Residential policy
Purchase
Also known as a sub-sale, we can usually allow a purchase where the seller has not yet owned the property for 6 months.
As standard we use the lower of the original purchase price (estate valuation if inherited) and the current valuation. If there is acceptable rationale around why the valuation has increased, then we can use the current valuation (or new purchase price if lower). Examples may include where a seller has significantly improved the property increasing its value.
The new ownership must be registered at Land Registry. For new builds the valuer will need to see the original Disclosure of Incentives Form.
Remortgage
Also known as a day one remortgage, we can usually allow a remortgage within 6 months of purchasing or inheriting a property.
Within the first 6 months, as standard we use the lower of the original purchase price (estate valuation if inherited) and the current valuation. If there is acceptable rationale around why the valuation has increased, then we can use the current valuation. Examples may include where a seller has significantly improved the property increasing its value.
The new ownership must be registered at Land Registry.
Contact us before applying
You need to let us know if a case is a back to back transaction before applying.