8 weeks to sell house to buy site

Can some one please advise Vanilla that what i said above is legal and above board. and there is nothing manufactured about it.
 
Actually, Vanilla is a solicitor and has quoted the relevant section of the legislation to explain why Revenue do not allow it.

I am aware that (some) people do not see the issue but it is an issue nonetheless.
In this situation, the suggestion does not stack up - it would be manufactured. It would not stand up to scrutiny and it would be a foolish site vendor who would join in what amounts to a Revenue fraud.

Revenue do investigate these transactions. Not all of them but enough to make any sane solicitor and their client run a mile from being involved.

mf
 
well i did it with my site when i bought and it was proposed to me by a very straight solicitor so am a bit baffled by what vanilla/mf1 are saying, the deed was stamped with the SD i paid and everything was done legally and above board and its not fraud
 
johnnyg said:
well i did it with my site when i bought and it was proposed to me by a very straight solicitor so am a bit baffled by what vanilla/mf1 are saying, the deed was stamped with the SD i paid and everything was done legally and above board and its not fraud
Click to expand...

It must have been a very expensive site if you still ended up paying stamp duty. As to rest, no point in reiterating what has already been said.
 
CKT said:
Hi,

Just an update, my sister has agreed to buy my house, she put her for sale sign up today.
Told the EA, he said that the pressure will be off me now, but now I have to worry about my sister's house selling.......

Another question is:

What stamp duty will she pay on my house, she will be buying with her boyfriend who is a FTB (I know his status probably won't make a difference), is there a special consanguinity relief?
Click to expand...

Hi,

Another update,

My sister has still not sold her house but the EA is putting me under pressure to sign the contract. He has said that we agreed to buy within 6-8 weeks if there was no interest in our house.....but our house is now "sale agreed" so it is up to him now to sell my sisters house.

I spoke to my solicitor yesterday, she said she will try to stall them, but really we should wait until we get the money for our own first.

The EA rang me today again saying that the contract needs to be signed.

Any advise please?
 
I think you've tried very hard to make the situation work. But it has'nt. It is not possible for the EA to sell your sisters house if there is no interest in it. If your sister cannot sell her house, she cannot buy yours. It is that simple.

If you don't sell to your sister and you cannot find another purchaser, then you are faced with this reality. You can either afford to buy the site without selling your own house but you said this could be an issue. Or you cannot afford to buy this site and you need to pull out of this chain.

There are no magic wands out there.

mf
 
It's the difference between tax avoidance and evasion, IMO.

If you genuinely enter into a building agreement I don't see the problem.

However, you should be careful not to make promises to your EA that you cannot keep. If you are not going to buy the site unless your own property (or your sister's) sells, then say that now. Don't waste everyone's time and your own money on legal fees to draw up documents that you will not sign.
 
Kate10 said:
It's the difference between tax avoidance and evasion, IMO.

If you genuinely enter into a building agreement I don't see the problem.

However, you should be careful not to make promises to your EA that you cannot keep. If you are not going to buy the site unless your own property (or your sister's) sells, then say that now. Don't waste everyone's time and your own money on legal fees to draw up documents that you will not sign.
Click to expand...

I can't see the analogy.

It is about making a legal commitment to buy something when you may not have the funds to do so. Someone would own your proverbial.

Note that the agent has nothing to lose. Once you sign that contract his/her fee is secured.
 
Pull out!!
You can't finance it.
Don't waste any more peoples time.
To be honest a lot of people told you that you would be lucky to sell in 8 weeks but you have ya head in the sand....

Forget it. Move on.
 
Mr DT said:
Pull out!!
You can't finance it.
Don't waste any more peoples time.
To be honest a lot of people told you that you would be lucky to sell in 8 weeks but you have ya head in the sand....

Forget it. Move on.
Click to expand...

Thanks Mr DT, what I actually agreed with the EA was to get interest in my house within 8 weeks, (I know I said "sell") . To me a sale agreed is "interest"

And I dont think I have my head in the sand, I am aware of the whole situation....just looking for advice on my situation...that why I use this wedsite
 
You have sold it to your sister....who in turn can't sell her house......so you still have a problem to finance this deal after 8-10weeks.

Options;
1) Your sister lowers the price of her house to a point where see can attract a buyer.
2) You go to the bank and arrange finance-could be difficult given the more sensible credit policies now in place
3) You forget it and move on as you can't afford to do this at this moment in time.

You went in to this deal with no finance in place (and your head in the sand). To be honest you have led the owners of the site on abit and it is only fair on them to resolve this quickly now.
 
Camry - my post was in relation to the earlier discussion re stamp duty.

To the OP:
Do not sign a contract that you are not absolutely sure you can perform. If you can afford to buy this house without selling your own, and you really want it, then go ahead and sign the contract. But if you cannot afford both houses then you cannot sign the contract. If you sign the contract now it is the same thing as betting the deposit money at a racetrack. You are betting that your sister's house sells. If it does, great, you get the house. If it doesn't, you are screwed. You will not be able to complete and the builder will prob sue you for his losses.

I know the site is great, but it is not worth the risk. There will be other sites.
 
You must log in or register to reply here.
Back
Top