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Buyign a house when previous owner was bankrupt
suzyq
Posts: 187 Forumite
My daughter is in the process of buying a house and has just found out that the person who owned the house was bankrupt.
What are the pitfalls if any , of buying a house where the deceased previous owner was declared bankrupt. Could there be issues with credit ratings also utility companies etc.
What are the pitfalls if any , of buying a house where the deceased previous owner was declared bankrupt. Could there be issues with credit ratings also utility companies etc.
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Comments
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A few years ago credit reports rules were changed to concern only the individual as opposed to the property so in that instance, no.
I'm afraid I haven't got a scooby to when it comes to house buying and utlities but I do know her report will not be affected by simply moving there.
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Only likely pitfall is if she has the same surname - eg a Miss/Ms/Mrs G Bloggs buying a house from a bankrupt Mr A Bloggs. In that case, she'd need to contact the credit agencies.
As SS said, well over 10 years since houses "carried" debts.0 -
Speaking from experience.
No downside really, utilities will put the accounts in your name and start from scratch, so no danger of being saddled with bankrupts' debts. Credit rating is unaffected.
Slight nuisence factor of occasional baliff or someone they owed money to turning up on the doorstep, apart from that no affect at all.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Thanks to all who have responded to my post you have put my daughters mind at rest, she will now go ahead with the purchase.0
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