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Buying a house from someone with a bankruptcy order
seriouslyunsurprising
Posts: 80 Forumite
A house I might be interested in bidding on is owned by someone who has a bankruptcy order (its noted on the title's charges register), in addition to being mortgaged. Just curious what happens in this circumstance - will the seller see any of the sale proceeds or will it all go to their creditors?
I've done a bit of digging and the individual in question was the managing director of a large company that was liquidated and I suspect the sums owed are likely in the millions?
I've done a bit of digging and the individual in question was the managing director of a large company that was liquidated and I suspect the sums owed are likely in the millions?
Just pondering what attitude they might have to a lower offer as theyve been trying to sell for 10 years+
Thanks in advance for anyone who can appease my curiosity!
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Comments
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It seems unlikely that somebody who is bankrupt has been trying to sell for 10+ years? Are you sure you're not misinterpreting whatever is on the charges register?1
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They've previously listed it for sale in 2014, 2020 and obviously now. Same sellers. The bankruptcy order is from 2022. The current asking price is substantially less than the previous asking price (but still arguably overpriced)user1977 said:It seems unlikely that somebody who is bankrupt has been trying to sell for 10+ years? Are you sure you're not misinterpreting whatever is on the charges register?0 -
What happened prior to 2022 is irrelevant. The bankrupt isn't selling the house now.
The IP has given his spouse (if married) the opportunity to buy out his share and they can't manage it, or simply the house is now vested in the IP. So it depends on the IP, whether they are trying to squeeze as much as possible out of the buyer, or just want to get the cash ASAP.If you've have not made a mistake, you've made nothing0 -
Is it The Priory, Old Windsor?
https://assets.savills.com/properties/GBWDRSWDS120192/WDS120192_WDS15002043.PDF
No reliance should be placed on the above! Absolutely none, do you hear?0 -
I don't see why you shouldn't make an offer. The Official Receiver will take a decision on it1
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