I am in neg equity and forced to sell investment property.
A parent signed as a guarantor for up to €100k.
I also reclaimed vat on the property after the purchase (the bank weren't aware of this as it didn't require their involvement).
My understanding is that any outstanding vat owed goes to the vat man first and the bank get the remainder.
My question is:
In normal standard practice, does the guarantee cover the mortgage owed minus the sale price (up to 100k in this instance)
OR - would it be the mortgage owed minus the sale price minus what is owed to the vat man ? (Up to 100k in this instance )
Or put in more general terms is there any catch all statement in a guarantee agreement that protects the back from any unforeseen costs that may need to come from the proceeds of a sale ?
Obviously I need the signed form to confirm - but I assume this is a standard agreement.
Does any one have any idea in the meantime ?
Thanks
A parent signed as a guarantor for up to €100k.
I also reclaimed vat on the property after the purchase (the bank weren't aware of this as it didn't require their involvement).
My understanding is that any outstanding vat owed goes to the vat man first and the bank get the remainder.
My question is:
In normal standard practice, does the guarantee cover the mortgage owed minus the sale price (up to 100k in this instance)
OR - would it be the mortgage owed minus the sale price minus what is owed to the vat man ? (Up to 100k in this instance )
Or put in more general terms is there any catch all statement in a guarantee agreement that protects the back from any unforeseen costs that may need to come from the proceeds of a sale ?
Obviously I need the signed form to confirm - but I assume this is a standard agreement.
Does any one have any idea in the meantime ?
Thanks