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Leasehold Sale - Lease term, ground rent, Deed of Variation

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Comments

  • eddddy said:

    £1000 sounds like the solicitor's fee for preparing the deed of variation.

    The freeholder would almost certainly want a payment of a good few thousand pounds on top of that, as compensation for loss of ground rent.

    I got a quote yesterday as going through this myself and freeholder wants £12.5k + legal fees on both sides for my one bedroom flat. 😫
  • user1977
    user1977 Posts: 16,665 Forumite
    10,000 Posts Sixth Anniversary Photogenic Name Dropper
    viper_987 said:

    On a separate issue, I was also asked for a Building Regulations Completion Certificate, which neither my solicitor nor I can locate.  Is there anything I can do about this? Is it a legal requirement? The property is 20 years old. My solicitor has indicated that it is not required and is an unusual request.
    For the original construction, do you mean? What methods have you tried to locate it? Bear in mind that the council often index these under the developers' original plot numbers and the name of the development, rather than whatever the postal address now is.

    No, it shouldn't be essential. Are the buyers insisting? Bear in mind not all enquiries are deal-breakers.
  • viper_987
    viper_987 Posts: 12 Forumite
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    edited 24 November 2023 at 9:23PM
    user1977 said:

    For the original construction, do you mean? What methods have you tried to locate it? Bear in mind that the council often index these under the developers' original plot numbers and the name of the development, rather than whatever the postal address now is.

    No, it shouldn't be essential. Are the buyers insisting? Bear in mind not all enquiries are deal-breakers.
    Yes the original construction. I'm not sure what methods my solicitor has used to locate it.
    I have just looked at some documents in my original pack when I bought the flat.

    We'll see what happens. It could all be moot if they are insisting on the Deed of Variation anyway, but I'm thinking about the next buyer.
  • CrazyLilBlondie said: I got a quote yesterday as going through this myself and freeholder wants £12.5k + legal fees on both sides for my one bedroom flat. 😫
    What is your Deed of Variation for? Are you going to go ahead with that?
  • eddddy
    eddddy Posts: 17,500 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 25 November 2023 at 7:49AM
    eddddy said:

    £1000 sounds like the solicitor's fee for preparing the deed of variation.

    The freeholder would almost certainly want a payment of a good few thousand pounds on top of that, as compensation for loss of ground rent.

    I got a quote yesterday as going through this myself and freeholder wants £12.5k + legal fees on both sides for my one bedroom flat. 😫

    You mean a quote for deed of variation to reduce the ground rent to zero?

    If so, the size of the flat (e.g. number of bedrooms) is not relevant.

    The thing that's relevant is the ground rent that is currently paid, and whether/how it escalates (and possibly the length of the lease).



    You might find that you get a better deal by doing a Statutory Lease Extension instead. That would also reduce your ground rent to zero.

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