Deed of variation - cost, time etc

longwalks1 · 21 October 2014 at 5:33PM

I may have to get a deed of variation for the sale of my leasehold lfat, apparently there is nothing in the deeds to say who has to arrange the buildings insurance for it (even though I pay it and have done for the 10 years ive lived in it and its detailed and broken down in the invoices etc)
I'm hoping it can be covered by an indemnity policy, my solicitor seems to think it can (fingers crossed), IF it cant be, how much roughly will a deed of variation cost me, and how long should it take to arrange? My solicitor just said 'expensive, and a long time'4

I'm stressed already

xylophone · 21 October 2014 at 6:01PM

What exactly does the lease say about insurance?

longwalks1 · 21 October 2014 at 6:10PM

xylophone wrote: »

What exactly does the lease say about insurance?

I havent read it and its with my solicitors (or the buyers solicitors) so cant check. I'm assuming it says nothing about who is responsible for arranging the buildings insurance

xylophone · 21 October 2014 at 10:23PM

http://www.lease-advice.org/publications/documents/document.asp?item=7

I find it surprising that the insurance question has not been tackled before- did your mortgagee not ask for this to be checked?

I used to own a flat and the lease was very specific about insurance and how it was to be arranged - common parts by the freeholder, individual flats by the owners - we we required to use the same insurer as used by the landlord for the common parts - this suited everybody as there was then little likelihood of a dispute regarding liability in the event of a claim.

misslitt · 22 October 2014 at 10:47AM

Hi britishboy

it seems as if we are going through the same problems! I am currently in the middle of a deed of variation. It only took my solicitor a day to write the deed and send it on to the buyers solicitors. It will then have to be sent to my Freeholder to sign.

I told my solicitor that i would only pay if it was done within the week. It is possible so do not let them sit on it!

longwalks1 · 24 October 2014 at 6:28AM

Thanks all

Misslitt, are you sure it was a deed of variation? (not saying you're wrong, just my solicitor who up until now has been brilliant, said it takes ages and costs loads too).
What was your Deed of Variation for may I ask?

I was under the impression from a few searches on Google its weeks/months and thousands of pounds?

I'm hoping it can be covered by an indemnity insurance policy for approx £150-£250, as a friend who lives in same town, with same landlord company managed to get the policy to cover the same issue.

I've got everything crossed at present!

Deed of variation - cost, time etc

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