Deed of variation (ground rent) referred to valuer for approval

Slappermum

Was meant to exchange yesterday, only to receive an email from my conveyancer informing me that the Deed of Variation for ground rent was "referred to valuer for approval" and will take 3 working days. (this was changed, as demanded by our conveyancer, from doubling every 25 years to being reviewed in line with RPI increase every 25 years to satisfy the lender)

Mortgage offer and valuation were done 3 months ago.

Has anyone had this happen to them? Is it just a formality or will they do a re-valuation of the whole property? Lender is Santander.

katemonkey

Hi there,

Wondering how you got on in the end? I am in the same situation as you were... Deed of Variation sent to Santander for approval. However my ground rent terms are slightly different (doubling every 25 years or increase by 0.1% of the property value). I’m told I’ll receive a response by Thursday...

Slappermum

It got sorted within days (broker said she'd call as well to expedite this, not sure if it made any difference). They were happy with the Deed of Variation, they didn't do a re-valuation and we'd exchanged a week after we were initially supposed to. Good luck, I remember I was going crazy with all these last minute "complications", but in the end it was just a formality - boxes must be ticked or the world will implode.

katemonkey

That’s really good to hear, thanks for the reply! 😊