How to buy a lease land from a land lord.
Gokul Paul
(Querist) 28 February 2012
This query is : Resolved
Hi, If Mr.A is willing to purchase a vacant land from the landlord which is leased to some one for 30 years and the lease expires on Jan/2034.
The land lord says that he will give a Irrevocable power to A name and signs the sale deed with the value of land and it can be registered only after the expiry of lease.
OR
Kindly suggest whether Mr. A can buy and register the land on his name before the expiry of lease.
Pl Note: There is no condition stated in the lease agreement about the sale of land.
Kindly suggest what is the solution to go with Landlord or A or there is any other way
Thank you.
Gokul Paul
(Querist) 28 February 2012
Hi, If Mr.A is willing to purchase a vacant land from the landlord which is leased to some one for 30 years and the lease expires on Jan/2034.
The land lord says that he will give a Irrevocable power to A name and signs the sale deed with the value of land and it can be registered only after the expiry of lease.
OR
Kindly suggest whether Mr. A can buy and register the land on his name before the expiry of lease.
Pl Note: There is no condition stated in the lease agreement about the sale of land.
Kindly suggest what is the solution to go with Landlord or A or there is any other way
Thank you.
Raj Kumar Makkad
(Expert) 28 February 2012
There is no legal lacuena if the ownership is changed during the pendancy of the lease period.
If the terms of the lease remain intact then to the information of the lessee, the registered sale-deed may be got executed in favour of buyer.
prabhakar singh
(Expert) 29 February 2012
The pre thought of way is risky and not okay to go with.
Since a sale has to take place then it would be proper and lawful as well as safe that buyer directly buys it from the land lord/owner the leased property as the existence of lease does not create any interference in transferring the ownership.
The buyer may value the property accordingly as he shall get only symbolic possession on sale with right to collect rent from lessee but actual possession shall be obtained after expiry and actual vacation by lessees.
The next way may be to enter into a registered agreement to sale paying some earnest money,where the terms of agreement may be that sale deed would be made after expiry of lease;but it would proper and suitable and favorable to buyer only when at the time of agreement he has to pay token money,a very little of whole agreed consideration as the right to collect rent shall remain legally with owner till sale deed is not executed.
