Hello,
I hope you can help me sort my problem.
The scenario is that I've signed contracts to buy a house.
The agreed price is €280k ... vendors issued contracts stating that the property was worth €235k and the contents worth €45k.
All fine with me as my solicitor has asked that they produce a valuation for contents for that amount.
The problem is .... if they'll get €5k worth of contents they'll be lucky. Why do I know this? Their valuer rang me (inadvertently) to say that if he'll get €5k worth of contents he'll be doing well. I told him that it was their side had come up with the 'valuation' on the contracts and that it was their side had to provide the valuation as part of the contract agreement.
My difficulties:
As it stands .... this price was agreed 8 months ago ..... and I've been very patient as my solicitor has tried to decipher the quagmire of legal problems; access etc. Contracts were even issued with a non-existent right of way access despite vendors being aware that no access existed.
Thank God I've a great solicitor.
Things are coming to a head and I'm unsure of my options. The only thing that has changed since I agreed and signed contracts is that my wage has been reduced dramatically. I can still afford the mortgage but ... just ... and if I could get any little bit more off the sale price it would be great.
All advice/insight gratefully appreciated.
I hope you can help me sort my problem.
The scenario is that I've signed contracts to buy a house.
The agreed price is €280k ... vendors issued contracts stating that the property was worth €235k and the contents worth €45k.
All fine with me as my solicitor has asked that they produce a valuation for contents for that amount.
The problem is .... if they'll get €5k worth of contents they'll be lucky. Why do I know this? Their valuer rang me (inadvertently) to say that if he'll get €5k worth of contents he'll be doing well. I told him that it was their side had come up with the 'valuation' on the contracts and that it was their side had to provide the valuation as part of the contract agreement.
My difficulties:
- If they can't come up with a valuation for the €45k (contents) .... what happens then?
- If for example the valuation is only for €5k can I then state than I'm only willing to pay €240k (€235k property & €5k contents)?
- Are they committed to selling me the property at €235k as per contract?
- If by any miracle they come up with a valuation of €45k for contents should I dispute it as the valuer in question has told me that contents is worth €5k max?
- The vendors may look to increase the value of the property and reduce the value of the contents but still have a bottom line sale figure of €280k. Can I dispute this? Why should I allow a property to be increased in price (If anything I should be looking for a reduction in the current climate) ..... this route by the vendors would increase my stamp duty liability.
As it stands .... this price was agreed 8 months ago ..... and I've been very patient as my solicitor has tried to decipher the quagmire of legal problems; access etc. Contracts were even issued with a non-existent right of way access despite vendors being aware that no access existed.
Thank God I've a great solicitor.
Things are coming to a head and I'm unsure of my options. The only thing that has changed since I agreed and signed contracts is that my wage has been reduced dramatically. I can still afford the mortgage but ... just ... and if I could get any little bit more off the sale price it would be great.
- Another issue that people in the mortgage line might be able to help with .... I was granted a 22 year loan (based on my age) but my birthday is coming up .... (it's been a year since I got mortgage approval with further approval last September) ... if I hit my birthday date before I draw down the loan could the bank insist on renegotiating the loan down to a 21 term to reflect the fact that I'll be another year older?
All advice/insight gratefully appreciated.