Do you know what the 6 month rule is? The 6 month rule was like a spanner being thrown in the spokes of the big wheel of property trading.

It effectively killed the game. The 6 month rule is:

The vendor must have owned the property for at least 6 months if the buyer was buying the property with a mortgage.

Now considering 98%+ properties are bought with a mortgage it kind of killed the return on capital numbers quite a bit. No longer could a property trader buy and then sell on in a couple of months. The trader now needs to wait at least 6 months before he or she can sell.

This also prevented instant remortgages where a trader or investor would buy a property for cash and remortgage the very next day at a higher value and get all their money back if not more.

Who introduced all this? The CML. Solicitors have to answer questions in accordance with the CML. Solicitors are bound by their strict code of conduct to answer questions without misleading anyone party to the transaction.

BREAKING NEWS: There is a way round the 6 month rule. It involves utilising exclusions within the CML handbook and about 6 lots of solicitors fees! All in all it costs around £3,000 to get round the 6 month rule.

Now if you can buy a property for £90,000 and sell it on for £120,000 then the figures make sense. You would make a gross profit of £27,000 without having to wait 6 months where you would have had to pay interest for 6 months, assume the risk of the property for 6 months and be liable for council tax once you had used up all your 6 month exemption.

Your capital is freed up to make another £27,000 4 months earlier so your money is put to work a lot more harder.

Now if you want to know more about this 6 month rule and how you can find undervalued properties to sell on the CONTACT US and we will enlighten you!

Ajay

Posted on: 14th Jul 2010

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	Home Services Property News Free Resources Partners Contact Page you're viewing > Home Page > Property News > Property Headlines > loop hole for the 6 month rule discovered Do you know what the 6 month rule is? The 6 month rule was like a spanner being thrown in the spokes of the big wheel of property trading. It effectively killed the game. The 6 month rule is: The vendor must have owned the property for at least 6 months if the buyer was buying the property with a mortgage. Now considering 98%+ properties are bought with a mortgage it kind of killed the return on capital numbers quite a bit. No longer could a property trader buy and then sell on in a couple of months. The trader now needs to wait at least 6 months before he or she can sell. This also prevented instant remortgages where a trader or investor would buy a property for cash and remortgage the very next day at a higher value and get all their money back if not more. Who introduced all this? The CML. Solicitors have to answer questions in accordance with the CML. Solicitors are bound by their strict code of conduct to answer questions without misleading anyone party to the transaction. BREAKING NEWS: There is a way round the 6 month rule. It involves utilising exclusions within the CML handbook and about 6 lots of solicitors fees! All in all it costs around £3,000 to get round the 6 month rule. Now if you can buy a property for £90,000 and sell it on for £120,000 then the figures make sense. You would make a gross profit of £27,000 without having to wait 6 months where you would have had to pay interest for 6 months, assume the risk of the property for 6 months and be liable for council tax once you had used up all your 6 month exemption. Your capital is freed up to make another £27,000 4 months earlier so your money is put to work a lot more harder. Now if you want to know more about this 6 month rule and how you can find undervalued properties to sell on the CONTACT US and we will enlighten you! 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