Lease deed (change of ownership)
jatinder kumar
(Querist) 02 January 2017
This query is : Resolved
RESPECTED MEMBERS,
GREETINGS
I NEED UR VALUABLE SUGGESTIONS
A AND B OWNED ONE PROPERTY EQUALLY WHICH THEY HAVE LEASED TO THE BANK VIDE REGISTERED LEASE DEED WITH THE BANK BY PAYING STAMP DUTY AND REGISTRATION FEES ETC
NOW A HAD SOLD HIS HALF SHARE TO B AND EXECUTE SALE DEED REGISTERED IN FAVOR OF B.
NOW B OWNS WHOLE PROPERTY.
NOW THE BANK ONLY PAYS HALF RENT TO B AND HAD STOPPED THE PAYMENT OF RENT OF A'S SHARE.
ALTHOUGH B IS READY TO SUBMIT AFFIDAVIT AND INDEMNITY BOND ETC ALONG WITH SALE DEED COPY WITH BANK SO THAT BANK SHOULD PAY FULL RENT TO HIM(B)
BUT THE BANK WANTS THAT B SHOULD EXECUTE AND REGISTER LEASE DEED REGARDING HALF SHARE PURCHASED FROM A IN ITS FAVOR.
ALTHOUGH IN LEASE DEED, IT IS ONLY MENTIONED THAT OWNER WOULD FIRST MAKE OFFER TO BANK FOR SALE OF ITS PROPERTY, THEN TO ANY OTHER PERSON BUT IT IS SILENT OF THE PART OF MAKING NEW LEASE EXTRA IN CASE OF SALE TO ANY THIRD PERSON.
YOU ARE KINDLY REQUESTED TO PROVIDE YOUR VALUABLE SUGGESTIONS, WHAT CAN BE DONE ALTERNATELY TO AVOID EXECUTION AND REGISTRATION OF LEASE DEED FOR HALF SHARE PURCHASED FROM A.
THANKS AND REGARDS.
Dr J C Vashista
(Expert) 09 January 2017
1. B has to execute a fresh Lease & Licence with the Bank as sole owner of the property.
2. How much time is remaining for the lease between A+B and Bank? If it is for a lessor period, B may request A to remit the rent of his (sold out) share to B. Later on expiry of the period B may execute (if he want to extend the L &L).
jatinder kumar
(Querist) 09 January 2017
Near about 13 years lease time is pending ...
Stamp duty on half share if we make lease again is Rs 70000
Can we make supplementary lease deed on Rs 2000 stamp paper and get it registered with sub registrar
Rajendra K Goyal
(Expert) 09 January 2017
It seems Bank want to play safe.
Go through the lease deed from A's share, whether it restrict A to sell the property during lease period.
If not, B may ask the Bank to vacate half portion for which rent is not paid and demand penalty with rent for over and unauthorized stay.
If Bank want to continue, should agree to pay stamp for lease deed and increased rent for rest of the period.
Rajendra K Goyal
(Expert) 09 January 2017
However stamp fee is state subject differ from state to state, can confirm locally.
So far as supplementary lease deed is concerned, you may proceed if Bank / law section of Bank agree for it.
Dr J C Vashista
(Expert) 10 January 2017
There is no provision for "supplementary" L & L for demised premises.
Discuss with Bank's Legal department with changed ownership document for renewal/ substitution of L&L agreement.
jatinder kumar
(Querist) 10 January 2017
I would like to thanks all of you for ur valuable suggestions....
