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Additional Property Purchase Taxes

Additional Property Purchase Taxes

Old Feb 23rd 2021, 1:17 pm
  #16  
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Default Re: Additional Property Purchase Taxes

Originally Posted by VFR View Post
So you bought this property from a bank ?
That being the case then surly the bank should help here as they stated the valuation via (as they do) one of their own surveyors.
There was no cash in hand like the old days that most are talking about here as what would the bank have to gain.

Issue here will be that the bank only valued the property for what it owed them. Any extra gain (and it would be by the new owner) would not be down to the bank. Of course they should have informed the buyer about the rule and so should their legal team.
I expect when buying from a bank unless you ask direct questions you wont get offered any answers, and I also bet the legal team was supplied by the bank as well.

Bank sales in the Uk (I know but its an example only) have to disclose any charges and the reason for the low value in the buyers pack.

Most of the time people buy from the bank to maximise what they get for their money. Im not saying its greed as we looked at some but were not happy with what was offered or the state some of them were in.
At least 3 of the flats in our community are bank owned and they don't pay the community charge (one of the flats has nearly €6000 in unpaid) so I would assume when its sold the new owner will have to clear this.
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Old Feb 23rd 2021, 5:40 pm
  #17  
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Default Re: Additional Property Purchase Taxes

Originally Posted by Barriej View Post
Issue here will be that the bank only valued the property for what it owed them. Any extra gain (and it would be by the new owner) would not be down to the bank. Of course they should have informed the buyer about the rule and so should their legal team.
I expect when buying from a bank unless you ask direct questions you wont get offered any answers, and I also bet the legal team was supplied by the bank as well.

Bank sales in the Uk (I know but its an example only) have to disclose any charges and the reason for the low value in the buyers pack.

Most of the time people buy from the bank to maximise what they get for their money. Im not saying its greed as we looked at some but were not happy with what was offered or the state some of them were in.
At least 3 of the flats in our community are bank owned and they don't pay the community charge (one of the flats has nearly €6000 in unpaid) so I would assume when its sold the new owner will have to clear this.
I would have thought that they value a property for what it is likely to sell for (its value)
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Old Feb 23rd 2021, 7:03 pm
  #18  
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Default Re: Additional Property Purchase Taxes

Originally Posted by VFR View Post
I would have thought that they value a property for what it is likely to sell for (its value)

When we looked in 2018 most of the repossessions were for sale at around 5% higher than the bank needed to return the capital it loaned on the original mortgage. I was even offered the chance to take on the mortgage if I wanted.

There was a 6 bed unfinished villa on 12000 square metres of land near Alcoi. The owner died and the bank repossessed. He only borrowed €80k and they wanted €90k to clear the debt and cover costs on a property a local agent told me cost the original owner €200k
Found out after that the bank made him take out insurance as well so they were quids (or Euro's ) in.

The whole process is a mine field and most of the Banks wont let you have independant surveys and bring your own solicitor on board.
Thats why we walked.

If you look online they all have an 'open day' they will only talk the person purchasing, they wont allow you to bring anyone with. And you are escorted during the viewing by the banks rep.

And Im not being negative, its just if it looks too good to be true, 99 times out of a hundred it will be.
Banks are not in business to be nice.

Im a glass half empty person, its alway better to look on the negative side, that way if it turns out better you are happy.
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