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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33547
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Good afternoon I'd like to make an enquiry about legal representation

Resolved Question:

Good afternoon
I'd like to make an enquiry about legal representation that may be required in the sale of my share of my residential property to my co-owner.
We have recently come to an agreement on how to settle on a value for the buy out (using an Independent Surveyor Market Valuation). My share of the property is c. 30%. We are Tenants in Common and do not have a Declaration of Trust. We plan to hire an accountant to calculate our shares of the property by using the total of our contributions to the property (for purchase and related fees & taxes, renovations and paying outher bills Major Works bills) to date.
We already have a solicitor who will be dealing with the Transfer of Equity from me to my co-owner. For context, the co-owner will be transferring the mortgage from both our names to just hers.
I understand that as the seller, I may require my own legal representation. My queries are:
- Is it normal process for the share to worked out by an accountant, or is this something we can do ourselves?
- Is it necessary for me to have legal representation outside of the Transfer of Equity? If so, how should I go about choosing a solicitor?
- How will I manage/monitor that the co-owner pays out my agreed share to me when the Transfer of Equity occurs?
I look forward to hearing from you.
Kind regards,
Namalee Weerasekara ***********
Submitted: 9 months ago.
Category: Law
Expert:  Clare replied 9 months ago.
HIThank you for your questionMy name is ***** ***** I shall do my best to help youIn fact in cases such as these there is no absolute need for you to have separate legal representation unless you wish to do soIn answer to your questions1. You appear to have chosen a rather complex way of calculating your shares - but whether you use an accountant or not is up to you2. No not unless you wish to3. This will be dealt with by the solicitor dealing with the TransferPlease ask if you need further detailsClare
Customer: replied 9 months ago.
Hi ClareThank you for your answer. If the solicitor dealing with the Transfer will manage/monitor that the co-owner pays out my agreed share, what advantage would I have if I have my own representation?I was offered this by my solicitor that fdid my Will, but I'm unsure if I need it which is why I'm asking the question here I don't have a good relationshi with my co-owner at the moement, so all I want to make sure I protect myself in the transaction to make sure I receive the agreed funds upon transfer.Thank youNamalee
Expert:  Clare replied 9 months ago.
There is no need for separate legal representation - there is no real advantage
Customer: replied 9 months ago.
Hi ClareYou have been helpful so far. Sorry for the delay in reply. I clarified with the co-owner how she will be paying my share when we complete the process, so I'd like to sahre this new information with you to see if it has any affect on your answer.She is currently going through the bank to Transfer Title form both our names to just hers. She said that:'I am not transferring any equity out of the flat to pay you, the mortgage is staying the same, it will just be changed from Joint to Single. From my research into the process, I believe [the bank] do withdraw the debit from the mortgage with both of our names (officially clearing our joint debit) remove your name and redeposit it into the mortgage under only my name. It is not a new mortgage, but a process to set your/our debit to zero before transferring it to me. This transfer that is overseen by the solicitors and we will not be involved or have any contact with this money.'And so, she is planning to pay my share through her own means, rather than through the bank. Therefore, I'm concerned that there is noone monitoring I get paid my share from a legal perspective, since the money for my share doesn't seem to be going through the bank nor the Solicitor who's handling the Transfer of Equity.With this new information, how would I protect myself to ensure she pays me my share?I look forward to hearing from you.Thank you.Namalee
Expert:  Clare replied 9 months ago.
Your protection is that you will need to sign a TR1 in order for the ownership to be transferred.The solicitor who handles the matter will hold the signed TR1 "to your order" until the money s received by you - at which point the TR1 can be released and the property transferred
Clare, Solicitor
Category: Law
Satisfied Customers: 33547
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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