If you are considering selling your property despite having only just bought it recently, then you might be wondering whether there are any restrictions on what you can and cannot do.
First of all, you shouldn’t feel like you are doing anything wrong by wanting to sell your home not long after moving in. There are many reasons why somebody might want to move out of a property.
Maybe you have had a change in circumstances that now mean the property no longer suits you. Maybe there are problematic neighbours that you were unaware of before buying the property. Maybe you are anticipating a property market recession on the horizon and want to cash in now.
While you are not forced to remain in the property, there are some situations where you may encounter some difficulties when selling your property. Carry on reading for more information.
This article is going to focus on how long after buying a house can you sell it. If you want to know how long do house sales take, then please see our other article on selling a house using traditional estate agent methods.
Is there a restriction on how quickly you can sell your house after buying it?
Technically, no. There is no legal restriction on selling your house not long after buying it.
However, you may encounter an issue if you bought your property using a mortgage and you are selling the property to a buyer who is also using a mortgage.
This is because most lenders will not finance a mortgage on a property that has had a different mortgage taken out on it within the last six months.
If you were to sell your property to a cash buyer, such as us here at EasySale, then this would not be an issue as we do not need mortgages. Therefore, you can easily sell your house fast in Liverpool or anywhere else in the country if you are selling to us.
Will it put buyers off if I am selling my house within six months after buying?
If it is clear that you bought the property as an investment opportunity and have made clear renovation improvements such as adding a bathroom or replacing the kitchen, then a buyer will be able to see this and understand.
However, it is easy to view all previous listings for properties for sale. If a buyer visits one of these sites and sees that your property was only bought less than six months ago and in that time no changes have been made to the property, then they may be suspicious as to why it is being sold so quickly.
Estate agents might also have doubts about listing your property if they are concerned that the property has a hidden issue that is not immediately identifiable.
A cash buyer, on the other hand, will be able to provide you with a quote for your property irrespective of when you bought it.
Capital Gains Tax after selling a house
If you are considering selling your property for a profit after renovating it then you should be aware of any Capital Gains Tax (CGT) stipulations.
Private residence relief applies if you are selling your only property that you have lived in as if it was your primary place of residence since you bought it. This means that CGT will not be applicable to your sale profits.
If the asset in question has not been your sole place of residence since buying it then you may have to pay CGT on the profits from your sale. However, you will be able to deduct the costs of renovating the property from your CGT sum.
Selling property fast to EasySale
If for whatever reason you want to sell your property after recently buying it, then contact us at EasySale and we can offer you a cash quote.
Selling your property to a cash buyer also offers other benefits because your sale will complete quicker and you don’t have to worry about what happens when a house sale falls through.
Get in touch with our team, we’d love to hear from you.
Can you pay capital gains tax in instalments?
Yes, there are certain circumstances where you can request to pay Capital Gains Tax in instalments. Most of these circumstances rely on you receiving payment on your asset in instalments.
To request this, you must first apply in writing in accordance with the applicable TCGA 1992 Section (S280 or S281) or ITTOIA 2005 S299.
Can I sell my house without a solicitor?
While you can sell a house without instructing a solicitor, it is not recommended. Especially when mortgages are involved.
We have access to an independent panel of solicitors that we can use to instruct a solicitor to act on your behalf. Your solicitor will be independent to our solicitors, so you don’t need to worry about conflict of interest.
Can I sell my house after one year in the UK?
Yes, you can sell your house after owning it for one year.
If mortgages are involved in the purchase of the property, then the usual advice is that the property must have been owned for at least six months. After a year of ownership, a seller should be able to sell their home with no issues relating to mortgages.
However, if you are selling your home to a cash buyer, then you can sell your property at any time after purchasing it. It does not matter whether this is after a year or after a week.
Can I sell my council house after five years?
You can sell a council house that you have bought at any point post-completion. Although if you sell before you have owned the property for five years then you will lose out on some of the profit from the sale because you will have to pay back some of the Right to Buy discount.
If you sell your council house after five years but before ten, then your council will have to have first say on whether they want to buy your property back. After ten years, you can sell your council house with no restrictions.