Quote:
Originally Posted by Jain and Chris
I definitely don't support lambs to the slaughter selling techniques in any profession.
However, I am confused here with what you are saying as surely you have a preliminary contract which details the price paid and shows whether this includes the 20% VAT or excludes it. Also, based on the price in this contract, compared with the "all in" price which the agent gave you, you should be able to deduct the price of the property from the total price and this will tell you what the agent's commission is. It's worth bearing in mind that a lot of off-plan property is sold without the buyer being charged commission by the agent as the developer pays the agent a commission - so maybe you aren't even paying a commission to the agent? Why not ask the agent these questions and also look at your prelim contract again for the details of the price and VAT.
I'm not sure the agent "lied" to you and I don't think from what you say he has "added on" any costs: he probably expected that you knew the info from the prelim contract where the price and VAT would have been shown. Although, even having this contract, I do agree that a really good agent would have clarified the details with you, particularly if they knew you were taking a mortgage to buy the property.
I'm really sorry that you find yourself in this position but hope that the contact I found for you (and the others) can help find a resolution for you.
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Hi Jain
Thanks for your replies and advice on this matter. I may be being naieve, but if I have interpreted this right, the valuation will be exclusive of VAT, F+F etc, which is what the bank works off. However, if we were to sell the property say a year down the line, then the price we sell for woudl be inclusive of these items? If so, surley it would be possible to re-finance further down the line to redress the balance. Am I over simplyfying this, or are we making a mountain out of a molehill?