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Shared Ownership - Purchase and Staircasing simult
Rawend
Posts: 1 Newbie
Hello,
I'm purchasing 60 % of a property, where 40 % is owned by the current leaseholder and 20 % will be purchased from the Housing Association.
Does this purchase require two transactions: Purchase of 40% and staircasing to 60% which both have to be realised in a separate contract?
I was told by my conveyancers that I would pay the whole amount (60 %) to the leaseholder and he would pass 20 % on the HA. The draft contract was created where the whole purchase price is supposed to be paid to the leaseholder and there is no mentioning of the share. I don't feel like signing the contract as I would expect that there will some Memorandum of staircasing issued which would show that the current leaseholder will staircase to 60% at the time of the sale.
Is it safe for me to sign the contract as it is now?
Another question is whether may I request variation of the lease as I wish the pre-emption right of the HA to be removed as per recommendation of the Government.
I would really appreciate your advise.
I'm purchasing 60 % of a property, where 40 % is owned by the current leaseholder and 20 % will be purchased from the Housing Association.
Does this purchase require two transactions: Purchase of 40% and staircasing to 60% which both have to be realised in a separate contract?
I was told by my conveyancers that I would pay the whole amount (60 %) to the leaseholder and he would pass 20 % on the HA. The draft contract was created where the whole purchase price is supposed to be paid to the leaseholder and there is no mentioning of the share. I don't feel like signing the contract as I would expect that there will some Memorandum of staircasing issued which would show that the current leaseholder will staircase to 60% at the time of the sale.
Is it safe for me to sign the contract as it is now?
Another question is whether may I request variation of the lease as I wish the pre-emption right of the HA to be removed as per recommendation of the Government.
I would really appreciate your advise.
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