Now this is a strange one and hoping someone has some advice/knowledge.
So, we are in a position to move house.
MIP agreed (thanks Select!) and house on market.
Found a house we like and put in a cheeky offer. We know bit of background to it and hubby has a knowledge of the owner.
Owner has refused offer as too low (its realistic for market and condition of property). Which is fine no big deal just trying our luck.
Anyway-house was rented out and has basically been trashed. Lots of damage. Owner is apparently getting work done (not to a good standard from what weve seen).
We have found photos on rightmove from 2006 when it was the showhome and from what we saw on our viewing its not changed-paint, colour scheme, fitted headboards, net curtains, pulmets on windows i could go on. So we made a cheeky offer given that in 13 years nothing has been done to it.
So, as ive said owner has declined and wants asking price. But and this is the bit i wondered if anyone could advise about......owner is bankrupt. As of 25th July 2019. The address of the house is the registered address on insolvency register.
What the story there??? Can he sell it?? Is it not an asset?? Does he have to declare the sale to someone?
He sold the neighbouring property (which he also owned) for £320,000 a few months ago as we viewed that one too).
Any advice??? Im intrigued more than anything. This guy is renowned for dodgy dealing and has left a unit on my husbands work complex and ran leaving debts and disappointed customers. And now wants a ridiculous price for a house whilst bankrupt.
Sounds iffy to me abbiesmum .... if he is bankrupt it will depend on the restrictions placed on him. He may be required to sell the property as part of the bankruptcy at a certain price but equally he could be trying his luck...
Not sure what you can do .... am sure our experts will help and no doubt foggy will provide his words of wisdom on this one too.
My other thought it ..do you really want to get embroiled in something potentially dodgy ?
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
If you want to pursue this purchase I would try contacting the OR in Bankruptcy. In theory he/ she should have siezed the assets and is the one to oversee their disposal --- he might be willing to accept the offer and force the sale. Pure guesswork -- BR isn't my thing, but that is what I would do.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I might add that there might be no or little equity in the house, so the OR has not bothered with it ... and the owner does not want to sell at a loss.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Trustee can disclaim interest if nominal/negative equity
Trustee can allow the Bankrupt to voluntary deal with the sale but will have the final say on the price
Trustee can take over and control the sale
If you have concerns then you could always contact the Trustee.
