mkonomtupu wrote:i will assume the company selling the flats is the developer. the original lease could be in the name of the another person who gave out the land to the developer. the original lease is transferred to the management company where the flats owners are the shareholders once all the flats are sold out. Actually if you notice you have a lease which is shorter maybe by a week than that held by the management company. If the reversionary interest is not transferred then the original owner will be the only one recognized to apply for extension of the lease. You may need to look for his descendants to apply for you if you don't transfer it-this is why management company is incorporated because it can last forever. That's why its important to make the transfer. The lease remains in the name of the vendor until it is transferred to the management company. The value of this interest is not fixed depends on the what the vendor wants and how much he can squeeze out of the buyers
Very interesting information. So what happens in a situation where not all flats are sold and the vendor decides to lease/rent out some of them, yet the sale agreement with other buyers states that the reversionary interest is only transfered to management company when all flats are sold. Hmmmh
They must find it difficult....... those who have taken authority as the truth, rather than truth as the authority. -G. Massey.