Deed of variation
There are many reasons why a lease may need to be varied.
In simple terms a deed of variation of a lease is a formal legal document that records agreed changes in a Lease.
There can be various reasons for a change. Common reasons with long residential leases are that, on sale, it is discovered that there is an error in the Lease or it's plan and this needs to be corrected to satisfy a buyer or lender. Another common reason is that, whilst the terms of the lease may have been appropriate for the law when the lease was granted, perhaps 30 years ago or more, they are no longer compliant with good or safe legal practice today, or perceived risks for leaseholders or lenders.
Another key issue for altering a lease is to extend it.
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