The “6 month rule”

[Dom Gowers]

Hi, I have recently sold my first property renovation project. As this is the only property I own - it is my primary residential address.

The buyer is keen to get into the house and is pushing the solicitors to get the deal done. As I wouldn’t have owned the house for 6 months (roughly 5 if it completes in the next few weeks),I am wondering whether I will incur any tax on the sale?

I am aware of the “6 month rule” that some lenders do impose and that if the buyer’s lender does have this in place then they wouldn’t be able to move in until the 6 month date.

So just wondering whether anyone can lend some knowledge on whether I would incur any taxes or if this is just a rule imposed by lenders.

Thankyou!

 

[Lady Fel]

I only have an idea, so please take urgent advice.

- To the best of my understanding, you shouldn't have to pay any tax if it's your resi. Please confirm from your solicitor.
- the six months rule is from lenders ( I believe) and it doesn't apply to all lenders. I have personally refinanced a few BLT within 3months of purchase. If your buyer is a first time buyer, it's most likely not going to affect them.