In addition or in substitution to the issues relevant to a freehold transaction, a landlord receives the following;
a) The counterpart lease executed by the tenant
b) Any premium that is to be paid for the grant
c) Any apportioned rent that is to be paid in advance under the terms of the lease.
As for the landlord, he should give to the tenant;
a) The executed lease
b) Properly marked and certified copies of freehold title deed in the case of unregistered land
c) A certified copy of the lender’s (the landlord’s lending bank) permission that they agree to the transaction.
When a management company offers services in the case of a flat lease, it is important that the tenant’s share certificate in the company is handed during completion. However, the company may be limited only by a guarantee and not shares. Therefore, the flat buyer will have to become a member of the company but there shall be no share certificates to hand over.
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