Extending my lease without a solicitor

Ziopim

I'm currently in the process of extending the lease of my flat. Both the freeholder and my lender have accepted that I am not instructing a solicitor for this process. The only requirement from my lender is that I submit a deed of substituted security which can be found on their website and amended accordingly. I have tried to find a solicitor to draw up this deed but couldn't find one willing to. Everyone I contacted wants to charge for the entire process (around £1000+). In the end if I have no choice I will have to pay this but I'm hoping there's a way around it. Would I be able to draw up and submit this deed of substituted security myself? Any advice please? 

eddddy

If your lender needs a Deed of Substituted Security, it sounds like an informal lease extension (rather than a Statutory Lease Extension).

I'm very surprised that your mortgage lender isn't insisting on you using a solicitor for the lease extension.

The lease extension will involve a Deed of Variation which changes some terms in your lease. Normally, the mortgage lender would want confirmation from a solicitor that the changed terms are not detrimental to the lender.


Could there have been a misunderstanding somewhere? Is your mortgage lender clear that you're varying your lease to achieve a lease extension (and it's not a Statutory Lease extension)?