Buying a resale property - Advice

Brummie


Joined: 19/02/2009
Posts: 18

Message Posted:
02/02/2011 15:58

Hi



I am looking into buying a re-sale property, where the contract is just being transfered into my name, as the seller is still waiting on the Deeds from the builder. But even though the seller has already paid the VAT for the property, we have been told that we have to pay VAT again!! So has anyone actual bought a re-sale property and come across this matter or just paid the property price and no VAT??



Thank you in anticipation of your comments.

andy2b123


Joined: 21/12/2010
Posts: 141

Message Posted:
02/02/2011 17:53

Don't forget the golden rule. No deeds don't buy

Marisa


Joined: 23/04/2009
Posts: 545

Message Posted:
10/02/2011 07:57

If the seller has already paid VAT you do not have to do it again.

Wiser


Joined: 30/07/2008
Posts: 796

Message Posted:
10/02/2011 14:07

I am afraid that if the person has bought the property and paid the vat but not taken the deeds you will have to pay the vat again. The property is still classed as a new build as it has not been owned by anyone and still will be in the builders name. I know this as a fact as I have just had to pay vat on a property where it had already been paid.