Deed of variation leasehold
If you need a deed of variation for a leasehold property, you’ve come to the right place. The experienced and skilled property solicitors at The Law House are specialists in this legal area and can help you each step of the way, protecting your interests and ensuring that the process runs as smoothly as possible from beginning to end.
What is a deed of variation for a leasehold property?
Put simply, a deed of variation for leasehold property is a legal document that sets out changes that have been agreed to a lease. It is often used as a means of extending a lease and is an alternative to the statutory lease extension process, which requires leaseholders to serve landlords or freeholders with a formal notice under the Leasehold Reform Housing and Urban Development Act 1993. A deed of variation is also an alternative to drafting an entirely new lease, which can be a much more complicated and costly process.
The document is a statement that sets out what both parties want. Unless there is intervention from the courts, these deeds require agreement between leaseholders and freeholders or landlords. They may also need agreement from a lender if either side has a mortgage.
Why might I need one?
There are many different reasons why you may need a deed of variation. The most common use of these documents is to extend leases. If you wish to add more years to the term of your lease, you may be able to come to an arrangement with the freeholder or landlord that achieves this. In return, you might be required to make certain concessions, such as agreeing to pay an increased level of ground rent.
A lease may also need to be altered if, on the sale of a property, it is discovered that there is an error in this document that must be corrected in order to satisfy a buyer or lender. Or, perhaps you wish to change the terms of a lease because it is no longer compliant with safe or good legal practice. Another possible reason to get a deed of variation is because the terms of your lease are no longer relevant given the current state of the property. Additionally, you may wish to change the physical layout of your property and need to get the consent of the freeholder or landlord.
How we can help
There is no legal requirement to instruct a solicitor to help you with a deed of variation for property. However, because of the complexity of this area of law and the high stakes involved, it is wise to get assistance from the experts. Having a skilled solicitor to guide you through this process ensures your interests are protected and it means you can avoid potentially costly mistakes.
The experts here at The Law House pride themselves on providing advice on all property-related matters and are ideally placed to help you with a deed of variation for a leasehold property.
If you would like further information about our services, don’t hesitate to get in touch. You can contact our solicitors by calling 020 3150 2525 or you can drop us an email at firstname.lastname@example.org. Alternatively, you can reach out to us via Facebook, Twitter and LinkedIn.
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