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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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I want to sell the lease on a shop that I hold. The Local Authority

Customer Question

I want to sell the lease on a shop that I hold. The Local Authority are the Landlord. I have a buyer too. I need the money ASAP for a deposit on a house or I will lose the house. Buyer is willing to pay upfront too as it’s a good deal. I can’t wait for the Local Authority to transfer the lease over, that will take 6 months.
Is it possible to prepare a contract and exchange between me and the buyer so that I can get the money now?
I can put in a condition in the contract that could say I will refund the buyer their money if the Local Authority don't approve the transfer of lease (No reason they won’t)
Submitted: 1 year ago.
Category: Law
Expert:  UKSolicitorJA replied 1 year ago.
Hello,
Yes, there is no reason why you cannot enter into a sale agreement with the buyer without involving the landlord, provided the buyer is happy with this arrangement and provided that the buyer is happy to have your word albeit written, that you will refund their money if the sale does not go through.
Hope this helps
Customer: replied 1 year ago.
Hi
Thanks for the answer. Just to be clear, your saying I can actually enter into a sales agreement and get the money in advance from the buyer. As long as the buyer agrees to such an arrangement.
How do I go about preparing a sales agreement? What is that exactly and do I need a solicitor to carry out the sale?
Expert:  UKSolicitorJA replied 1 year ago.
Yes, you may enter into an Agreement with the Buyer which is conditional upon the LA's consent being forthcoming and whereby the Buyer pays you the Purchase Price on signature of the Agreement and there is a provision in the Agreement which states that you will refund the Purchase Pricer to the Buyer in full if the LA's consent is not forthcoming by xyz date.

I would suggest that you get a Solicitor to prepare the Agreement for you.

All the best
UKSolicitorJA and other Law Specialists are ready to help you
Customer: replied 1 year ago.

Hi,

Can you please recommend two solicitors that can facilitate this deal for me.

I need one solicitor to represent me and the other to represent the Buyer.

Thanks,

Maqsood