Can you sell a house after 1 year? Guide for UK residents

Can You Sell A House After 1 Year? Guide for UK Residents

Buying a house is a huge commitment. 

For a lot of buyers it’s a near life-long one.

For some though, the landing paint hasn’t dried before a ‘for sale’ sign’s going back up. So: is selling a house after 1 year too soon?

 

How soon can you sell a house after buying – is one year too soon?

 

There is no law specifying how long a person has to wait before selling their property. 

However, that doesn’t mean you can expect a straightforward process.

Some lenders are wary about offering mortgages on homes that have recently exchanged hands although this tends to apply more when the seller has had the property for under six months. 

If a buyer is willing to pay cash then this can remove a lot of the delays.

Hull Cash Buyers specialise in buying properties for cash, and our team of property experts are on hand to keep the process as smooth as possible.

 

What happens to my mortgage if I’m selling a house after 1 year?  

 

When selling a house, typically, the mortgage is repaid through the sale of the property. 

For this to happen, the sale price must cover the amount left on the mortgage. 

If you have only been in the house for one year you will not have built up much equity. However, the value shouldn’t have fluctuated too much, so any sale price should cover the remainder of your mortgage. 

The buyer’s funds are transferred to your solicitor who will then pay off the mortgage in full, allowing you to take out a new mortgage on your next property. 

A lot of mortgages are portable meaning that when you move, the one you currently have can be transferred to the next property.

You will need to speak with your lender first to see if this is an option, and whether or not they will allow it. 

A number of factors will be taken into consideration including how much more expensive the new house may be.  

 

Disadvantages of selling your home immediately after purchasing 

 

  • Moving costs. You may have already spent a large sum of money moving furniture. You’ll be incurring these costs again.
  • Moving stress. Moving can be one of life’s most stressful experiences. Doing it twice in a year is not most people’s idea of fun. Even less so if you have children. 
  • Transaction fees. Estate agents and solicitors’ fees can run high. Selling a home immediately after purchasing means you’ll have to take into account buying costs, selling costs, and buying costs again. That’s a lot of money on fees. 
  • Buyer worries. Potential buyers may have concerns over why you are selling so quickly i.e. problems with the property, the neighbours, the area. 

 

The advantages of selling your home after 12+ months of ownership 

 

  • Sooner the better. If, for whatever reason, your new home is not what you expected, it can be better to sell up quickly and move on, rather than waiting around. If you need to move for personal or professional reasons, then you may need a quick sale. Hull Cash Buyers will make an offer on your property within an hour of viewing it. No agents’ fees to worry about either. And we cover your legal fees, too. 
  • Value. Chances are the value of your house will not decrease within 12 months, so you shouldn’t find yourself in negative equity.
  • Financial sense. Even though selling a house so soon after purchasing one is not necessarily conventional, it can be extremely lucrative in the right circumstances. If you suddenly find yourself in a favourable market, you might be tempted to take advantage and make a profit while the opportunity is there.

 

 

Frequently Asked Questions 

 

Will I lose money on my home if I sell it too quickly? 

 

This will depend on the market, and your reason for selling. However, it’s unlikely a property’s value will fluctuate too much, upwards or downwards, after only a few months. 

If you require a quick sale, maybe for personal reasons, then you may have to lower your value in order to entice buyers. 

Hull Cash Buyers will offer a much fairer price for your home than any national corporations, and a dedicated member of our team will also be assigned to you so that you’re taken care of every step of the way.  Call us on 01482 655346 for more info. 

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