There are a number of reasons why a lease may need to be varied. A deed of variation is a formal legal document that set outs agreed changes in a lease. A common reason for changing a residential lease is that on sale an error in the lease is discovered. Another frequent reason why a deed of variation is needed is that the lease may have been granted a long time ago and the term (length) of that lease is now no longer compliant with today’s legal practice, and unless it is changed this may be perceived as a risk by a purchaser or lender.
Our residential property team is experienced in drawing up deeds of variations and, as a result, we are able to ensure the process is quick and cost-effective.