Sub-Sale from Purchasers side---please explain my options!

S

Suz2406

Guest
My partner and I are FTB and are in the process of purchasing our dream home.

On viewing the property, the auctioneer informed us that a lady had moved in for a period of one week but due to financial issues (though he was not 100% on this) moved out again without the house ever being completely sold. We thought it a bit strange but he assurred us that while it was unusual, there was nothing to be worried about. Therefore, he said, it was still a new property. We had always been led to believe that it was the builder of the house that was the vendor.

Our solicitor has now contacted us saying that the vendor is the above mentioned lady and that the transaction is one of two things:
a) a sub sale, or
b) that the lady completed the original sale and now she is the owner.

I would have considered the auctioneer a friend of mine but I am worried that we are being messed around. We are currently waiting on the contracts from the ladys solicitor. Our solicitor has told us not to panic until we see these.

Apologies as I know this matter has been discussed in previous threads but it seemed to only address the sellers side of things. From the time we were interested in the property to time we paid booking deposit the asking price had gone up from €370k to €380k. We secured the house at the full €380k.

I get an useasy feeling from it all. I don't know, is it justified????
 
"Our solicitor has told us not to panic until we see these."

Until you see them you don't know what the situation is and there is no point panicking. Trust your solicitor.

If you are both f.t.b.'s what difference does it make if this is a new or a second hand property ?- you won't be paying stamp duty anyway.

mf
 
Will she be liable to stamp duty though on her transaction? Is this where our extra €10k is going?

I know I shouldn't panic and I do trust my solicitor but I suppose it's just I am anyway! Trying not to!

Thanks for your comment though!
 
"Will she be liable to stamp duty though on her transaction? Is this where our extra €10k is going?"

Look - what does any of this matter? If you did not want to pay 380K you could have stuck with an offer of 370K and you might or might not have got the house. You agreed a price of 380K and now you can either go ahead with that when the contracts arrive and everything is clearer or offer the lower price. There is nothing binding until the contracts are signed by both parties.

Focus on what is important.

mf
 
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