We have a family shop in New Delhi, which is owned by HUF since 1970s. The shop is in building, and the land is leasehold. Their is a license agreement between the builder and our HUF, that stated that post the formation of the building society he will transfer the land to the building society. That transfer to the building society never happened.
The licence agreement gives us irrevocable, transferable, and heritable use of the shop. In addition, we are allowed to rent\sell the shop, but we have to seek the builders permission. The licence, however, mentions that he "has to" give us the permission for a consideration of Rs500.
Now, we are in the process of a family settlement where my dad\his brother are dividing assets. My questions:
1. How does one transfer the license from HUF to my dad\uncle?
2. Do we need to register an "Agreement to Sell" between the builder and us, to formalize the sale. The original license agreement was never registered.
3. Are we able to sell\rent the property without being bothered by the builder?
I will really appreciate help on this.
Best
