Property purchase from Trustee in Bankruptcy

[talktivein]

I am buying the property which is been sold by Trustee in Bankruptcy. Is there any risk involved proceeding with the purchase. Will it affect my credit rating, will there by bailifs knocking on door to recover previous owner debt or any other risk.
Being the first time buyer those issues are haunting me.

 

[rjm2k]

You can't be held liable for someone elses debt and it should not affect your credit rating (if it did you can write to the agencies to inform them that you have no connection to the person involved). If any collectors turned up tell them the property has been sold and the original owner has nothing to do with you or the property any more.

So long as the sale is all above board I doubt there can be anything to go wrong, though I believe utilities etc could insist on card meters (could be wrong).

 

[talktivein]

Thnks rj2mk, Do you think i should go ahead with the pruchase, its a bargain house, seller moved way back and it was renting for quite some time. But its empty for almost 5-6 months now. Home buyer report doesn't show anything major with structure.
Only worry would be Utility company running away.

 

[SimonH2]

Only you can decide whether it's the right property for you. But obviously getting it at a discount is quite attractive.

As long as the utilities are still connected then I can't see why there should be any problem there. Just read the meters on the day you get ownership and inform all the utilities that you've just bought the properties and what the readings are. You then won't be liable for any usage prior to that date.

There is always the risk of people turning up on the doorstep and trying it on. You'll just have to remain calm and tell them that you've only recently bought the property and have nothing to do with previous occupiers/owners. If anyone threatens you, call the Police. If concerned, you could consider some covert CCTV to capture any threats.