mkb 09 November 2023
PROPERTY IS LEASEHOLD; LEASEHOLD RIGHTS IS GIVEN BY "NAGAR NIGAM, REWA, MADHYA PRADESH"..THE LEASE WAS FOR 30 YEARS.AND UNEXPIRED LEASE PERIOD IS 5 YEARS.
AS PER GOVT RULE, LEASE CAN BE RENEWED ONLY AFTER EXPIRY OF EXISTING LEASE PERIOD.
TODAY APPLICANT CAME TO US FOR CREATION OF MORTGAGE FOR SECURING HOUSING LOAN FOR 20 YEARS.
MY QUESTION IS: IS MORTGAGE VALID AFTER EXPIRY OF LEASE PERIOD..
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Dr. J C Vashista (Advocate ) 09 November 2023
Yes, equitable mortgage can be created with the borrower wherein Nagar Nigam Rewa has to be consenting party.
T. Kalaiselvan, Advocate (Advocate) 09 November 2023
Since there are five more years to get the leasehold renewed by Nagar Nigam, hence the authorities may not be able to give consent or NOC for the proposed mortgage loan which extend beyond the current tenure of the lease agreement.
Therefore the mortgage loan extending beyond the current tenure of the lease agreement may not be legally correct and valid, therefore you may take a prudent decision on this based on the circumstance now and later on
Adv Shailesh Kumar (Principal) 09 November 2023
Advocate Bhartesh goyal (advocate) 10 November 2023
No, mortgage beyond the lease period will be invalid so don't proceed.
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