Vendor goes Bankrupt !

[Peekaboo]

Has anyone any experience of this?  Having identified the house of our dreams in Haute Savoie, we were several months into negotiations when we discovered the delays were down to the vendor being declared bankrupt.  Both our Nottaire and the vendors Advocat have been exchanging dialogue with us and the resulting conclusion is that an agreement be drawn up that we can proceed with our move to France in August (in order that the children start school in September).  We can stay in the house rent free until such time (supposedly September) that the courts release the property to us.  In an ideal world we would walk away from this altogether, however, we are dazzled by the perfect match the property is to our needs and have found nothing since that comes close.

[Gardian]

Ooooh. 

In principle, it may well be OK, but I reckon you need:

• Input from the likes of 'Will', who will doubtless post
• Some UK-based French law-qualified advice (to vet whatever is put in front of you)

Sadly (for the vendor), you could use the situation to your advantage. There could be something in it for both of you.

Tread carefully though. 

•    

[Sunday Driver]

No reason to walk away from this or seek offshore legal advice.  This is a normal sale situation and in common with all property sales, your notaire will ensure that the transfer of title from the vendor to you is properly achieved. The notaire will take into account that the vendor's assets are now under the control of the bankruptcy administrator and take the appropriate steps. As usual in all property sales, the Acte Authentique will be the definitive transfer document.

 

[Russethouse]

I know of a French guy who has been declared bankrupt and his house is on the market. Its apparently a nice property and I suggested marketing in English as well as French, however it isn't up to him, but as has been stated, the administrator.

My only niggle would be, that in the case I know of, the guy is still living in the house. As long as you are guaranteed vacant possession I'm sure all will be well.

[Iceni]

Just a thought - the house may not be the vendor's to sell, it could now be owned by a Trustee in Bankruptcy or a creditor so I would pay a visit to the notaire to check whether a new/amended comrpomis is required.

John

not

[Matthew]

Hi

If I recall correctly, when there's a bankruptcy, the house is sold by the notaire or by an accioneer...

Beware, make sure with your notaire that everything is rolling...

Good luck,

Matthew.

[Peekaboo]

Thank you to everyone who has responded to my predicament.  Some useful points made.