Hello People,
I'm new to this forum & apologise if this question has already been answered. I could not find any other post which dealt with the topic & do not expect this issue arises that frequently.
I am in the process of purchasing a flat which has a relativity short lease. The vendor has submitted the ‘notice’ to the freeholder, which in turn has been acknowledged & they are now in possession of a counter-notice. I have search the Internet & found that the ‘benefit’ of this notice needs to be transfer across to me on day of completion to give me the right to proceed with the statutory lease extension as we are due to complete on wednesday. Can anyone advise of what information needs to be on this document? I have searched the Internet & found a template which can be seen below. Does this document not require my signature or need to be witnessed by a third party? Is there any requirement to have a specialized solicitor involved? Many thanks for reading this post & for any advise you can give.
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Leasehold reform, housing and urban development act 1993
Section 14(2)
Participating tenant: Notice of assignment
To: (I think this will be me)
From: (the current owners)
This notice relates to property known as (insert address of property)
We do elect to participate in the proposed acquisition of the specified premises known as (insert address of property)
Signed
Assignee (the current owners)
Notes (is this also required?)
1. Where a lease of a participating tenant is assigned, the assignee can be substituted as a participating tenant. Whether he or she wishes to participate in the acquisition or not, he or she must notify the nominee purchaser.
2. Assignment includes a assent by personal representatives, and assignment by operation of law to a trustee in bankruptcy or mortgage through foreclosure, and ‘assignee’ is to be construed accordingly: section14(9) of the Act.
3. This notice must be give within 14 days of assignment.
I'm new to this forum & apologise if this question has already been answered. I could not find any other post which dealt with the topic & do not expect this issue arises that frequently.
I am in the process of purchasing a flat which has a relativity short lease. The vendor has submitted the ‘notice’ to the freeholder, which in turn has been acknowledged & they are now in possession of a counter-notice. I have search the Internet & found that the ‘benefit’ of this notice needs to be transfer across to me on day of completion to give me the right to proceed with the statutory lease extension as we are due to complete on wednesday. Can anyone advise of what information needs to be on this document? I have searched the Internet & found a template which can be seen below. Does this document not require my signature or need to be witnessed by a third party? Is there any requirement to have a specialized solicitor involved? Many thanks for reading this post & for any advise you can give.
************
Leasehold reform, housing and urban development act 1993
Section 14(2)
Participating tenant: Notice of assignment
To: (I think this will be me)
From: (the current owners)
This notice relates to property known as (insert address of property)
We do elect to participate in the proposed acquisition of the specified premises known as (insert address of property)
Signed
Assignee (the current owners)
Notes (is this also required?)
1. Where a lease of a participating tenant is assigned, the assignee can be substituted as a participating tenant. Whether he or she wishes to participate in the acquisition or not, he or she must notify the nominee purchaser.
2. Assignment includes a assent by personal representatives, and assignment by operation of law to a trustee in bankruptcy or mortgage through foreclosure, and ‘assignee’ is to be construed accordingly: section14(9) of the Act.
3. This notice must be give within 14 days of assignment.
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