Just discovered seller is bankrupt - please help!

devil30

Yeah, fingers crossed!

Paul_Varjak

I think there is a lesson to be learnt here.

Checking on whether the seller of a house is bankrupt is one of the very last searches that a solicitor carries out.

When I recently bought a house I checked on the Insolvency Service website at every stage during the house-buying process - from the initial offer to the handover of keys!

It is also wise to talk to local Councillors (especially ones who live nearby) about any matter which could affect your purchase: Problem neighbours, flooding, land subsidence, planning applications on nearby land, no applications for planning on the property/extension you are purchasing etc etc.

You can save an awful lot of time and money before getting too emotionally attached to your prospective new home!

devil30

Paul_Varjak wrote: »

When I recently bought a house I checked on the Insolvency Service website at every stage during the house-buying process - from the initial offer to the handover of keys!

We did the best we could mate, but as the sequestration notice was only published on Friday 31st and as we don't have a crystal ball (a working one anyway!), I don't see how we could possibly have foresaw this problem.

devil30

Hi all,

Spoke with my solicitor today about this mess of a situation. She said she will speak with the 'sellers' solicitor first and then contact the accountant in bankruptcy to see if we can still buy. Apparently I should "have some sort of closure" on the scenario by the end of this week. Am well fed up. Have started looking again, but don't see anything at all and just end up in tears.

Bustle

I'm in a similar situation and have pretty well got my mind set on a repossessed flat. Conveyancing is taking forever and my solicitor is still waiting for information he requested in February!

Agent says he's chasing people and today I've written to the company handling the liquidation to see if they can speed things up a bit - I thought banks/liquidators, etc. sell assets quickly so they can recoup funds for creditors?

It seems like no one is that eager to sell it despite me being in no chain and a cash buyer!

Anyone got any other ideas of speeding up my purchase? it's starting to drive me nuts....:mad:

Tiger_greeneyes

Repossessed property purchases always take longer because you're dealing with a company rather than an individual.

You could get your solicitor to chase up the information he requested though, he should be doing that as a matter of course anyway.