• Estate Rent Charge

    By Guest on 28th Nov 2022

    We have been in the process of buying our first home with no chain at either end since the end of June. It is a "second hand" new build property built in 2018 and comes with an estate rent charge which we were told would be around £140 a year which we thought was fine. After waiting since August, where are solicitors had 20 enquiries to satisfy, we are now on the last one. Apparently the clause on the rent charge is not worded correctly and our lenders are not happy with it. Our solicitors have been requesting for the wording to be changed, or a deed of variation, both of which have been refused by the sellers solicitors. They have now drafted up an indemnity policy which was only done today and sent to our lenders to see if they are satisfied with this. Now our best case scenario is that this satisfied this final enquiry and we can proceed with the purchase, but what happens if our lenders insist on a deed of variation? Where does that leave us? Our solicitor just says it will be a lengthly process to get one and we are already 5 months into this with our mortgage offer due to expire at the end of December. Should this of been something our solicitors brought up sooner? if this all falls through where does this leave us as we feel none of this is our fault and we have only been informed of this situation today.

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