How long should a Deed of Variation take to be executed?

katemonkey

Hi all,

Been in the process of buying a leasehold property for the last 4-5 months now. The property required a deed of variation to the lease which reduced the ground rent to an acceptable level for mortgage lenders. The draft deed of variation and the premium payable was approved by the freeholders and the vendor, and it is apparently now being underwritten.

I understand that this is a “piece of string” question, but I’d really like opinions on how long this might take? If all parties have agreed the draft deed, how long should it take for the freeholder’s solicitors to execute it and revert to my solicitor? Are we looking at weeks or months? So far it has only been 1 week since they received the instruction but I’d like an idea of how long of a wait I’m in for.

Another question, will this deed of variation need to be registered with the LR? And if so, will this delay my purchase significantly?

Thank you!

Moneyminded

What advice has your solicitor given about how long this should take? They will be familiar with your case and anything else that is outstanding.

Good luck with your purchase

specialhat

It took my deed of variation almost a year to complete as it involved coordinating four flats and the freeholder. Once something is being registered with the LR it can be expedited if you're mid-sale.

Flugelhorn

we are doing similar - took a few weeks for the draft DoV to appear, we have signed it and has gone off to two other parties to be signed and witnessed. hopefully they won't be more than a couple of weeks each ....

G_M

is there a mortgage lender involved?


If as you say "all parties have agreed the draft deed" then the solicitor simoly needs to obtain signitures and.... errr.... submit to the Land Registry who have backlogs. The solicitor can ask the LR to expedite if there is a sale dependant, but even so it's likely to be a few weeks.

katemonkey

Thanks for the replies everyone!

Moneyminded wrote: »

What advice has your solicitor given about how long this should take? They will be familiar with your case and anything else that is outstanding.

My solicitor has told me it should take “a few weeks” to receive the DoV but difficult for her to say I understand as it’s the freeholder’s solicitors (3rd party) who have to execute it.

G_M wrote: »

is there a mortgage lender involved?

Yes there is, and we’ve ensured that the criteria set out in the DoV meets their criteria. I know getting the DoV through the lender will take a bit of time too but I’m taking one step at a time

Is there anything I could potentially be doing or asking in order to get more of an idea on where in the process of getting the DoV we are? Or should I just sit tight and be patient?

G_M

katemonkey wrote: »

......

......just sit tight and be patient?

:beer: :T

Flugelhorn

G_M wrote: »

is there a mortgage lender involved?


If as you say "all parties have agreed the draft deed" then the solicitor simoly needs to obtain signitures and.... errr.... submit to the Land Registry who have backlogs. The solicitor can ask the LR to expedite if there is a sale dependant, but even so it's likely to be a few weeks.

Assuming ours will just go to the LR with the Land registry at completion or does it not work like that?

specialhat

The buyer may want to see if the Land Registry accepts it or not.