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ok thanks for your help
My solicitor is working on it now. (I just thought I would get an opinion on here since I was on the forum and thinking about it contantly)
It does say on contract that it was 37.1 square meteres. It is in Victoria.It is almost finished but the point is that it is all refurbishment. They said it was 37.1 and it is actually 32 square metres. (and always has been but not til 2 weeks before settlement do we find out after our own surveyors report) The amended subdivision could have referred to anything as there are bout 30 properties in the development. Is a solicitor expected to get out a ruler and make sure it is 37 square metres by checing the size to scale of them all. It is actually 15.5% smaller and unfinaceable or should the vendors solicitor highlight something with such major differences. We are talking about a studio not a 5 bedroom house.
Thank you again for comments. I am going to deal with it this week. It is a worry.
ALF1, looks like we were typing at the same time and our posts crossed. Thanks for your advice. I will email you.
Thank you very much for your advice. It has actually made me feel A BIT better!
I didn’t think my solicitor should have given me financial advice. But I think he should have risen my awareness to the size of the unit and the potential problem with banks not wanting to finance it (happy to be corrected again if anyone feels different)
I would like to not buy the studio and will see what an other solicitor thinks. If I have to proceed, (hopefully, otherwise we risk losing deposit) I am hoping I will get someone to look at what we see is a strong financial position although it doesn’t look it on paper. Ideally if I could get a financial institute to do 90% finance on the studio and then I can use the rest for deposit on 2 bedroom. By the way I agree that definitely the value has gone up on the 2 bedroom but the bank I spoke to said they will only use the $525,000.(contract price) Maybe I need to finance this one first and THEN have it re-valued and hopefully have some equity for studio.
Went to look at both properties today and the North Melbourne one is going to be ready earlier than Sandringham studio and both due to settle within 4 weeks.
Any more advice greatly appreciated.
Thanks
Re the above post by me. I should have mentioned that the 2 bedroom one is in North Melbourne and the studio is in Sandringham.
Thanks.
