Ask a Law Question, Get an Answer ASAP!
No, the deeds are solely in my name.
I entered into a shared equity agreement when purchasing the property; not a shared ownership agreement.
Let me clarify the intent of my original question - I'm not concerned about having to immediately sell the property in order to provide the builder with the cash equivalent of the equity he 'owns' in the property, nor immediately provide the cash through other means (e.g. remortgage, etc). What I was looking for advice on or was trying to determine was - if the builder is no longer in existence at the time when my shared equity agreement expires (approx 7 years from now) and the cash is due to be paid to the equity owner - who do I pay this to?
Not sure if this helps, but the builder in question is XXXXX XXXXX Homes, based in Fife.
Thanks in advance for your help,
Thank you for yoru response.
The company did go into administration, not sure if they are in liquidation now but the administrator (KPMG) has started selling off the assets. If the company assets are sold off and company no longer exists at the time of shared equity agreement expiration, and the administrator has long finished his job - where is the equity value owed to? Still the administrator?
It did thanks.
To be honest, i'm a little bit confused as to why it would be the administrator who would be entitled to the equity payment if their contract to perform the administration activities had long expired and the company originally owed the equity payment has ceased to exist. Was expecting the equity debt to perhaps be sold on to another company, i.e. sold as one of the company in administration's assets, but certainly wasn't expecting the administrator to be entitled to the equity debt (unless it constitutes part of their fee for the administration activities performed).
But my lack of understanding in these matters is exactly why i am asking someone who knows about this stuff!