I have looked at the Allsop listings for a long time, this Friday I will attend and plan to bid on one property for sure, maybe two.
The first is straight forward so no comment needed, the second has a form of words contained as an addendum to the contract that in my view is designed to confuse, it suggests VAT is payable on the hammer price on a 2nd hand residential property let from get go...the build stage is 10+ years ago which also could mean as VAT is reclaimed on the property build that VAT is surely payable on the rent income.
Allsop have not replied to two requests for further clarification which right now means two things to me, 1 ....Buyer beware big time when it comes to Allsop and 2... do a lot of homework and review the legal pack, get professional advice where you are uncomfortable, I think that particular property which has a low reserve will go 50% more than reserve minimum and some sucker will buy without realising until they have paid their deposit which should by the way include VAT that they are caught paying up to 23% more, maybe 13% at best than the hammer.
I have seen this once recently in a private treaty sale for a 2nd hand residential home and am baffled by this, caution required.
Any one with experience of this new feature ( to me at least ) of VAT added to 2nd hand houses for sale..?
The first is straight forward so no comment needed, the second has a form of words contained as an addendum to the contract that in my view is designed to confuse, it suggests VAT is payable on the hammer price on a 2nd hand residential property let from get go...the build stage is 10+ years ago which also could mean as VAT is reclaimed on the property build that VAT is surely payable on the rent income.
Allsop have not replied to two requests for further clarification which right now means two things to me, 1 ....Buyer beware big time when it comes to Allsop and 2... do a lot of homework and review the legal pack, get professional advice where you are uncomfortable, I think that particular property which has a low reserve will go 50% more than reserve minimum and some sucker will buy without realising until they have paid their deposit which should by the way include VAT that they are caught paying up to 23% more, maybe 13% at best than the hammer.
I have seen this once recently in a private treaty sale for a 2nd hand residential home and am baffled by this, caution required.
Any one with experience of this new feature ( to me at least ) of VAT added to 2nd hand houses for sale..?