Property deed of variation is a legal document that allows the terms of a property’s lease to be changed.
It’s often used when a landlord and tenant are looking to change the terms in the lease and the document simply confirms in writing the changes that they’ve agreed on…
Or during a property transaction if there are restrictive covenants in place. In this case, the agreement would be to remove a restrictive covenant.
What Is A Property Deed Of Variation?
A deed of variation for property is a standard legal document in the property sector that a lot of people might be familiar with.
Other parties other than the landlord, leaseholder or freeholder can vary the terms of a lease if agreed, although it’s unusual – a lender may wish to obtain a deed of variation, for example.
Deeds of variation are usually used to extend a lease under the Leasehold Reform, Housing and Urban Development Act 1993 as well.
As we mentioned before, they’re also used to remove covenants or restrictions on a leasehold title such as if there’s a restriction on leaseholds keeping pets in their home. Leaseholders are within their rights to apply to their landlord for the restriction to be removed, amended, or lessened, and a deed of variation is the legal document they’d turn to in order to agree and complete the changes.
Conveyancing solicitors can assist with deeds of variation and when the reasons for them become more specialised, it’s worth seeking expert legal advice to map out your next steps and ensure you’re following best practices.
If your solicitors finds that there are restrictive covenants on a leasehold property, they will inform you and raise enquiries with the seller’s side during the conveyancing process.
Once they have all of the information from the seller’s solicitors, they’ll be able to bring anything to your attention before contracts are exchanged and a deed of variation might be required to resolve any potential issues for you before you purchase the property.
How Much Will A Property Deed Of Variation Cost Me?
The cost of a property deed of variation will vary depending on what you’re looking to achieve – the more complex it is, the more work that’s likely to be required.
When you factor in the solicitor you choose, your location, the value of the house, and anything else that might be relevant, the price can vary.
A common figure to expect to pay for a deed of variation will be somewhere between £1,000-£2,000, though this may vary.
How Long Does It Take To Obtain A Deed Of Variation For Property?
Any legal process involving a house will always depend on how much co-operation there is between all parties AND the speed at which the legalities can be sorted out.
A standard timeframe for a deed of variation to be obtained is between 2-3 months, although it may take longer if there are any complications.
The reality is that the more parties that are involved in the process, the longer it’s likely to take simply because everything has to pass through more hands.
It’s why finding an expert solicitor is vital…
How Do I Find A Solicitor For A Deed Of Variation?
At Solicitors Near Me, we’re here to help you find the right solicitor for your deed of variation.
We understand the importance of having a top-quality solicitor near you to act on your behalf, which is why we connect you with solicitors for FREE.
Yep, until you decide you want to proceed, there’s absolutely no commitment so you can focus on finding the right solicitor for you.