Flipping a property question

loncell

TK Veteran
I have been looking into purchasing a property , dividing some of the land off the deeds and flipping the property on. Am I right in thinking that you to own/live in the property for 6 month before you can sell ?. If this is the case how do people flip properties say after a quick 6 weeks referb ?. Is here away round this ? I want to try and avoid want to be paying 6 month mortgage and bills plus poll tax
 
England.

About 10 years ago I bought a property and it took me 4 month referb it. We were intending on moving in but to cut a long tale short we couldn't so we sold. The lady who bought it a friend of a friend was a first time buyer and she bought it on a mortgage. My whole point is, I sold it while owning it for 4 months and she got a first time buyers mortgage so I take it the rules must of changed. I just wonder how all these on Homes Under The Hammer are doing it flipping properties to first time buyers and in under 6 month if lenders have rule saying you must own for six month, new on on me
 
Mortgage company's don't like giving until 6 months some are a year before selling the property you mortgaged and as @steptoe said, most house referbs are cash buyers.
 
It has a good chance of not working anyway.
1. You might struggle to split the land parcel from the property, could take a year or more.
2. The house might not sell for 6m to a year after that.
3. May not get back a good price - lot of land removed from original property.
 
If you own a property outright then can buy and sell it anytime you choose.
Exactly,
If you have a mortgage, you don't "really" own the property,
You have borrowed money against it so in reality the lender has control of the property until you have paid them back in full
 
It has a good chance of not working anyway.
1. You might struggle to split the land parcel from the property, could take a year or more.
2. The house might not sell for 6m to a year after that.
3. May not get back a good price - lot of land removed from original property.
Why would it take up to a year ?
 
Because solicitors aren't very quick.
Or someone could object.
There could be other problems, mining reports needed.
What drains, water, gas and electric mains are under the surface?
These could have to be re-routed to keep them within the boundaries of the existing house.
 
Changing boundaries could take years
First you have to prove it's your boundary to start with,
Deeds alone do NOT prove this
Then you could have neighbours claiming parts of "your" land are historically theirs, it's called adverse possession, I have actually been a party to it having claimed land as mine, it's now been going on for 2 years to get my deeds changed and not happened yet, and, apparently unlikely to until I pay "the owner" of my house in full and then probably another 2 years and a few grand to get it sorted.
Changing boundaries is something a mortgage lender will want NO part of , and will cause you endless grief in trying to sell, especially as you are trying to make the boundary smaller,
I am actually making my boundary larger, and it's far from a simple process to change your boundary when you don't actually own the land, which you don't if you have a mortgage .
 
If you have equity in your property enough to pay the lender back minus part of the land and in full the lender will visit the property again and revalue the property minus the land. If he values the property a similar amount then that's fine as I gave equity enssewere to cover any shortfall.
Which solicitors and lenders you been using Turpin & Romell.inc?. It sounds like you had some really bad experiences.
If the land had no planing prior to you purchasing the property then the original valuation and price you paid would be valuing the plot as a garden nothing more.
Once you gain planning its whole new ball game.
As for boundaries? Find part of the garden is a debt, Land Registry, sueing Solicitors and winning, mine shafts trees ? Even bats ?,
Been there seen it done it, got the jumpsuit.
My original question was regarding ownership and for how long you have to own before flipping, not boundaries, drainage utilities, I think you've both gone off tangent. For me that would be a totally different thread altogether
 
If you have equity in your property enough to pay the lender back minus part of the land and in full the lender will visit the property again and revalue the property minus the land. If he values the property a similar amount then that's fine as I gave equity enssewere to cover any shortfall.
Which solicitors and lenders you been using Turpin & Romell.inc?. It sounds like you had some really bad experiences.
If the land had no planing prior to you purchasing the property then the original valuation and price you paid would be valuing the plot as a garden nothing more.
Once you gain planning its whole new ball game.
As for boundaries? Find part of the garden is a debt, Land Registry, sueing Solicitors and winning, mine shafts trees ? Even bats ?,
Been there seen it done it, got the jumpsuit.
My original question was regarding ownership and for how long you have to own before flipping, not boundaries, drainage utilities, I think you've both gone off tangent. For me that would be a totally different thread altogether
You can sell the property the same day you bought it, as long as you own it outright
If you have a mortgage on the property you will not own it outright and must seek the lenders permission to sell it.
It's as simple as asking your lender when they will let you sell it
You are asking a question no one on here can answer,
As for moving boundaries, good luck with it being as simple as you think.
 
I never said it was easy so I'm not quite sure were you got that from. What can be easy for one can be a nightmare for others, each individual case is different.

It sounds to me like you've sadly had a bad experience while subdividing land and it's left a nasty taste in your wallet.

The lender has a vested interest in your property, till you pay it off its basically there's.

You apply to subdivide via land registry then the lender will re-visit and see if by losing part of the land from the oropertt affects the value of what's owed and what percentage of equity is left in the property.
If this is low they will refuse your request. You will then have to stump up some money so make sure prior to you taking out your mortgage you can make overpayments with no penalties.

This way you can overpay and drive down what's outstanding on your mortgage in turn making it possible to split part of the property you want to subdivide.
Yes granted there are lots that can go wrong along the way but this doesn't mean that every case will be a mare.

I'm not one for not doing because someone has a bad experience I try to learn from those mistakes and hopefully spot problems before it's too late.
You never know till you try
 
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No one said it was easy but you said you'd like to have it done and dusted in 6m in order to save money on mortgage and other payments.
This is wishful thinking.
The lender has a vested interest in your property, till you pay it off its basically there's.

You apply to subdivide via land registry then the lender will re-visit and see if by losing part of the land from the oropertt affects the value of what's owed and what percentage of equity is left in the property.
If this is low they will refuse your request. You will then have to stump up some money so make sure prior to you taking out your mortgage you can make overpayments with no penalties.
The mortgage company want paying for this BEFORE they lend you any money on the property, regardless of whether you buy it or not.

This way you can overpay and drive down what's outstanding on your mortgage in turn making it possible to split part of the property you want to subdivide.
Yes granted there are lots that can go wrong along the way but this doesn't mean that every case will be a mare.

I'm not one for not doing because someone has a bad experience I try to learn from those mistakes and hopefully spot problems before it's too late.
You never know till you try
You seem to be asking for approval for a hare brained scheme and instead of listening to advice, you are seeking ways around any advice you are offered.
No one, apart from you, knows the sums involved, but you stand to lose tens, maybe hundreds of thousands of pounds.
It doesn't make a blind bit of difference to me or anyone else here whether this happens or not but it will matter to you.
If a £150K house comes up for sale near me and I think I can sell off the back garden for building of 4 bungalows so I get a mortgage for a fortnight and make 100K on a land sale, do you really think that every person in the UK wouldn't have caught onto the same idea?

When properties with large land parcels come up for sale they are snapped up by medium sized property developers who bulldoze the house and build four or five plots.
They don't buy on a mortgage.

If you have some money you don't need buy a house on a mortgage and rent it out.
Go back to the bank and show that you own several properties and they will give you as many mortgages as you want as they can't lose.
Neither can you as rent and property prices never stop going up but mortgage payments never stop going down
 
You seem to be asking for approval for a hare brained scheme and instead of listening to advice, you are seeking ways around any advice you are offered.
So how have you come to that conclusion "hair brained scheme" on the little info I have given you ?, do you know how I dropped on the property ?
 
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