Well that's it. In only guessing here - but I'm working on the assumption there is a legal requirement for the bank to pay the vat out of the sale.
Ots only guesswork by me (I will be getting legal advice)
But it's difficult to see how it would be otherwise.
I may be wrong of course.
Yes the bank will be accountable to pay any unpaid VAT from the sale proceeds. This is standard practise in all sales of re-posessed properties where a VAT element remains outstanding.
Im just looking up this same situation... property in negative equity, forced to sell and looks like same advice on the VAT. Had been advised by accountant that cost would come out of selling price but the bank has just refused this. Would be eager to get an update from you on what your bank decided. (We are with ebs - now AIB but still speaking with ebs team in there)
So surely you can instruct your solicitor to pay the vat man no?
OP here. I must say in very surprised by this. I've been told otherwise by my solicitor.
Does you solicitor not get the cash first upon sale ?
So surely you can instruct your solicitor to pay the vat man no?
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