Deed of Variation/Mortgage Protection Clause

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Deed of Variation/Mortgage Protection Clause

    I bought a flat in a purpose build building in 2018 (built 2010). I am in the process of selling, and have been advised by the sellers solicitor that the lease wouldn't be acceptable for mortgage companies . As there is no mortgage protection clause in the lease, and there is a section which needs to be modified (see attached).

    Would this have not been an issue when I bought it ? Did my solicitor made an error

    Does anyone have experience and idea of costs in resolving this (I have reached out to my freeholder but want to make sure I am not being taken advantaged of ?)


    #2
    Herein lies the difference between different conveyancers. Some find things that others miss. Happens all the time.
    unfortunately for you, it’s been found. Why don’t you ask your solicotr to refer it to your lender to double check they are happy with it or not. They might take a view on it, or refer it to the surveyor for comment.

    Comment


      #3
      After commencement in 2004 of the Commonhold and Leasehold Reform Act 2002 , the annual ground rent has to be formally demanded or it is not payable until formally demanded .

      If your flat was built in 2010 ; then your lease started from 2010, it should not include this clause.

      What does the wording in your lease say about frequency of ground rent increases ?

      Comment

      Latest Activity

      Collapse

      Working...
      X