Ilmatar’s land lease right is recorded on the property encumbrance certificate, so this right transfers with the leased land regardless of changes in ownership.
Q & ALand lease
I want to sell a part of my property. Will the Ilmatar lease agreement affect the sale?
When the entire leased area is sold, the lease agreement itself will be transferred to the new owner (see the section “I bought a property that is leased to Ilmatar. Is there anything I need to do?”). If only a part of the leased area is sold, the existing land lease agreement will be divided between the new and the previous landowners based on the area of land (see the section “I bought/inherited a part of a property that is subject to a lease agreement with Ilmatar. Is there anything I need to do?”).
