Help on bankruptcy restriction on properties buying. Any advise would help

[Nick Nick UK]

This is why you use professionals. Solicitors operate under quite tight regulation- they can't do a phoenix if they cock something up.

The House of Pain was an auction sale forced by the winners in a court case against the owner- the winners had registered a charge against the proprty just as your bank have in your case. Cash sale (no mortgage involved) so at exchange I transferred the purchase price to my solicitors. They then liaised with the owner and the winners of the court case and (this bit I have to assume cos I don't know exactly how it happens) ensured that there were witnessed signatures on all documents from the owners and winners before transferring the cash to their solicitors.

I had notice from the Land Registry that the charges against the property had been removed about a week later. Job jobbed.
If anything had gone wrong I'd have been straight back to my solicitors

I'm on your situation and I'm sure the solicitor is doing his job. But because they keep simple and don't explain a lot I had a bit of panic because in the end the loser is always the final customer. Seems like there are many cases like this around and hopefully everything is fine.

 

[phatboy]

When we got our last property, the seller had to buy an indemnity policy as the previous owner had died, and there was the possibility of a charge against their estate for a year and a day after they died, and we purchased only a few months after. We just got a copy of the document, and our solicitor said it was done and not unusual.

Part of your solicitors job is to ensure that when the contracts are exchanged, you (or your bank) are the only people with any entitlement against the property... this is in fact their main job!