Discharged Bankrupty, does it show on conveyancing search?

GlebeCS

Hi All,

I was made bankrupt in 2003 and am long since discharged (credit rating is excellent now, no problem getting bank accounts/overdrafts/loans/credit cards).

I have passed the initial searches for a 'non status' mortgage and am looking at borrowing 65% ish (£225,000 house, I have £80,000 deposit).

My specialist broker says that the only problem I could have is if the conveyancing solicitor comes back with the bankruptcy from a bankruptcy search.

Does anyone know if this is likely as I am now discharged, or can they go back indefinitely?

Thanks.

Evilm

GlebeCS wrote: »

Hi All,

I was made bankrupt in 2003 and am long since discharged (credit rating is excellent now, no problem getting bank accounts/overdrafts/loans/credit cards).

I have passed the initial searches for a 'non status' mortgage and am looking at borrowing 65% ish (£225,000 house, I have £80,000 deposit).

My specialist broker says that the only problem I could have is if the conveyancing solicitor comes back with the bankruptcy from a bankruptcy search.

Does anyone know if this is likely as I am now discharged, or can they go back indefinitely?

Thanks.

It probably will show up on the search. Whether it gets counted against you or not is a different matter.

I believe the search is done in the week up to completion after exchange usually.

I would suggest mentioning it to your solicitor to ensure that if this is going to cause a problem you find out before exchange and do not face penalties for not completing.

opinions4u

I take it you answered the question "have you ever been bankrupt" on the application form dishonestly.

GlebeCS

opinions4u wrote: »

I take it you answered the question "have you ever been bankrupt" on the application form dishonestly.

Hi, I havent filled in any form but I did tell my broker that I was bankrupt in 2003 and am discharged.

He told me that there are 2 parts to the approval and we have passed the first, also apparently the mortgage is with a high street name that still gives non-status mortgages (the only one according to the broker)

I do not want tell any lies anywhere and just assumed that as with other loans the question is normally are you bankrupt or have you been in the last x years (normally x=5)

_Andy_

'non status'...hm..dodgy fast track app then?

_Andy_

PS broker sounds pretty dodgy.

GMS

Non Status. Which lender? Specialist broker? In what way?

Bankruptcy showing on the search should cause you no issue provided it was disclosed to the lender. Major issues if it was not disclosed

GlebeCS

GMS wrote: »

Non Status. Which lender? Specialist broker? In what way?

Bankruptcy showing on the search should cause you no issue provided it was disclosed to the lender. Major issues if it was not disclosed

I have asked the broker to confirm that the lender is given all the facts and will report back on the outcome.

luckyfool

Or it could be with a lender that doesn't ask, such as Halifax. Of course they rely on the credit search, and in that scenario if it did come up on a Bankruptcy search there is a possibility they could withdraw the offer. There are high street lenders that will lend with a disclosed bankruptcy discharged 6 yrs ago without problems.

GlebeCS

Broker says the questions wasn't asked, but that when it comes up on the final search it is certain that the offer will be withdrawn, hence I have canceled the application.