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Nicola-mod
Nicola-mod, Moderator
Category: Law
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Experience:  Moderator
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We are in the process of buying 2 new build properties. My

Customer Question

We are in the process of buying 2 new build properties. My husband and I will live in one and my daughter and her family will live in the other. It has come to light that the the owner is on remand facing serious charges related to drugs. If we go ahead with the purchase, are we in any way at risk once the sale has been completed?
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

AlexWatts2013 :

Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return.

AlexWatts2013 :

At risk in terms of losing your home do you mean?

JACUSTOMER-do3plyuj- :

Yes. We are worried that the courts will see it as a sale to protect his assets and take the action to confiscate them from us - despite us having bought them legitimately and with good faith.

AlexWatts2013 :

Do you know the value of any drugs?

JACUSTOMER-do3plyuj- :

No, but we do know that a £50,000 bail has been placed and not met, and that he'll appear at the Old Bailey. This is the word around our local town.

AlexWatts2013 :

Yes, of course it depends on whether or not there has been a conviction and if so the Crown may issue proceedings under the Proceeds of Crime Act.

JACUSTOMER-do3plyuj- :

This is our worry. Can it come back on us and our homes be seized?

AlexWatts2013 :

Depending on the value of the drugs and charges they would have to show that he had benefited from a criminal lifestyle.

AlexWatts2013 :

The Court has power to seize assets if there has been a transfer that has been tainted. That means the transfer is not genuine.

JACUSTOMER-do3plyuj- :

Well the transfer will be perfectly genuine, we just want reassurance that our family homes are safe once we complete on the sale.

AlexWatts2013 :

However if you were acting in good faith, your Solicitor has made all proper enquiries and you have acted as a bone fide purchaser you have nothing to worry about.

AlexWatts2013 :

Only if the transfer has been tainted or he is trying to hide his assets would there be an issue. Therefore I also assume any payment would be made by bank transfer or some other means that is traceable which would indicate that the transaction is proper.

AlexWatts2013 :

But you should instruct a Solicitor to deal with the transfer for you and make sure that all paperwork and enquiries have been made.

AlexWatts2013 :

Can I clarify anything for you about this today?

JACUSTOMER-do3plyuj- :

Yes, there will be a mortgage, the sale of our current homes and part cash, which is accountable for through our family business.

AlexWatts2013 :

Yes and you have a Solicitor acting for you?

JACUSTOMER-do3plyuj- :

Yes, we have.

AlexWatts2013 :

Good. Then I do not think you have anything to worry about as this appears genuine. Of course any payment to the builder should be traceable.

JACUSTOMER-do3plyuj- :

Okay. I think that is it for now. Thank you. x

JACUSTOMER-do3plyuj- :

Sorry, I didn't mean to put a x. I am so used to signing off with a kiss with friends and family!

AlexWatts2013 :

If this answers your question, please take a moment before you leave and rate my service, it only takes a second and is an important part of the process. Otherwise if you need more information or help then please click reply. Alex

Expert:  Nicola-mod replied 3 years ago.
Hello,

Just a quick reminder, there is an unrated answer waiting for you here from the Professional.

If the Expert was helpful, rating their answer as satisfactory transfers your deposit to them – this is how the Expert is compensated.

To rate your answer, you can go to your question page, and click one of the five faces below your Expert's answer. Please be sure you are logged in with your username and password or you will not be able to view or rate your answer.

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Thank you,
Nicola

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