What does 'Deeds of Variation' mean?
Deeds of Variation
A lease is usually a large document and lays out what the leaseholder of any particular property is, and is not, allowed to do and the responsibilities of the leaseholder and the freeholder. When small changes need to be made to the document it is preferred to append this to the lease rather than write the entire lease again. The document that is appended to the lease is called a deed of variation but it must be agreed and signed by both the leaseholder and the freeholder (or his agent).
Search Results for 'Deed of Variation' in How to Really Buy a Property
Chapter 14:
Viewing Properties and Making Offers
"... Changes to the Property: You are in essence renting the property for a number of years. When, theoretically, you come to give it back the freeholder will reasonably expect it to look they way it did when he sold the lease. As such any substantial changes must be approved by the Freeholder in writing. These might be the removal of a door or the addition of a conservatory. If it makes a difference to what is on the lease, you'll need his permission. He will grant this in writing by either producing a new lease or by issuing a Deed of..."
"... Changes to the Property: Many people confuse Share of Freehold with total freedom! Someone who owns a share of freehold is still a leaseholder and must get the permission of the "freeholder" before making any substantial or structural changes to their property. This means agreement from all those in the building who have a percentage stake in the freehold company. As such staying friendly with your neighbours is far more important in a share of freehold situation than if you are a leaseholder! Once again any agreed changes must be spelt out either in a new lease or in a Deed of..."
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Chapter 17:
The Property Buying Process in Theory
"... of Variation (Leasehold Only) - when a lease needs to be changed the freeholder may decide that writing an entirely new lease is timely and costly. As such they will issue a Deed of Variation to the lease to confirm that something in the lease is not true or to make an addition to the..."
"... he will reappear and want to claim the outstanding debt from you.
Leasehold only: Your solicitor does not think a Deed of Variation is adequately worded and wants a new one drawn up. The freeholder is offended and refuses to do so
- Requesting Further Enquiries -
With so many pitfalls in..."
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Chapter 22:
Why Vendors are Poorly Prepared
"... A Deed of Variation is one of those little bits of paper that so easily goes missing or the kind of thing that a vendor thinks he did, after his purchase of the property, because he asked his solicitor to do it but in the bustle of a busy life forgot to follow up on and actually it never happened.
..."
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