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Michael Holly
Michael Holly, Solicitor
Category: Law
Satisfied Customers: 6752
Experience:  I have 20 years of experience as a solicitor in litigation and other areas
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I am purchasing a house. The house is 115k. The average

Resolved Question:

Hi,
I am purchasing a house. The house is 115k. The average price is �140k-150k in the same area.
We got a good price as there is a quite a lot of work required at the propery.
I just found out that the owner was bankrupt in the past.
Can this affect us if the owner is or intending to go bankrupt.
We are not related to the owner in anyway.
Many Thanks
Submitted: 1 year ago.
Category: Law
Expert:  Michael Holly replied 1 year ago.
If the owner has been bankrupt but his bankruptcy was discharged then this is not a problem. If he is currently still bankrupt then his property can only be sold with the approval of the receiver/ trustee in bankruptcy in whom his property will vest during the period when he is bankrupt.There is no reason to panic as you are paying a fair price due to the house condition and ,as such, the deal is a fair one. However ask him or his solicitors to confirm he has been discharged from the bankruptcy and has the power to sell the property.I hope this helps, if there are any further points please reply I will be happy to respond.Best wishesMichael
Customer: replied 1 year ago.
Hi Michael,Thank you for your email.I am not that close with the seller. I do not want to offend him by asking this question.May I assume that both parties solicitors will do the relevant checks before the signing the contracts.Also once the the contract is done. Does the solicitors pay the mortgage off to the lender automatically before releasing any equity left.Many Thanks
Customer: replied 1 year ago.
Also if the seller bankrupts after the purchase, I take there is no coming back if we have bought the property.This is our first home and buy therefore making sure all is ok.Many Thanks
Customer: replied 1 year ago.
Hello Michael,I have checked with seller and he hasn't been bankrupt in the past.Just in case if he bankrupts in the future, are we still covered and should have no problems.As we buying it for under the market value for 115k. As mentioned we got it for 115k because it requires alot of work on the property. It easily requires an additional 25k.Many Thanks
Expert:  Michael Holly replied 1 year ago.
There is no problem is he becomes bankrupt in the future as the sale is not at under value. The sale price is justified due to the amount of work required.Best regardsMichael
Michael Holly, Solicitor
Category: Law
Satisfied Customers: 6752
Experience: I have 20 years of experience as a solicitor in litigation and other areas
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