Leasehold property
Shweta Shah
(Querist) 14 October 2015
This query is : Resolved
Dear Sir,
We have purchased Flat at Andheri situated on a plot which is leasehold for the period of 99 Years. Currently 49 years have been completed and we tried to approach landlord for converting leasehold to freehold but they denied for the same.
50 years are still pending but we are unable to sell the property as no one is interested in buying leasehold property.
We would like to know – What happens when the lease period gets over? Are the owners required to vacate the flat?? What kind of payment is required if the lease is to be renewed?? Can the lessor ask for termination of the lease even before the lease period is over?
Does the law anyway protect the flat owners in such case when the landlord does not want to renew the lease?? or we should give full possession of flat to landlord without getting single penny?
Also our landlord have sell the 50% of property to one of the builder without intimating us, do we have any rights to oppose for that??
Thanks,
Shweta Shah
T. Kalaiselvan, Advocate
(Expert) 17 October 2015
The landlord cannot be forced to convert the leasehold property to freehold property. Whatever question you have put forth will have answer in the lease agreement itself. It is the discretion of the landlord to renew or terminate the lease agreement at the expiration of the lease period. You cannot sell the leasehold property to any third person because you do not have marketable title to sell the property, you are only a lessee. Since there are another 50 years period of lease remaining, what is your worry about it so soon?
