On account of change in one of co owners terminate existing lease deed and enter into fresh lease deed with the trust
Registered lease agreement
We are three partners Mr. Ramesh, Mr. Kiran & Ms. Kavitha leased out our combined (undivided ) property (8 acres of land with 50k sft building) to a Trust which runs a school in our property for 30 years. We registered the lease deed as well in our local sub registrar office. Now, Ms. Kavitha sold her share to Mr. Anil Reddy. Now the question is, what should we do to remove Ms. Kavitha from the registered lease deed and add the new owner Mr. Anil Reddy to our registered lease deed?
Asked 4 years ago in Property Law
Religion: Hindu
10 Answers
You can't include her in already registered lease deed. You need to include her with new lease after expiry or through a supplementary lease deed
When the type of co-ownership is not specifically stated, by default a tenancy in common is likely to exist. Each tenant in common has a separate fractional interest in the entire property. Although each tenant in common has a separate interest in the property, each may possess and use the whole property.
Each tenant in common may freely transfer his/her interest in the property.
Section 7 of the Transfer of Property Act, 1882 provides that every person competent to contract i.e. a major and of sound mind or is not disqualified by law for contracting. Therefore even the interest of a co-owner or co-sharer can be sold, mortgaged, leased to another co-sharer or to a stranger. The fact that the partition has not taken place by metes and bounds , does not stand in the way of the interest of a co-owner.
Thus in the given context, since the co-owner has sold her undivided share in the property to the prospective buyer, a supplementary lease agreement may be executed incorporating or facilitating the new buyer name in the subsisting the registered lease agreement provided the lessee is agreeing for this arrangement or the lease agreement may be mutually cancelled and a fresh lease agreement may be entered into.
Hi, You can make rectification deed. So that you can delete the owner name Ms. Kavitha and you can add Sri. Anil Reddy.
in order to do a supplementary lease deed, Do all the co-owners have to sign on this new supplementary deed or the signatures of Tenant (Trust) and Mr. Kavitha who sole her share along with Mr. Anil Reddy (new co-owner) are enough?
Asked 4 years ago
The purpose of supplementary lease deed would be to include the new owner to enter into the existing lease agreement for the remaining lease period and also tjo exclude one of the existing co-owners from the lease deed as she had already sold her share in the proeprty to the new incumbent
All co owners have to sign the supplementary lease deed
Yes all co owners and signatory to supplementary deed needs to sign the same
Dear client,
Yes, all the co-owners will have to sign on the new supplementary deed.
Thank you.
- Since , the ownership of the property changed , then a new or supplementary lease required to be executed , and which should be signed by the new three partners.
The lease property's changed ownership means that a supplementary lease deed needs to be executed with the signatures of all the co-owners.
