2nd DOV on Taylor wimpey house leasehold

Ch4ddy1988

Hi there!! We’re in a bit of a housing chain at the minute and find ourselves in a bit of a limbo. Our buyers are selling their Taylor Wimpey home. They have had a Deed of Variation on the lease last year, changing to an RPI based clause in the lease. They are currently trying to get a second DOV to change the RPI clause to something more desirable for mortgage lenders. Does anyone know how long this may take? Apparently it has to be approved by a committee of Freeholders, which I don’t understand. It’s all a bit confusing and holding up our purchase / sale . If anyone has had experience with this it would be gravely appreciated. Would love to know the timescales that are worked to as their doesn’t seem to be one at the minute!! Thanks for your time  

eddddy

It's difficult to predict how long a freeholder will take to agree to a reduction in ground rent (I assume the variation involves reducing the ground rent). The freeholder might simply refuse.

But if the freeholder agrees, the freeholder will almost certainly want a payment, in return for reducing the ground rent.

If the freeholder knows it's holding-up a sale, they're likely to see it as an opportunity to make a chunk of money - and ask for a very high price, that's 'over the top'.

So the homeowners have to decide whether to pay 'over the top' to get things moving, or spend time trying to negotiate the price down, and risk others in the chain getting fed-up and walking away.