Exchange/Completion dependant on Deed of Variation!

caeler

I sold my house mid June 2009 (a miracle I know!) and ever since I’ve been waiting to complete but I’m at the end of a significant chain.

3 weeks ago I was due to exchange but nothing happened because apparently the top of the chain requires a deed of variation. I’ve since spent all my time chasing my solicitor and estate agent trying to agree new dates.

I’m supposed to exchange this Friday but still no news if this deed of variation has been returned, infact its all gone rather silent on everything.

I’m pulling my hair out and suddenly realised that I’ve never asked what this deed of variation actually is other than its in connection with the leasehold property he’s buying!

Any ideas on what this deed is?

clutton_2

it could be absolutely anything - i bought a couple of Dees of Variations when i bought flats from previous right-to-buy owners of ex-council properties. My solicitor read the lease the council wanted me to sign, and he was not happy with a couple of things, so, he re-wrote the clauses, referred them to the council'c solicitors, for their approval, and it went back and forth a couple of times to alter the wording, and i had to pay £275 for the privilege.

hope that helps

caeler

Definately helpful, but it means this deed of variation even if agreed could take a while

Richard_Webster

3 weeks ago I was due to exchange but nothing happened because apparently the top of the chain requires a deed of variation. I’ve since spent all my time chasing my solicitor and estate agent trying to agree new dates.

Trying to "agree" dates for exchange is waste of time because exchange takes place when everything and everyone in the chain is ready and and if it was known beforehand for certain when this would be then the exchange could happen then! Perhaps I am being pedantic - all you can do is try to find out roughly when it will happen.

I agree it is very frustrating but this is because of the lack of information filtering up and down chains. The Land Registry tried to do something about the problem by coming up with the idea of an electronic chain matrix - there were considerable practical problems with their idea - but had it worked it would have been a lot more help to conveyancing chains than the HIP.

A deed of variation to lease might be because there is no clause requiring a landlord/freeholder to enforce the covenants in other leases in the building, or the insurance clause might not cover every risk it should - or may be the plan in the lease doesn't actually accurately represent the parts of the building actually occupied by the flat!

caeler

Richard_Webster wrote: »

Trying to "agree" dates for exchange is waste of time because exchange takes place when everything and everyone in the chain is ready and and if it was known beforehand for certain when this would be then the exchange could happen then!

Yes this does make sense. I think I'm so frustrated because I simply don't know what is going on and if and when it will happen. All I know is we're waiting for DoV to be returned. So thats like how long is a piece of string. :doh:

caeler

Deed of variation is back! HUrrah (or so I thought). Its been 3 days of trying but nobody is talking to me about suitable completion dates?!?! I'm at bottom of chain. Grrr.