Buying my first house-bump in the road

[chicken92]

ok, so my husband and I are buying our first property (yay!). We've had a few bumps in the road as to be expected.

now all of a sudden the seller has remembered about the bankruptcy order!!!! its been three weeks of limbo and still no update, dispite several phone calls for an update. this is literally the last thing, once this is done we can exchange (woohoo).

Does anyone know anything about bankruptcy? or can tell me whats involved so i have an idea of time. im so anxious to just get in there now


Thanks guys and girls!!

 

[Lilypie]

I know a little as I worked in mortgages and banking for 10yrs....

So has the seller been declared bankrupt and not delcared it?

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[Spa Therapist]

Good luck, it's an absolute pain in the backside. We've just had an offer accepted on our 4th house - the other 3 all fell through just before completion (after paying thousands in fees for each!)

If this one falls through I'll scream. Even louder.

 

[chicken92]

I know a little as I worked in mortgages and banking for 10yrs....

So has the seller been declared bankrupt and not delcared it?

Sent from my GT-I9505 using SalonGeek mobile app

Im not quite sure bcos the solicitors are vague. From what i can gather, someone from the sellers side is declared bankrupt and they are trying to sort out that when we purchase its removed from the house, so the house isnt blacklisted i guess, its been going on for 4/5 weeks with no update. Its the ladt thing now as well. Thanks xx

 

[chicken92]

Good luck, it's an absolute pain in the backside. We've just had an offer accepted on our 4th house - the other 3 all fell through just before completion (after paying thousands in fees for each!)

If this one falls through I'll scream. Even louder.

Oh no! Its a horrible process to go theough! This is our second attempt, fingers crossed for you x

 

[Lilypie]

Im not quite sure bcos the solicitors are vague. From what i can gather, someone from the sellers side is declared bankrupt and they are trying to sort out that when we purchase its removed from the house, so the house isnt blacklisted i guess, its been going on for 4/5 weeks with no update. Its the ladt thing now as well. Thanks xx

Sorry have only just seen this. I only know from a lender's point of view. You have to be discharged from the bankruptcy order and the mortgage application has to be fully underwritten rather than the mortgage advisor being able to approve it.

I'd ask your solicitor for more information as to exactly where in the chain the bankruptcy lies and when you can expect an update. Solicitors will take their time so don't be afraid to make a nuisance of yourself, you're paying them to sort it out for you. Good luck

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[bloomingnails]

Im not quite sure bcos the solicitors are vague. From what i can gather, someone from the sellers side is declared bankrupt and they are trying to sort out that when we purchase its removed from the house, so the house isnt blacklisted i guess, its been going on for 4/5 weeks with no update. Its the ladt thing now as well. Thanks xx

The house isn't blacklisted it's against the individual. In other words if your made bankrupt it has no baring to anyone other than you unless you are financial linked like a joint account.

It may well be that someone in the chain has been bankrupt and not declared it on their mortgage application?

 

[chicken92]

I have more information! Though its not really clued me up any more. Apparantly she freaked out after being told that she would need to pay the bankruptcy with the money from the sale and shes not happy about it. So she is seeking legal advice, only shes gone MIA. Even her solictor cant get hold of her. Stressing out big time!!!

 

[Spa Therapist]

Oh the joys! Sometimes it's safer to back away from these vendors and cut your losses. Don't be afraid to nag the solicitor. I know it's usually impossible to get past the receptionist and speak to them but I'd keep ringing every couple of hours until I got information if I were you. But then I'm bitter from experience! I hope it works out!