Buying repossessed/ court order

Cartoon_head

I've got a snag with my house purchase.

Everything going well then all went quiet waiting for exchange date, when I pushed it seems the previous owner ignoring requests to sign several bits of paperwork.

The purchase is apparantly from the official reciever,so I was surprised that the bankrupt seller was still required to sign stuff.

One required signature I've been advised is for the TR1.

My solicitor has told me if they don't sign within a certain time they will get a court order and the judge or solicitor can sign.

Anyone any idea how long this can take? My solicitor is being a bit vague, and I suspect this may be a bigger problem than I'm being advised.

Rgds

G_M

I suspect it's not been repossessed. It's still in the "owner's" ownership, and the bank/official receiver/whoever is granting the owner time to sell before taking possession.

If the sale falls through the bank will go to court.


How long? Your piece of string or mine?

Cartoon_head

I was advised the owner is bankrupt, and the seller is the official reciever.
Also a court order will be sought "sometime soon" to allow solicitor/official reciever to sign transfer.

Surely a court order would be straight forward for this?

steampowered

It's unlikely to be a quick process.

Do you know how much this is going to cost you in legal fees?

Cartoon_head

Nothing
They are telling me what I have replied above and implied will b a few weeks.
If it starts to look like it will cost me cent and ok walk away.

Cartoon_head

Found out more today.

Seems it's a married couple, one bankrupt,one not, the one who isn't is avoiding signing transfer, so a court order is in place to allow the solicitor to sign after 14 days, however needs to go back to court for this
Been advised minimum a month, but how it's worded suspect longer.

Neither the solicitor nor the estate agent advised on any of this untill I pressed after waiting 4 days for an exchange date.

I wouldn't pay any of them in washers!

AdrianC

Cartoon_head wrote: »

I was advised the owner is bankrupt, and the seller is the official reciever.
Also a court order will be sought "sometime soon" to allow solicitor/official reciever to sign transfer.

So the owner is still the bankrupt, but the receiver (trustee in bankruptcy) is managing the process.

Cartoon_head

I believe so

AdrianC

Either way, the outcome is going to be the same.

They'll be open to any passing gazump, because there's a legal duty to maximise the return.

Cartoon_head

House is off market, all conveyancing done, just this signature outstanding from non bankrupt partner who is ignoring all requests to sign.
The way I see it, someone COULD walk in and offer treble what I am but they still would need this court order for the signature.

AdrianC

Yup.

And right up until you exchange, the trustee is going to be perfectly willing to swap to them. Indeed, legally bound to...