You have an opportunity to buy a property coming out of insolvency and you don't know if it's safe?

No need to be in doubt, it is a safe way of sale, which is governed by the Insolvency Act and there are no financial obligations of the original owner transferred to you as the new owner (the exceptions are easements and lease agreements).

A reputable real estate company arranges the sale by public (or private) auction or direct sale under a purchase contract. The price of the property is based on a professional valuation in an expert opinion.

Perhaps the only danger is that the debtor does not vacate the property on time and voluntarily, which you as the new owner would have to deal with by an action for eviction.

If you are thinking of buying a property out of insolvency proceedings, do not hesitate to contact us, we can advise you on all aspects!