Thread: Vendor has owned house less than six months

For anyone who is interested, my lender has reinstated my offer and given £100 compensation for stress caused. I am stunned and still digesting the news, can't believe we are moving house again.

Quote: Originally Posted by Julfulbub For anyone who is interested, my lender has reinstated my offer and given £100 compensation for stress caused. I am stunned and still digesting the news, can't believe we are moving house again. Fantastic news ... really pleased for you.

Quote: Originally Posted by Julfulbub For anyone who is interested, my lender has reinstated my offer and given £100 compensation for stress caused. I am stunned and still digesting the news, can't believe we are moving house again. Well done for hanging in there.

Quote: Originally Posted by JayZed This is an entirely normal and legitimate money laundering concern. Mortgage lenders - and solicitors - are required to undertake enhanced anti-money laundering checks in relation to the sale of any property that has been owned by the vendor for less than six months (which is a classic warning sign for money laundering). If the lender fails to undertake the additional checks, they lay themselves open to the...

I really don't think that they are bound. There's no law that says someone has to lend you money Of course, I really hope that they look at this properly for you!

Ok. This is a new one on me then. Sorry to hear about this. I hope it works out in the end for you. What if you made some kind of agreement to buy the house a few months later to get around this or don't you want to wait that long? It also stuffs up the sale of your house if you have a buyer.

My partner and I have just bought a property at auction with the view to sell on as quickly as possible, and we have just been advised a similar thing by our solicitor...that we may have trouble finding a seller whose lender is willing to offer a mortgage on a house we've owned for less than 6 months. Boohoo!! However, I was wondering if this would still apply after we have carried out works to improve the house, thus adding value to it?

Well the house I mentioned earlier has now been sold Crash! what Crash???? AMD

Quote: Originally Posted by Eyesparky Anyone would think they were manipulating the market to undermine the sale of properties that compete directly with the large stock of repossessed properties they have on their books or are looking to add to their books. You could get your own back by offering only 40% under asking prices. And don't buy until one of them accepts at that price.

Not that it's much help...but it could it be down to money laundering legislation?