Deed of variation leasehold

Efree2

We are part exchanging our flat with a new build and they’ve asked for a deed of variation. Our flat is in a block with one other flat and a shop. Our flat owns 50% of the freehold, as does the other flat. Is there a way around this? Who will need to agree to it? How long should it take? What are the costs likely to be? 

eddddy

A 'Deed of Variation' means a change to something in your lease. So...

• What is the change to the lease that is being asked for?

• All parties to a lease [freeholder(s) and leaseholder(s)] have to agree to the change and sign the deed.

• It sounds like you and your neighbour are joint freeholders. Does your neighbour agree to the change? Are they happy to sign the deed? Do they want to get legal advice from a solicitor first? Who will pay their solicitor's bill? 

Hopefully, the change will only impact your lease, so only one Deed of Variation is required.

But if the change also impacts your neighbour's lease and/or the shop's lease - they might both need Deeds of Variation as well.


(But if the change to your lease will make your flat easier to sell, perhaps your neighbour will want the same change in their lease.)


The timescale depends a lot on how quickly your neighbour and you can agree. If your neighbour won't agree, the Deed of Variation can't happen.