Leasehold Title
Process
for buying a leasehold property is as follows:
The
process to purchase is much the same as freehold purchases,
however, instead of an application going to the Ministry
of Interior, you must apply either directly or via a solicitor
to the Ministry of Tourism, who grant the lease.
At
the time of application a deposit of 10% must be paid and
held on behalf of the vendor. Once application is accepted
the sale can proceed to a completion at a convenient time
for vendor and purchaser and then the lease is transferred
into name of the buyer.
1- Secure property and price.
2- Contract drawn up by solicitor agreeing terms
& conditions.
3- Vendor & purchaser sign.
4- Vendor applies to Tourism Office to transfer lease.
5- Purchaser applies to take over lease. (May include
personal interview)
6- Once Purchaser application is approved, 10% deposit
transferred.
7- On completion, remaining balance paid over to
vendor and lease transferred.
8- Sale completed.
Solicitors
cost, including; drawing up of contract and power of attorney
= £300
Click
here to learn the process for buying any freehold property.
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