Common Contracts
1 similar Sale and Leaseback Arrangement contracts
Sale and Leaseback Arrangements: the tenant’s interest as against the purchaser and the purchaser’s lenderSale and Leaseback Arrangement • October 7th, 2013
A was the owner of a long leasehold interest in a flat in Northtown, subject to an interest only mortgage. At the end of the term of the mortgage he could not repay the outstanding balance, but there was plenty of equity available in the property. A entered into an arrangement with B Co. Ltd whereby B Co. Ltd purchased A's long leasehold interest in the flat for a sum that was sufficient to repay A's mortgage. It was an express term of the contract of sale that A should have the right to continue to reside in the flat for the rest of his life.
