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Deed of variation or supplementary lease timescales
goldbyron
Posts: 790 Forumite
Hi
My friend is purchasing a leasehold flat and it transpired there was no freeholders permission granted for the loft extension undertaken 2 years ago. Subsequently the freeholder has agreed to enter into a deed of variation/surrender and regrant/supplementary lease (whichever option is the most viable) and also agreed to use the same firm of solicitors as the vendor making it quicker. They are currently working on the document. There is a chain involved in this and the bottom of the chain are becoming tetchy now - they need to complete by the 19th June. My question is once my friends solicitor obtains the draft and it’s agreed, what are the remaining timescales? I know it has to be submitted to the land registry and this can take weeks to approve. Is there any way of the vendors/freeholders solicitor entering into a deed of undertaking to ensure this is undertaken so that exchange can take place? I have bought and sold before having had to extend the lease however I don’t recall any delays around exchange in respect of land registry. The lease extension document was agreed prior to exchange with an undertaking this would be submitted to the land registry so there were no delays.
Have I got this wrong? If there are likely to be weeks of delay then the chain will collapse and there will be no purchase so just need to know. Thanks
My friend is purchasing a leasehold flat and it transpired there was no freeholders permission granted for the loft extension undertaken 2 years ago. Subsequently the freeholder has agreed to enter into a deed of variation/surrender and regrant/supplementary lease (whichever option is the most viable) and also agreed to use the same firm of solicitors as the vendor making it quicker. They are currently working on the document. There is a chain involved in this and the bottom of the chain are becoming tetchy now - they need to complete by the 19th June. My question is once my friends solicitor obtains the draft and it’s agreed, what are the remaining timescales? I know it has to be submitted to the land registry and this can take weeks to approve. Is there any way of the vendors/freeholders solicitor entering into a deed of undertaking to ensure this is undertaken so that exchange can take place? I have bought and sold before having had to extend the lease however I don’t recall any delays around exchange in respect of land registry. The lease extension document was agreed prior to exchange with an undertaking this would be submitted to the land registry so there were no delays.
Have I got this wrong? If there are likely to be weeks of delay then the chain will collapse and there will be no purchase so just need to know. Thanks
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