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Andrew
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Category: Bankruptcy Law
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I am in the process of purchasing a sale and have just found

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Hello, I am in the process of purchasing a sale and have just found out that the seller is bankrupt.
can i still purchase the house and will the trustee in bankruptcy agree to the purchase?

Hi, a sale can normally proceed when the Seller has been made bankrupt. Your Solicitor would normally deal directly with the Trustee in Bankruptcy's Solicitor or the bankrupt may have the permission to use his own Solicitor who will then make sure that the Sale proceeds are paid to the Trustee.

Once you instruct your Solicitor, he will be of course be told who is to deal with and if it is the Bankrupt's Solicitor, he will request confirmation from the Solicitor that the Trustee is happy for the sale to proceed.

I hope this assists and if so, I would be grateful if you could leave feedback with 4 or 5 stars at the top of your screen, before you leave the site today.

Kind Regards

Andrew

Customer: replied 1 year ago.
I’ve actually found myself who the trustee is through the governments insolvency report. Do you think it would be a good idea to contact the trustee myself first before getting the solicitor to deal with it?
Is there also a chance that the trustee will not sell the house for any reason?
I’m just concerned. It was the seller who put the property on the market not the trustee
Customer: replied 1 year ago.
Thank you

Hi, there would be no harm in you contacting the Trustee directly. He will be willing to sell provided you are buying the property at market value. I hope this helps.

Kind Regards

Andrew

Customer: replied 1 year ago.
That’s great, thanks Andrew. We have already have a surveyor value the property. Before knowing the seller was bankrupt, we negotiated with the seller however now I understand all negotiations are to go through the trustee. Do you think he would be open to negotiate and sell the house at what our surveyor valued the property at?

Hi, if there are no Estate Agents involved, he will probably want to see 3 valuations from local Estate Agents as he is unlikely to get your Surveyor's word for it and to protect himself, he will need to get independent valuations carried out.

If you could leave feedback for me, that would be great.

Kind Regards

Andrew

Andrew and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.
Thanks Andrew
No problem

Many thanks!

All the best Andrew