Why do I need a deed of variation

Skilemono

I have my flat under offer. I live in a victorian terrace house in london converted into two flats - I bought this 2 years ago and the freehold is shared with the lady in the other flat.
Our buyers solictor has requested that we pay for a deed of variation as it has our buyers lendor needs one.

Why is this the case? We didn't have to go through this when we bought last time and the leashold and freehold are already shared.

mlz1413

i had to do this because the flat was being sold by the executors of the will and the deeds were in the deceased name. Could this apply to your case?

Richard_Webster

There may be something wrong with the lease. Lenders have quite detailed rules about what is required and there are all kinds of things it could be about.

You will have to ask your solicitor to explain what it is about, but be prepared for it to be rather technical...

It is also possible that the buyer's solcitor is being over fussy - you will have to see what your solicitor says about it.

The fact that you share the freehold doesn't alter the fact that you have a lease of your flat and that is what has to be right. Obviously with a shred freehold such as yours it is usually easy to get the other freeholder to sign the necessary deed of variation - it might be much more difficult and expensive if the freehold belonged to a shark property company - they love defective leases!