Who should sign the Deed of Variation. Vendor or Buyer?

Nixs_2

Hello there

I've been in the process of buying a flat in London since October. The flat had a lease of 74 years but when I made my offer I was told that the vendor was in the process of extending the lease.

After a few weeks it transpired that the vendor hadn't really started the process, however I was happy to wait until the vendor had extended the lease as I do really like the flat.

We are now close to exchange (thankfully) and the vendor has asked me to put my name on the Deed of Variation. However as I understand it, by doing so the Inland Revenue will have viewed me as having extended the lease, therefor having paid the 13K to do so and taking me over the 250K stamp duty threshold.

There was a reason why I chose to by a flat under 250k threshold - so I dodn't have to pay too much tax, and I really cannot afford to pay the additional tax at 3%. It really doesn't seem right especially after I have hung in there, been patient and waited for them to complete the process.

Can I stand firm and refuse to sign the deed?

Richard_Webster

I would. Also the seller's solcitor is being a bit silly, because if you pulled out the seller would have to ask the landlord to do a new deed for a new buyer, whereas if the deed was in the seller's name the costs would be kept down to the seller's advantage.

Nixs_2

Thanks Richard