Question for Debt Doctor please

moyilla

Hi Fermi,

Yes my OR is on holiday and my case has been passed to another department.

fermi

moyilla wrote: »

Hi Fermi,

Yes my OR is on holiday and my case has been passed to another department.

Bummer.

I will PM you. Plus (as per thread title) hope fully DD will see this.

moyilla

Thank you Fermi, hopefully he will

hitch_2

Get legal advice from an Insolvency Solicitor tomorrow
The reason the buyers solicitor is undertaking a check is to protect his clients interest, I think this is a standard check, when it comes back they will withdraw from the purchase
Consider postponing the sale of the house now, if your solicitor finds out you are bankrupt he may be under a legal obligation to inform OR.

fiveyearplan

I've never heard of a buyer doing a check like this and as a buyer myself have never done so.

moyilla

Oh hell's bell's, thanks to all who replied

silvercar

Now I understand your thread on another board!

Once the credit check is done the buyer will pull out. Sure as eggs are eggs. You are selling to a developer whose solicitor is aware that the OR has the power to set the sale aside and/ or demand more money. This is because the place is being sold to a cash developer and presumably below market value. Hence the request for a credit check.

You have nothing to gain and everything to lose, so refuse.

I wonder if the house is being sold by the executors of the will with the money going to the beneficiaries or whether the property is being transferred to you and then sold. There are legal differences and this could make a difference to whether the inheritance comes you way pre or post bankruptcy.

Either way it seems logical to delay the sale until after your bankruptcy is through. Again nothing to lose and everything to gain.

One more point (and sorry to be raising points with no answers). The solicitor acting for you in the sale will know the answer to the points, or could find out, I wonder on the value in not telling him of your bankruptcy. In fact I wonder on the legality of him acting for you without being aware of a material fact.

debt_doctor

Hi moyilla,

I would have posted the technical manual quote that Fermi posted earlier, I have to say that I beleive you have an assett that the OR will have an interest in, but on monday ill do some checking and try to come up with the definative answer.

Sorry I know its not what you want to hear.

Best,

DD

Richard_S

silvercar wrote: »

Now I understand your thread on another board!

Once the credit check is done the buyer will pull out. Sure as eggs are eggs. You are selling to a developer whose solicitor is aware that the OR has the power to set the sale aside and/ or demand more money. This is because the place is being sold to a cash developer and presumably below market value. Hence the request for a credit check.

You have nothing to gain and everything to lose, so refuse.

I wonder if the house is being sold by the executors of the will with the money going to the beneficiaries or whether the property is being transferred to you and then sold. There are legal differences and this could make a difference to whether the inheritance comes you way pre or post bankruptcy.

Either way it seems logical to delay the sale until after your bankruptcy is through. Again nothing to lose and everything to gain.

One more point (and sorry to be raising points with no answers). The solicitor acting for you in the sale will know the answer to the points, or could find out, I wonder on the value in not telling him of your bankruptcy. In fact I wonder on the legality of him acting for you without being aware of a material fact.

Silvercar,

If I was the O.P your post would give me some hope that there might be some way out of this to his/her benefit. I would never condone defrauding a creditor or trying to evade one's liabilities,:rolleyes: but if there is a legitimate way out then so much the better.

Do you have any legal or insolvency training? That was an excellent post if it's factual.

Richard

moyilla

Ok, it seems someone might be looking down on me from above.
The buyer who wanted the credit checks done on me etc has ironically no funds to buy the house!!!!

There is another interested developer (he was the first one to offer and actually has the cash sitting in his account) but he feels that he has had his hands burnt with all the messing from the second buyer - I hope this makes sense!!

I've had a few days to think about this and I'm still as confused!!

Thank you Debt Doctor, I think if I had a definite answer that would help greatly.

Thank you all you are all fab