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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31300
Experience:  Over 5 years in practice
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Tennant Buying a commercial property which has 40 years left

Customer Question

Tennant Buying a commercial property which has 40 years left of a fifty year lease in place from landlord. Stamp duty originally paid on set up of lease.
I know stamp duty is payable on purchase or property which is for 1.5 million but is any stamp duty payable on cancellation of lease and new leases are put in place for terms of 5 years.
Many thanks
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

Could you please clarify whether the Buyer is taking an assignment of the existing Lease or is the current Lease being surrendered and a new 5 year Lease being granted to the Buyer?

Thanks

Al

Customer: replied 2 years ago.

The Buyer is not the same company as the existing company that has the present lease

Company A owns the property at present and has granted a 50 year lease to Company B. Company C is buying the property and will be granting a lease to a new company ( Common Directors but new company)

Customer: replied 2 years ago.
Waiting for a reply from you
Expert:  Nicola-mod replied 2 years ago.
Hello,
It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.
I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 2 years ago.

Do Not now need assistance as had to go else where