Deed of Variation

green13

I’m at my wits end.  We have been told 2 weeks ago that our buyers lender needs a DOV.  Our buyer told us directly following a conversation with their solicitor.  We told our solicitor, they said they had to hear it from our buyers solicitor, which I understand.  We are now 4 months into the sale.  Our buyers solicitor still hasn’t confirmed it.  They did say 2 months ago that it might be needed but haven’t said anything since.  There’s not much communication at all.  Does anyone have any idea this whole process will take and possible costs involved? It’s to do with a rentcharge and right of entry to property if it’s not paid.  We didn’t have a problem when we bought it last year. (We are on the move again and need to get this sorted asap) My anxiety is through the roof and scared we are going to lose the house we are buying. Buyers solicitor has been difficult from day one. The solicitor is a family friend of the buyer and both us as a family and our solicitor are losing patience.  Please be kind to me with responses as I really am  highly anxious.  Our solicitors just keep saying “he’s not telling us anything” when we ask what’s going on with the deed of variation being needed. Any help, advice or even comfort is appreciated

eddddy

It's up to your buyers to chase their solicitor - you can't really do that. So you can only chase the buyers. If you have an estate agent, tell them to get on the case and chase the buyers.


Regarding the rentcharge Deed of Variation - that will be negotiated with whoever you pay your rentcharge to. You might be able to get more information and speed things up by talking to them now.  I suspect they are aware of this type of issue.


Explain to them that...

• Your buyer can't get a mortgage because of the rentcharge deed
• Are they happy to provide a Deed of Variation to make the rentcharge deed acceptable to mortgage lenders? (Do they have a standard template for this type of Deed of Variation?)
• How long do they normally take to deal with a Deed of Variation?
• What fees will they charge you for dealing with the Deed of Variation?

You probably shouldn't move forward with the Deed of Variation until your solicitor hears from the buyer's solicitor. But you'll know more - and you can pass all the info to your solicitor, which might speed things up a little.

green13

Thank you so much for your reply.  Think husband is contacting the management company today to get some information about a DOV and if they’ll actually be willing to do one.  I just need to move asap for my own sanity.  It’s so frustrating!

penners324

The deed of variation is between you and who the rent charge company is.

If you solicitor won't move on it until requested by the buyer's solicitor ask them why? The DoV is your responsibility.

Ask your solicitor how much they will charge, ask the rent charge company how much they will charge.

This could take take several weeks or months yet.

eddddy

penners324 said:

If you solicitor won't move on it until requested by the buyer's solicitor ask them why? 

Presumably because the OP's solicitor doesn't know exactly what the buyer needs in the Deed of Variation until the buyer's solicitor tells them.

Different mortgage lenders can have slightly different requirements.

As I mention above, the OP can can ask the management company some general questions about costs, timescales, and ask what the management company has done in the past for other mortgage lenders. But I suspect that the solicitor will want to know exactly what's required before starting - rather than 'assuming' and potentially having to go around the loop again, if they have assumed wrong.

green13

That’s exactly correct.  Our solicitors won’t act until they are told what is needed for the DOV. Buyers solicitor have replied with “ you know what’s needed”. They don’t know for absolute definite and will not move forward because if they assume then as you say it can go round and round.  Buyers solicitor seems to be purposely being difficult.  It seems quite childish for a solicitor to say such a flippant comment.  I feel like giving up and telling them to go forth.  Buyers solicitor is now querying a tree preservation order for a tree that is approx 1/4 mile from our property… does this craziness ever end….