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Buy property owned by seller for 3 months

I would like to make an offer to buy a purpose build flat that has been modernised by seller in last 3 months. He has only owned it for 3 months and is selling. Will I have problem with a lender given that by time complete will be 6 months he has owned.

Asked on Dec 27 2013, General in Surbiton | Report content

Answers (3)

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  • The length of time a current owner has had a property will have no bearing on a lender. The most important aspect, is that the seller only bought the flat to renovate. If this is the case then the length of time he has owned is not an issue. If the seller had bought the flat to live in and has since decided to sell, it may be prudent to research his reasons for selling. Each case is different. I do however, think that your other concern may be the work that he has carried out. Try and find out to what level he has renovated. Might be worth while asking for all the relevant certificates to ensure the job has been carried out by experienced professionals. Ask to see certificates and find out who carried out the work. Always worth doing your homework. I hope this was helpful.

    Answered on Dec 30 2013, Report content
  • Hi Sinix, There should be no problem with you buying a home that has only been owned for three months or six months. People will often buy a property, renovate it and sell it on as soon as they can to maximise their profits, so it will be something that lenders are more than used to dealing with. It can't hurt to ask first though, just to make sure, but I think you should face no problems from your lender. Many thanks, Scott

    Answered on Jan 3 2014, Report content
  • Lenders do not like properties where it was purchased less than 6 months ago. Check with your proposed lender before you make an offer.

    Answered on Aug 6 2014, Report content

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