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OliviaP
New Member
Hi, at a bit of a loss so wanted to ask the question here to see if anyone has any advice. We're first time buyers and had an offer accepted on a leasehold property in April, we've been going through the motions but now we're supposed to be very close to exchanging issues have come up that we're stuck with.
Essentially the lease agreement states the ground rent can be reviewed every 8 years but our mortgage lender is only happy with a minimum of 10. However, our lender appears to be saying our solicitor can rectify this with a deed of variation, but when we speak to our solicitor they say the only way around it is if the leaseholder provides a deed of variation or the lender accepts 8 years instead of 10.
It's getting very confusing for us because everyone seems to be pointing the finger at each other and doing nothing, but we don't have the knowledge to push the party who should be responsible for sorting this. Our mortgage advisor has said this should be such a minor admin issue that he's never come across before so we don't understand why it's now become such an issue, to a point where we're faced with losing the house we love. Can anyone point us in the right direction? Feel like we're just going in circles...
Essentially the lease agreement states the ground rent can be reviewed every 8 years but our mortgage lender is only happy with a minimum of 10. However, our lender appears to be saying our solicitor can rectify this with a deed of variation, but when we speak to our solicitor they say the only way around it is if the leaseholder provides a deed of variation or the lender accepts 8 years instead of 10.
It's getting very confusing for us because everyone seems to be pointing the finger at each other and doing nothing, but we don't have the knowledge to push the party who should be responsible for sorting this. Our mortgage advisor has said this should be such a minor admin issue that he's never come across before so we don't understand why it's now become such an issue, to a point where we're faced with losing the house we love. Can anyone point us in the right direction? Feel like we're just going in circles...
