Help!!! Deed of variation

Doorlock21

In crisis mode!

3 weeks until our mortgage offer expires and are meant to exchange on Monday.

we are selling our house and now our buyers solicitors are saying their lender need a deed of variation for the estate charge that states that they need 21 days prior notice.
We have a transfer deed that says this states within it that before exercising any such powers and remedies the Rent Charge owner shall have given no less than 28 days prior written notice of its intention to do so to any mortgage lender.

Our solicitor has said  In their opinion they feel a Deed of Variation is not required as their lender required the notice period to be 21 days but the transfer deed as currently drawn provides for 28 days. 

If we had to get a deed of variation, how long does this roughly take?

I’m freaking out that after 8 months, this could make everything fall through!! As we have 3 weeks!

MalMonroe

Hi, you've posted on two threads so I've asked the forum team to delete your other one, if possible.

We're not allowed to multi-post, as per Forum Rules - https://www.moneysavingexpert.com/site/forum-faqs/?

Under 'posting etiquette'. 

And I'm really sorry because I don't have a substantial answer to your query.  However, a quick google suggests that it can take anything from 2 weeks to six months - maybe even longer. So it's difficult to advise as it seems that there is no average time.

Your solicitor sounds a bit laid back - they need to start helping you, surely?

Can you extend the mortgage offer if you approach the lender, do you think? 

Or do you think the buyers are having second thoughts about the sale and procrastinating?

I think your solicitor definitely needs to make every effort to find out exactly what is going on and start earning the money you're paying them. Now.

Just my opinion, of course but if it were me I'd definitely want my solicitor to start moving.

JMA74

The solicitor works on behalf of the lender. If they dont think a variation is needed they can contact the lender and explain why not.   If the lender disagrees and says it is then you will need to see if the offer can be extended.   Who is the lender? 

Doorlock21

JMA74 said:

The solicitor works on behalf of the lender. If they dont think a variation is needed they can contact the lender and explain why not.   If the lender disagrees and says it is then you will need to see if the offer can be extended.   Who is the lender? 

Hiya, it is our buyers lender which is Barclays.

we have a transfer deed that has the clause in and says 28 days. But I don’t think their solicitors read it properly.
barclays are asking for a variation deed to have the clause for 21 days yet the deed already has it giving 28 days which is more than what they want.
our solicitor says she doesn’t see there being a problem but obviously im nervous!

Hamlet22

This is a classic legal issue that can delay a sale.  Mortgage lenders have detailed requirements. The approach of all lenders is here: lendershandbook.ukfinance.org.uk/lenders-handbook/englandandwales/question-list/1865/

The estate charge usually needs to give mortgage lenders 2 months notice of arrears and never go by what your own lender wants but the worst case lender as otherwise if you need to refinance or a buyer from you does, a new deed of variation is needed. 

It usually takes 4/5weeks to secure from when it is requested.

Doorlock21

Hamlet22 said:

This is a classic legal issue that can delay a sale.  Mortgage lenders have detailed requirements. The approach of all lenders is here: lendershandbook.ukfinance.org.uk/lenders-handbook/englandandwales/question-list/1865/

The estate charge usually needs to give mortgage lenders 2 months notice of arrears and never go by what your own lender wants but the worst case lender as otherwise if you need to refinance or a buyer from you does, a new deed of variation is needed. 

It usually takes 4/5weeks to secure from when it is requested.

The lender has asked for: that the appropriate 21 days notice is given before any enforcement action is taken. 

Our transfer already includes a notice clause although notice is 28 days not 21 days.

So that should be ok- but it’s the waiting that is killing me