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Aston Lawyer
Aston Lawyer, Solicitor
Category: UK Law
Satisfied Customers: 9171
Experience:  LLB(HONS) Over 20 years legal experience specialising in Property law and Wills/Estates
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Sir I am the Lease Holder of my flat, I had to some renervation

Resolved Question:

Sir
I am the Lease Holder of my flat, I had to some renervation work on it.
I am now in a position where my finances are very low to the extent that I need some form of borrowing to live. I am currently on benefits only.
The man who did the renervation has said that he would like to buy the flat and he said that I can stay in the flat on a permanent basis paying rent.
I paid £190,000 for the flat in 2008, according to the lease the flat was built in 1992 with a 125 year lease.
He is happy to give me £180,000.
Please can you tell me what procedures are required to carry out this contract.
Thanks
Len Kelvin
Submitted: 1 year ago.
Category: UK Law
Expert:  Aston Lawyer replied 1 year ago.

Aston Lawyer : Hi there
Aston Lawyer : Thanks for your enquiry.
Aston Lawyer : Could you please confirm that you are happy to sell the Flat to hm for £180,000 and in return he will give you a Lease back for however long you want it for?
Aston Lawyer : Do you know if the Buyer would need a Mortgage to purchase your Flat?
Aston Lawyer : I look forward to hearing from you.
Aston Lawyer : AL
Customer: Hi AL
Aston Lawyer : Hi there
Customer: I am happy for him to buy the flat - he is going to charge me rent for as long as I need the flat - The money I receive for the flat will go into some form of savings so that I keep £180,000 and the interest I will receive on a monthly to pay bills etc
Customer: Is this the way it works?
Customer: He doesn't seem to be worried about
Customer: the money, I'm assuming he has the funds available
Aston Lawyer : Hi,You are correct. You will have to sell him the Flat, for which you will need your own Solicitor and he will have to have his own Solicitor too. Your Solicitor will draw up a Contract for Sale with an additional clause in it stipulating that upon completion of the Sale that he will grant you a Lease back. His Solicitor would prepare this Lease and your Solicitor will need to check it to make sure that it meets with your requirements.
Aston Lawyer : Does this assist?
Customer: Yes
Aston Lawyer : Thanks. If I have answered your question, I would be grateful if you could leave positive feedback.Kind Regards
Aston Lawyer : AL
Customer: Ok thanks
Aston Lawyer : Cheers XXXXX XXXXX Luck!
Aston Lawyer : Kind Regards
Aston Lawyer : AL
Customer: Hi AL
Customer: SirI spoke to AL with regard to having a shortage a shortage of funds and selling my property to someone and I would remain in the flat paying rent.I was shocked ( I Have Bi-Polar) by actually talking to AL online - I was expecting an email response so that I could think about my responseMy question was thus only half answered - I realised this yesterday.I sent a message back yesterday on the reply / satisfaction page and it looks as though you are looking for a second £29.Unfortunately, I forgot to save that message - inessence, I was asking if there are any organisations I could go to to advise me what I could do rather than sell my propertySorry for the inconvenience causedThanksLen Kelvin
Expert:  Aston Lawyer replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

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Expert:  Aston Lawyer replied 1 year ago.

 

Hi Len,

 

Thanks for your reply.

 

I have transferred our chat to a Question and Answer mode, so you have time to answer/ponder any answer I give.

 

Please be rest assured that you have not been charged a second £29, and the first £29 will only be taken once I have answered your question, and you have left me positive feedback.

 

In answer to your question, I am afraid there are no other options open to you to raise cash from the property other than selling. Any party who is interested in granting you a Lease back on the property would only do so in return for them acquiring the property.

 

A person can of course mortgage their property to bring in some cash but if you are on benefits, you are not going to be able to obtain a Mortgage.

 

Please fee l free to raise any further question you have.

 

Kind Regards

AL

 

 

 

Aston Lawyer, Solicitor
Category: UK Law
Satisfied Customers: 9171
Experience: LLB(HONS) Over 20 years legal experience specialising in Property law and Wills/Estates
Aston Lawyer and 6 other UK Law Specialists are ready to help you

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Aston Lawyer
Aston Lawyer
Solicitor
9171 Satisfied Customers
LLB(HONS) Over 20 years legal experience specialising in Property law and Wills/Estates