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UK-Justice
UK-Justice, Barrister
Category: Law
Satisfied Customers: 16193
Experience:  Called to the Bar in 2007
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When moving into my current home, i entered into a shared equity

Customer Question

When moving into my current home, i entered into a shared equity agreement with the house-builder. The builder has since gone bust - can someone tell me where i stand with regards XXXXX XXXXX shared equity agreement?
Submitted: 3 years ago.
Category: Law
Expert:  UK-Justice replied 3 years ago.
Thanks for your question, my name isXXXXX will do whatever I can to help you today.

Is he named on the deeds?
Customer: replied 3 years ago.

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,


Graeme

Expert:  UK-Justice replied 3 years ago.
It would be to the Official Receiver (if he was a sole trader) or the Administrator (if he was a Ltd company).

I hope this helps and if there is anything else I can do to help you today please let me know.


Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

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Customer: replied 3 years ago.


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?

Expert:  UK-Justice replied 3 years ago.
It is still KPMG unless sold to someone else.


I hope this helps and if there is anything else I can do to help you today please let me know.


Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
UK-Justice, Barrister
Category: Law
Satisfied Customers: 16193
Experience: Called to the Bar in 2007
UK-Justice and 3 other Law Specialists are ready to help you
Expert:  UK-Justice replied 3 years ago.
I'm just following up with you to see how everything is going. Did my answer help?

UK-Justice
Customer: replied 3 years ago.

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!

Expert:  UK-Justice replied 3 years ago.
Yes I understand but glad it helped.

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