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Settling Shared equity

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Wanting to settle shared equity on a property, the company have given a settlement figure but say I have to use a solicitor. Could anyone advise what service the solicitor would be providing.

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Wanting to settle shared equity on a property, the company have given a settlement figure but say I have to use a solicitor. Could anyone advise what service the solicitor would be providing.

When you say 'settle', do you mean:

a. create a Settlement (Trust); or

b. pay-off what's outstanding?

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Thanks for responding, I mean pay off what's outstanding.

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Wanting to settle shared equity on a property, the company have given a settlement figure but say I have to use a solicitor. Could anyone advise what service the solicitor would be providing.

 

Is the something on the title deeds about this arrangement? That might be the reason??

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I will find out and come back on it.

Thanks.

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Wanting to settle shared equity on a property, the company have given a settlement figure but say I have to use a solicitor.

OK. A Shared Ownership property is subject to a temporary Lease that governs the share owned and the 'staircasing'.

When the Tenant (leaseholder) acquires all 100%, the Landlord then needs to grant either:

a. a Transfer of the freehold reversion (if owner of the freehold AND the property's a house); or

b. a Transfer of the leasehold reversion (if owner of the leasehold AND the property's a house); or

c. a 'real' Lease (if owner of a flat).

It's that work on which you as T need a solicitor's involvement.

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