I want to buy the ground floor of a two-storeyed building. The entire building is jointly owned by three siblings. As they are not keen to carry out partition of this property, how should I proceed?
—KS Chaudhary As you want to purchase only a specific portion of a joint and undivided property, i.e. the ground floor, sale deed for the ground floor should be executed in your favour by all three joint owners, as in this case each joint owner shall be selling their proportionate undivided share in the ground floor. My relative has been allotted a flat in a project but he does not want to go ahead with the purchase. We plan to have the allotment of his flat transferred in my favour. What are the stamp duty implications?
—Kamini Aulakh No stamp duty is payable on a transfer of allotment of the flat made in your favour by the present allottee, since no transfer of property has taken place. It is simply a transfer of allotment having a right to purchase the property in future, by the present allottee in your favour. The property I plan to buy is currently leased by its owner for a term of three years. At the time of executing the sale deed, is a fresh lease deed also required to be executed with the same lessee?
—Rajan K As the lease deed entered into by the current owner of the property is subsisting, a fresh lease deed is not required to be executed between you and the lessee, at the time you purchase this property. This is because no new lease will be created by virtue of sale of this property in your favour. However, for convenience you may obtain attornment of the lease deed, stating that the lessee recognises you as the new lessor and that the rent payable for the remaining term in the lease deed shall accrue to you.