One of vendors in bankruptcy?

euromike

So after weeks of waiting I've found out why there was a hold-up on the vendors' side - one of them is in bankruptcy. They still want to sell, I'm told, it's now the executor dealing with it, there are 3 partners selling and the other 2 are "clean". What should I expect? e.g. much longer delays still to come, or perhaps issues with paperwork that would cause concern for either my solicitor or the mortgage provider?
I've only had my offer accepted so far, and the delay was due to vendors not providing documents to their solicitor. Now we know why..

G_M

Well, the offer cannot be accepted unless all the sellers are in agreement.

Since one registered owner is bankrupt, he cannot agree - it is up to the Official Receiver (in England) to agree (you say executer??).

You may get that agreement tomorrow.

You may wait 2 months only to be tole the OR wants a higher price, or to put the property in an auction or whatever.

euromike

G_M wrote: »

Well, the offer cannot be accepted unless all the sellers are in agreement.

Since one registered owner is bankrupt, he cannot agree - it is up to the Official Receiver (in England) to agree (you say executer??).

You may get that agreement tomorrow.

You may wait 2 months only to be tole the OR wants a higher price, or to put the property in an auction or whatever.

the "executor" is what I was told by EA, I have no clue how the process works, having never been in bankruptcy myself;)
It does sound like a potentially problematic case. Oh well..