Deed Of Variation For Ground Rent Template for England and Wales

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Key Requirements PROMPT example:

Deed Of Variation For Ground Rent

"I need a Deed of Variation for Ground Rent to reduce the annual ground rent from £250 to a peppercorn for a leasehold flat in Manchester, with the variation to take effect from March 2025, and the property is subject to a mortgage with Barclays Bank."

Document background
A Deed of Variation for Ground Rent is commonly used when parties wish to modify ground rent provisions in existing leases, particularly in light of recent legislative changes in England and Wales. This document becomes necessary when landlords and tenants agree to alter ground rent terms, often to comply with the Ground Rent Act 2022 or to make the property more marketable. The deed formally varies the original lease while preserving all other terms and conditions, and must be executed as a deed to be legally valid. It requires careful consideration of existing mortgage arrangements and may need mortgagee consent.
Suggested Sections

1. Parties: Details of the landlord, tenant, and any other relevant parties to the deed

2. Background: Details of the original lease and reason for variation of ground rent

3. Definitions: Key terms used in the deed including 'Original Lease', 'Property', 'Ground Rent', 'Variation Date'

4. Variation: Specific changes being made to ground rent provisions including new amounts and payment terms

5. Effective Date: When the variations take effect and implementation details

6. Original Lease: Confirmation that all other terms of the original lease remain unchanged and in full force

7. Execution: Formal execution clauses and signature blocks for all parties

Optional Sections

1. Consent of Mortgagee: Required section when there is a mortgage on the property, including mortgagee's formal consent

2. Management Company Provisions: Section required when a management company is involved in the lease structure

3. Service Charge Variations: Section included when service charge provisions are also being modified alongside ground rent

Suggested Schedules

1. Schedule 1 - Original Lease: Copy or details of the original lease including date, parties, and registration details

2. Schedule 2 - Property Description: Detailed description of the property if different from original lease

3. Schedule 3 - New Ground Rent Provisions: Detailed breakdown of new ground rent terms, calculation methods and payment dates

4. Appendix A - Plans: Property plans if relevant to the variation or if required for Land Registry purposes

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Industries

Leasehold Reform Act 1967: Primary legislation governing leasehold houses, including provisions for enfranchisement and lease extension rights. Critical for understanding the basic framework of leasehold reform.

Landlord and Tenant Act 1987: Contains key provisions regarding the variation of leases and statutory requirements for consultation with tenants when making changes to lease terms.

Leasehold Reform, Housing and Urban Development Act 1993: Legislation covering collective enfranchisement and lease extension rights specifically for flat owners, essential for understanding the broader context of leasehold variations.

Law of Property Act 1925: Fundamental property law that sets out the basic requirements for deeds and legal formalities in property transactions, including execution requirements.

Landlord and Tenant (Covenants) Act 1995: Legislation governing the operation of guarantees and covenants in leases, which may be affected by deed variations.

Ground Rent Act 2022: Recent legislation that restricts ground rents in residential leases to 'one peppercorn per year' for most new residential leases, crucial for modern ground rent variations.

Land Registration Act 2002: Sets out requirements for registration of property interests and determines priority of interests, essential for ensuring validity of deed variations.

Commonhold and Leasehold Reform Act 2002: Contains specific provisions for lease variations and service charge consultation requirements, important for procedural compliance in deed variations.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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