As the houses were originally intended to be as part of a business it turns out there were special conditions outside of the original contract![/QUOTE
Were these special conditions in relation to the VAT available to you/accountant or solicitor or did you check prior to the auction about the Vat situation
The contract wasn't available for viewing until after the auction! We requested it from the auctioneer before numerous times! So we tried to think of every single issue that could come up (tax, got engineers reports, independent valuations etc)! The contract was there then to be singed but it was at half 4 on a Friday evening and they were hunting us out of the office!
We have never heard of VAT being paid on a house! We don't even understand why VAT is payable on it!
We have never heard of VAT being paid on a house! We don't even understand why VAT is payable on it!
But it isn't a new house, it's over 10 years old! That's why we're surprised!Every new house has 13.5% VAT incl in the price, this is well known.
"It disturbs me greatly that a government body acting on behalf of the tax payer can have no problem selling properties with conditions like this on it!"
If you were registered for VAT, it would be no issue.
"The contract wasn't available for viewing until after the auction!"
And you went ahead and bought anyway?
This transaction has VAT written all over it.
Either you did not get proper advice, in which case you are stuck with it or you did get proper advice and you have a serious claim, in negligence, against your solicitor/accountant.
mf
If never sold, or occupied, then may be classified as still new.
I'm 25 years old I am buying with a combination of a mortgage and a CU loan (only got granted 60% of the mortgage as I am not in full time employment - I work 3 days a week guaranteed and the other 2 I only get some weeks) so another loan isn't an option and I can't imagine the bank will increase the mortgage.Is that all you've to pay extra 6K. So the house is only costing you about 50K. What were you hoping to furnish it with? Do you have any money set aside. Can you get a credit union loan ?
No I was going to move into it for the time being but if I don't pay it now it will be due when it comes to selling it!I expect you too intend to rent houses as a 'business', so vat probable can be treated appropriated in accounts
No I was going to move into it for the time being but if I don't pay it now it will be due when it comes to selling it!
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