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Thomas
Thomas, Lawyer
Category: UK Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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I have a property which has been converted into 2 seperate

Customer Question

I have a property which has been converted into 2 seperate flats via local planning & bregs, the legal documents are still as yet (& as bought) showing as a single dwelling. Each flat produces good rental yields which may be of interest to property investors. Can I sell the property (direct or via an auction) with current documents, requireing only final legal seperation or do I have to legally seperate prior to selling.
Submitted: 3 years ago.
Category: UK Law
Expert:  Thomas replied 3 years ago.

Hi,

 

Are the flats let on tenancy agreements or leases?


Tom

Customer: replied 3 years ago.

my comp timed out so i did not see your responce,however, both are managed via a letting agency on an AST 6 monthly agreement. All further responces direct to my email please. XXXXX@XXXXXX.XXX

Expert:  Thomas replied 3 years ago.

Hi,

 

Private contact between customers and experts is prohibited by JA I'm afraid.


Are you happy for me to answer on this thread?


Tom

Customer: replied 3 years ago.

Thank you very helpful, no need to expand. Best course then (as I see it) will be to legally seperate then sell either each seperately or as a package with all legals in place. If this is so a quick yes reply will suffice & happy to proceed with payment.

Expert:  Thomas replied 3 years ago.

Hi,

 

There is no requirement for you to grant a lease to each flat in order to sell them, it's more a question of marketing. If you do not separate the flats by granting lease (eg for 99 years) on each then an investor buyer may be interested in the property.

 

If you grant leases of each then you will get single buyers intersted in each flat, but they you can still market them to single flat buyers if you do not grant leases as you can simply say that a new lease will be granted upon purchase.


I would not grant leases on the flats until you have interested parties personally, to provide you with more flexibility.

 

 

If this has been useful please kindly click accept so that I may be rewarded for my time. It will be gratefully received and you will be free to ask follow up questions.

Kind regards,

Tom

Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6044
Experience: BA (Hons), PgDip, Practising Solicitor
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