ajoh00n
13-03-2012, 07:54 AM
Hello,
I am here asking a question on behalf of a friend of mine. They purchased a flat in London this year, the purchase initially began at the end of Summer last year but took forever to go through as the person who owned the lease on the building was selling it to the gentleman who owned that shop below my friends flat. I believe there are still plenty of years on the lease. The issue now is that a large supermarket chain want to buy several buildings on the high street to turn into a large shop and, as this flat is on the high street, it is included in that. The gentleman who recently purchased the lease offered to sell it (and the shop below) to my friend but the figure was unattainable for them so it will be sold to this supermarket. My friend is now debating whether to quickly sell the property before the plans get out, as it will inevitably be impossible to sell if people are aware of what will happen...or the other option is to wait until they are "compulsory purchased" by the supermarket and apparently given compensation for having to leave. I don't know the law or the ins and outs of this compulsory purchase business but to me something doesn't seem right here. Can anyone tell me if this can be done or even any suggestions as to what to do would be much appreciated.
Thank you.
I am here asking a question on behalf of a friend of mine. They purchased a flat in London this year, the purchase initially began at the end of Summer last year but took forever to go through as the person who owned the lease on the building was selling it to the gentleman who owned that shop below my friends flat. I believe there are still plenty of years on the lease. The issue now is that a large supermarket chain want to buy several buildings on the high street to turn into a large shop and, as this flat is on the high street, it is included in that. The gentleman who recently purchased the lease offered to sell it (and the shop below) to my friend but the figure was unattainable for them so it will be sold to this supermarket. My friend is now debating whether to quickly sell the property before the plans get out, as it will inevitably be impossible to sell if people are aware of what will happen...or the other option is to wait until they are "compulsory purchased" by the supermarket and apparently given compensation for having to leave. I don't know the law or the ins and outs of this compulsory purchase business but to me something doesn't seem right here. Can anyone tell me if this can be done or even any suggestions as to what to do would be much appreciated.
Thank you.