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Deed of Variation can Indemnity Policy
Efree2
Posts: 5 Forumite
We are part exchanging our flat for a new build and the developers solicitors have asked for this-
Under paragraph 2 of the Lease, the Service Charge is stated to be essentially reserved as a ‘rent’. Please can you confirm whether the Landlord would be agreeable to enter into a Deed of Variation to amend the same?
Clause 6 of the Lease dated 10th March 2006 details a right of re-entry. Can you confirm whether the other Landlord would be agreeable to entering into a Deed of Variation to include a mortgagee protection clause whereby any mortgagee is served notice before any action is taken?
Under paragraph 2 of the Lease, the Service Charge is stated to be essentially reserved as a ‘rent’. Please can you confirm whether the Landlord would be agreeable to enter into a Deed of Variation to amend the same?
Clause 6 of the Lease dated 10th March 2006 details a right of re-entry. Can you confirm whether the other Landlord would be agreeable to entering into a Deed of Variation to include a mortgagee protection clause whereby any mortgagee is served notice before any action is taken?
Our solicitor has said she thinks it’s unnecessary and is pushing back. I suggested an indemnity policy is put in place as a middle ground. Does anyone know if this is likely? Or if they may just drop the deed of variation when the solicitors push back?
feeling so stressed! We were due to exchange end of May and complete end of June but that’s obviously not happened and the deed of variation is costly and takes a long time (we are co-freeholders so would have to get the other freeholder to approve!).
feeling so stressed! We were due to exchange end of May and complete end of June but that’s obviously not happened and the deed of variation is costly and takes a long time (we are co-freeholders so would have to get the other freeholder to approve!).
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Comments
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If your solicitor feels it's unnecessary then it likely is, Landlord just trying to stack the deck in their favour. AND a DoV takes time to complete, months!. So no, agree to the much easier and cheaper indemnity policy.Efree2 said:We are part exchanging our flat for a new build and the developers solicitors have asked for this-
Under paragraph 2 of the Lease, the Service Charge is stated to be essentially reserved as a ‘rent’. Please can you confirm whether the Landlord would be agreeable to enter into a Deed of Variation to amend the same?
Clause 6 of the Lease dated 10th March 2006 details a right of re-entry. Can you confirm whether the other Landlord would be agreeable to entering into a Deed of Variation to include a mortgagee protection clause whereby any mortgagee is served notice before any action is taken?Our solicitor has said she thinks it’s unnecessary and is pushing back. I suggested an indemnity policy is put in place as a middle ground. Does anyone know if this is likely? Or if they may just drop the deed of variation when the solicitors push back?
feeling so stressed! We were due to exchange end of May and complete end of June but that’s obviously not happened and the deed of variation is costly and takes a long time (we are co-freeholders so would have to get the other freeholder to approve!).0 -
What would this policy indemnify them against?
Just saying "get an indemnity policy" isn't a catch-all for "it would be too complicated/costly/slow to actually fix this problem".1
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