years ago
Hi Anthony,
I think at a guess the rule you are talking about is general criteria under the guidance of the old Council of Mortgage lenders.
Without good reason most lenders will not consider a remortgage or refinance of a property if it has been purchased in the last 6 months. This is not a legal condition though and designed to avoid lenders being left with limited equity/security.
As a new build you have no problems selling and the purchaser who may in normal circumstances if it was an older property should be ok or there will be plenty of lenders that will consider it.
Member Since January 2019 - Comments: 1
10:50 AM, 11th January 2019, About 7 years ago
Thank you Neil, I’m very grateful for your prompt reply
I’m familiar with buy, refurb, sell (and the ambiguous 6 month limit – though if potential purchasers of the refurbed property employed the services of a ‘proper’ or ‘competent’ broker, they would be in a position to find good mortgage deals sooner), though am ‘cautiously’ looking into ‘new builds’ to add to my strategies
Thanks again, Anthony
Member Since November 2015 - Comments: 584
2:05 PM, 11th January 2019, About 7 years ago
You are probably aware of this already, but ensure that whoever you use has NHBC insurance or equivalent. There are plenty of chancers out there.