Developer Purchased Lease and Altered Shop to Residential Flat now Sold to Council
Posted: Tue Mar 03, 2020 9:18 am
Dear All,
I hope you can advise and forgive me if I ask something obvious. I am new to this role as technically my elderly mother is the landlord but I am working on her behalf. We had a shop way back in the 1980's. Before we moved my parents converted the property at the back of the shop into 2 separate flats. The upstairs flat lease was sold and lessee is renting via the council with us still retaining the downstairs flat lease which has been rented out privately. The shop lease was recently purchased by a developer who asked for change of use, so then the shop was converted to a residential flat. This is in the process of being sold to the council.
I'm currently trying to complete an LPE1 as landlord and it makes me realise that there must be implications to us as landlords. Could anyone advise what I should be considering before we move forward with this sale please? I am concerned about my lack of experience and would really appreciate any advice or considerations to this situation please.
Best
I hope you can advise and forgive me if I ask something obvious. I am new to this role as technically my elderly mother is the landlord but I am working on her behalf. We had a shop way back in the 1980's. Before we moved my parents converted the property at the back of the shop into 2 separate flats. The upstairs flat lease was sold and lessee is renting via the council with us still retaining the downstairs flat lease which has been rented out privately. The shop lease was recently purchased by a developer who asked for change of use, so then the shop was converted to a residential flat. This is in the process of being sold to the council.
I'm currently trying to complete an LPE1 as landlord and it makes me realise that there must be implications to us as landlords. Could anyone advise what I should be considering before we move forward with this sale please? I am concerned about my lack of experience and would really appreciate any advice or considerations to this situation please.
Best