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Can I Buy Legal Ownership Of A Bankrupt’s Property?
Question:
Can I buy the legal ownership to a property not just the beneficial interest?
Hi, my boyfriend and I have separate homes. No joint accounts/mortgages etc. He is going to go bankrupt and I possibly want to buy his house for us to live in. I will need to sell my house to do this so I want to buy his house with legal rights and no restrictions etc.. I don’t want to buy only the beneficial interest as this would leave me in a very precarious financial position which I am not prepared to do.
Can I buy his house from the trustee/receiver with all the legal ownership rights I’d need to ensure the house was mine, with no charge or future issues regarding ownership or beneficial interest and no restriction notices lodged at the land registry?
Answer:
If the property has already been placed in the bankruptcy, you would need to discuss this with the Official Receiver/Trustee in his bankruptcy, however from what you have stated if that is not the case, then yes, you can purchase the property and own it outright.
It would be the same as purchasing any other property, you are buying it and become the owner.
Thank you for letting me help you.
Jon
If you have a bankruptcy question you’d like to ask, just ask using this online form. All help is free.
Source: Can I Buy Legal Ownership Of A Bankrupt’s Property?